Tech Stocks Shining as Brightly as Gold as COVID-19 Accelerates the Digital Transformation

(14 July 2020)  COVID-19 borne restrictions on in-person engagement have boosted demand for digital products and services globally.  As a result, the already rapid pace digital transformation we've experienced over the last decade is accelerating further as reflected in tech stock price movements in recent months.

  • For tech giants, the drastic shifts triggered by the COVID-19 pandemic and the associated recession have offered advantages. All have rock-solid balance sheets and vast global user bases.
  • About a month ago, Apple and Microsoft became the first corporations with capitalization in excess of $1.5 trillion, and the capitalization growth for these and other technological giants seems poised for continued strong growth.
  • Since the beginning of February, tech stocks (represented by NASDAQ Composite index) and gold futures also demonstrated similar growth. Gold futures were less volatile over this period, but, on net, the stock prices of tech giants outperformed gold.

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