Why investors are selling off tech stocks and what's next - CNA
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“Shares of all kinds of companies have taken a beating this year but tech companies have lost significantly more than other sectors,” said Associate Professor of Finance Vijay Yadav from the ESSEC Business School Asia-Pacific.
“Rising interest rates have disproportionately higher negative effect on the valuation of new tech companies because their cashflows are generally far into the future and therefore get discounted more heavily at higher interest rates.
“The risks of recession and geopolitical uncertainty also hurt share prices of new tech companies more because their valuations are often driven by investor sentiment that seems to have turned negative in the changing environment,” he added.
Referring to the likes of Grab, Sea and Shopify, Assoc Prof Yadav said: “It remains to be seen whether the recent rebound in their share prices was only a bear market rally or represents a real change in fortunes for these companies.
Assoc Prof Pangarkar said the steep share price declines underscore the importance for tech firms to showcase their ability to rein in spending and display fiscal discipline after having depended on subsidies and aggressive marketing to fuel years of growth at breakneck speeds.
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CNA
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