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S & P 500 Index Information Technology shares have lagged the broader market with a 7% year-to-date loss.
Wells Fargo upgraded the S&P 500 technology sector to favorable from neutral after the recent pullback.
KEY POINTS
- Goldman Sachs reports tech sector valuations are now below the broader global market for expected growth.
- Valuation metrics for tech stocks have dropped to levels last seen after the early-2000s tech bust.
- Corporate AI technology spending is projected to reach $650 billion in 2024, according to Wells Fargo.
COMPANIES
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