Whether it as an astute assessment of the dominant position of big tech companies or the worst sort of herd investing, tech has managed to be a unifying force for investors in recent years.
The consensus that the sector — and in particular a small number of pioneering companies known as the Faangs in the US and led by Tencent in Asia — has been a strong conviction buy has brooked little dissent.
Until this year, when threats have emerged and multiplied. They range from trade tension between Washington and Beijing, rising US interest rates and the risk of tougher regulation in both the US and China.
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