Investors have been piling into tech stocks at the fastest rate in 16 years, fuelling Wall Street’s rapid rebound from the rout triggered by Donald Trump’s “liberation day” tariffs in April, a closely watched survey of fund managers has shown.
Between April and July, allocations to the sector jumped by the largest amount since March 2009, according to a monthly poll by Bank of America.
The resurgence of tech shares — which bore the brunt of the April sell-off — is the latest sign that investors are brushing off Trump’s latest tariff threats and betting that the so-called “Magnificent Seven” will be able to continue to enjoy rapid growth in profits, which has seen them power the bulk of Wall Street’s gains in recent years.
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