Short sellers are reaping a bumper harvest in the tech sector sell-off. S3 Partners, a technology and data analytics firm, estimates that $1 in every $5 shorted in US markets in the last quarter was in information technology stocks.
In the year to date, short positions in the IT sector have generated a 34 per cent profit, S3 calculates. Short sellers took an implied gain of $535mn on Tuesday’s slump in Snap shares.
Rising inflation and interest rates are expected to drive down demand for tech products and services. They are also depressing the net present value of tech stocks via discount rates on future profits. An asset bubble is deflating, even as the tech revolution rolls on.
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