Technology’s outlook hurdles for Q2 - SSGA

seekingalpha04-20

Even with “some hurdles in the outlook,” State Street Global Advisors still see multiple reasons for liking the technology sector (NYSEARCA:XLK), according to a Sector & Equity Compass Report for Q2. ...

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The sector has been dominating flows for 18 months, up 31.36% from a year ago. “We continue to see significant developments from generative AI: customization of large language models, more multimodal LLMs, including Sora (a text to video generation application), and the launch of virtual agents,” the report said.  The Advisors’ assessment of the sector explains that FOMO has been driving companies to employ AI to help their businesses through back-end fulfillment, customer service, and other creative uses, rising the demand for advanced semiconductor chips and other technologies. Nvidia (NVDA) is a clear leader, “having sealed their dominant position with the new Blackwell platform to create even more powerful and efficient GPU chips,” analysts said. Competitors include Advanced Micro Devices (AMD), Intel (INTC), Qualcomm (QCOM), and Broadcom (AVGO), “all of which are in the U.S. IT sector, so taking a basket-approach to investing in these stocks is attractive.” In addition, relatively few AI adopters keep their own infrastructure, so they have a greater reliance on cloud provisions for computers and the storage necessary for their AI applications, analysts said. Surely, the largest hyper-scaler is Microsoft (MSFT). “Double-edged sword” hurdles for the sector include cybersecurity threats and privacy risks. Cybersecurity companies, such as Palo Alto Networks (PANW), are beneficiaries. Another risk for the sector is geopolitical threats to the AI chip supply chain, including China-Taiwan tensions. ASML Holding (ASML) is the world's only supplier of extreme ultraviolet lithography machines, which can make chips on a minute scale. Other hurdles may include regulation. Apple (AAPL) is facing anti-trust cases in the U.S. and Europe. “U.S. Technology (XLK) is just one of two sectors with earnings estimate upgrades throughout Q1,” analysts said. “Despite returns of over 8%, valuations did not widen against the rest of the market, [but] premium growth can justify premium ratings.”  Top global holdings: Microsoft Corp. (MSFT), Apple (AAPL), Nvidia (NVDA), Broadcom Inc. (AVGO), ASML Holding NV (ASML). Other top U.S. holdings: Salesforce Inc. (CRM).   More on Technology Select Sector SPDR ETF:  XLK Technology SPDR: Headwinds Are Growing XLK And The Return Of Irrational Exuberance XLK: There Is Too Much Risk To Be Buying Now Enphase Energy, Super Micro most shorted S&P 500 information technology stocks in March Energy, tech, comms among top-rated S&P 500 sectors as Q1 earnings kicks off","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428664873"}