The tech sector witnessed a huge selloff amid the Fed’s consecutive rate hikes. Moreover, layoffs have increased in the industry as recession fears are widespread. However, given the solid long-term prospects of the industry, I am bullish on fundamentally sound tech stocks Gartner, Inc. (IT), Ricoh Company, Ltd. (RICOY), and Jabil Inc. (JBL).
The industry is evolving rapidly with advanced technologies like artificial intelligence (AI). The artificial intelligence chip industry is expanding due to increased demand for smart homes and smart cities.
Companies are developing new technologies and conducting research and development to expedite AI training and inference and boost efficiency. The artificial intelligence chip market is expected to grow at a CAGR of 39.8% until 2027.
Gartner predicts spending to reach…
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