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Amidst macroeconomic issues, the tech sector remains a standout performer this year, exemplified by the NASDAQ Composite’s impressive 29% year-to-date increase.
Therefore, take a look at some of the top tech ETFs, Vanguard Communication Services ETF (VOX – Get Rating), First Trust NASDAQ Technology Dividend Index Fund ETF (TDIV – Get Rating), and ETFMG Prime Cyber Security ETF (HACK – Get Rating), which also pay stable dividends.
Despite continued global economic turbulence, worldwide IT spending is projected to total $4.60 trillion in 2023, an increase of 5.5% from last year. Moreover, the IT services segment is expected to continue its growth trajectory through 2024, largely driven by the infrastructure-as-a-service market, which is projected to reach over 30% growth this year.
Also, Generative AI, exemplified by ChatGPT, is poised to transform the global economy. Upon ChatGPT’s launch, the S&P 500 surged along with major tech giants. The technology’s potential is enormous, potentially unlocking an additional $1 trillion in AI-related spending over the next decade.
In addition, Morgan Stanley analysts see the market for AI semiconductors tripling from $43 billion to $125 billion over the next three years. The broader AI technology market should grow from $90 billion today to $275 billion by 2027.
Let’s take a look at the ETFs mentioned above…
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