2023-03-18 07:23:00 ET
The technology sector is suffering from its worst stretch of stock market performance since the global financial crisis in 2008. The Nasdaq-100 index plunged 33% last year, and while it has bounced by 12% in the early innings of 2023, investors have continued to face immense volatility.
The good news is that the index rarely falls two years in a row. In fact, that has only happened once in the 37-year history of the Nasdaq-100, which means there's a good chance that it will deliver a positive return overall in 2023. However, its component companies will still have to contend with challenges like high inflation, rising interest rates, and a shaky regional banking sector.
For investors with both short-term and long-term horizons, there are growing opportunities in the cloud computing sector as the widespread adoption of those technologies by businesses continues. According to one estimate by Grand View Research, the cloud computing industry could be worth $1.5 trillion annually by 2030. Here's why that growth forecast points to healthy upsides for stocks like Snowflake (NYSE: SNOW) and DigitalOcean (NYSE: DOCN) , particularly from their presently beaten-down levels.
For further details see:
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