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In the wake of a recent market sell-off, Manish Singh, Chief Investment Officer at Crossbridge Capital, has dismissed concerns of a looming tech bubble burst. This comes as global markets tentatively bounce back from a significant downturn in early August.
What Happened: Technology stocks bore the brunt of the sell-off, with the tech-heavy Nasdaq 100 index experiencing a 1.6% dip in July and a further 4% drop in August. This has reignited discussions surrounding a potential tech sector bubble. However, Singh countered these concerns in a conversation with CNBC’s “Squawk Box Europe.”
“I just don’t see a tech bubble. Yes, a few stocks have done well, and they have done well on earnings that they have delivered,” he said
He further noted that the Nasdaq index, on an equally-weighted basis, has remained steady over the last three years. Singh also highlighted that the broader S&P 500 did not appear overbought, having gained less than 4% per annum over the same period.
While encouraging investors to “embrace volatility,” Singh mentioned that more volatility is likely to occur in August due to “seasonality patterns,” especially during a U.S. election year.
The recent bullish trend in the tech sector has been largely driven by the “Magnificant Seven” – Apple Inc. (NASDAQ:AAPL), Amazon.com Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOGL), Meta Platforms Inc. (NASDAQ:META), Microsoft Corporation (NASDAQ:MSFT), Nvidia Corporation (NASDAQ:NVDA) and Tesla Inc. (NASDAQ:TSLA).
Why It Matters: Earlier in August, a return to growth in U.S. services activity and a halt in the global market sell-off had raised questions about whether recession fears were overblown.
However, billionaire investor Mark Mobius warned of further economic struggles following the stock market crash, attributing it to rising global geopolitical tensions and the upcoming U.S. presidential election.
Additionally, veteran investor David Roche predicted an impending bear market in 2025 due to a sluggish U.S. economy, an artificial intelligence bubble, and insufficient rate cuts.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
