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Tech ETF Winners Amid Big Tech's Acute Slump Last Week
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Big tech has just experienced an awful week. Alphabet (GOOGL), Amazon (AMZN), Meta (FB) and Microsoft (MSFT) together lost over $350 billion in market cap last week due to downbeat earnings and forecasts for the fourth quarter.
Meta had its worst week ever and Amazon slumped 13%. Forecasts were particularly miserable for Meta and Amazon, due to the economic slowdown. Meta fell short of earnings estimates, recorded its lowest average revenue per user in two years and said sales in the fourth quarter will likely fall for three quarters in a row.
Facebook and Google are specifically struggling on front advertising revenues. Only Apple (AAPL) was the winner by beating expectations for revenue and profit. The stock on Friday had its best day in over two years, per a CNBC article. Microsoft slumped 2.6% for the week, due to a 7.7% decline on Wednesday after the company offered weak guidance for the year-end period and missed estimates for cloud revenues.
However, not all areas of the tech corner suffered losses. Blockchain and digital transformation, networking, cybersecurity, digital payments and cloud computing were some of the winning areas. Cryptos bounced back sharply last week as rates fell and the dollar weakened, per Edward Moya, senior market analyst for the Americas at OANDA, as quoted on WSJ. Bitcoin mining companies, including Core Scientific, Marathon Digital and Riot Blockchain all recorded considerable gains.
The cyber security market is mainly fueled by emerging online e-commerce platforms and the emergence of core technologies such as the internet of things, artificial intelligence, cloud security, and others, as quoted on analyticsinsight.net. The global cybersecurity market is worth $173.5 billion in 2022 and is estimated to reach $266.2 billion by 2027, exhibiting a CAGR of about 8.9%.
The global digital payments market was valued at $7,360 billion in 2021 and is forecast to reach a value of $22,326.5 billion by 2030 at a CARG of 12.8% between 2022 and 2030, as quoted on an article on digitaljournal.com.
Against this backdrop, below, we highlight a few winning tech ETFs of last week.
Winning Tech ETFs
Blockchain & Digital Transformation
Global X Blockchain ETF (BKCH - Free Report) – Up 14.4% Past Week
VanEck Digital Transformation ETF (DAPP - Free Report) – Up 11.1% Past Week
Viridi Bitcoin Miners ETF – Up 8.0% Past Week
ProShares Nanotechnology ETF (TINY - Free Report) – Up 7.5% Past Week
Amplify Digital & Online Trading ETF (BIDS) – Up 7% Past Week
Amplify Transformational Data Sharing ETF (BLOK) – Up 6.9% Past Week
Networking
Invesco Dynamic Networking ETF – Up 7.3% Past Week
Cybersecurity
iShares Cybersecurity & Tech ETF (IHAK - Free Report) – Up 6.5% Past Week
Digital Payments
Ecofin Digital Payments Infrastructure Fund – Up 6.5%
Cloud Computing
WisdomTree Cloud Computing Fund (WCLD - Free Report) – Up 6.1%
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Tech ETF Winners Amid Big Tech's Acute Slump Last Week
Big tech has just experienced an awful week. Alphabet (GOOGL), Amazon (AMZN), Meta (FB) and Microsoft (MSFT) together lost over $350 billion in market cap last week due to downbeat earnings and forecasts for the fourth quarter.
Meta had its worst week ever and Amazon slumped 13%. Forecasts were particularly miserable for Meta and Amazon, due to the economic slowdown. Meta fell short of earnings estimates, recorded its lowest average revenue per user in two years and said sales in the fourth quarter will likely fall for three quarters in a row.
Facebook and Google are specifically struggling on front advertising revenues. Only Apple (AAPL) was the winner by beating expectations for revenue and profit. The stock on Friday had its best day in over two years, per a CNBC article. Microsoft slumped 2.6% for the week, due to a 7.7% decline on Wednesday after the company offered weak guidance for the year-end period and missed estimates for cloud revenues.
However, not all areas of the tech corner suffered losses. Blockchain and digital transformation, networking, cybersecurity, digital payments and cloud computing were some of the winning areas. Cryptos bounced back sharply last week as rates fell and the dollar weakened, per Edward Moya, senior market analyst for the Americas at OANDA, as quoted on WSJ. Bitcoin mining companies, including Core Scientific, Marathon Digital and Riot Blockchain all recorded considerable gains.
The cyber security market is mainly fueled by emerging online e-commerce platforms and the emergence of core technologies such as the internet of things, artificial intelligence, cloud security, and others, as quoted on analyticsinsight.net. The global cybersecurity market is worth $173.5 billion in 2022 and is estimated to reach $266.2 billion by 2027, exhibiting a CAGR of about 8.9%.
The global digital payments market was valued at $7,360 billion in 2021 and is forecast to reach a value of $22,326.5 billion by 2030 at a CARG of 12.8% between 2022 and 2030, as quoted on an article on digitaljournal.com.
Against this backdrop, below, we highlight a few winning tech ETFs of last week.
Winning Tech ETFs
Blockchain & Digital Transformation
Global X Blockchain ETF (BKCH - Free Report) – Up 14.4% Past Week
VanEck Digital Transformation ETF (DAPP - Free Report) – Up 11.1% Past Week
Viridi Bitcoin Miners ETF – Up 8.0% Past Week
ProShares Nanotechnology ETF (TINY - Free Report) – Up 7.5% Past Week
Amplify Digital & Online Trading ETF (BIDS) – Up 7% Past Week
Amplify Transformational Data Sharing ETF (BLOK) – Up 6.9% Past Week
Networking
Invesco Dynamic Networking ETF – Up 7.3% Past Week
Cybersecurity
iShares Cybersecurity & Tech ETF (IHAK - Free Report) – Up 6.5% Past Week
Digital Payments
Ecofin Digital Payments Infrastructure Fund – Up 6.5%
Cloud Computing
WisdomTree Cloud Computing Fund (WCLD - Free Report) – Up 6.1%