Metaverse and crypto will benefit big tech stocks except for Apple according to the latest reports The Head of Thematic Research at Data Analytics and Consultancy firm Global Data Cyrus Mewawalla says that large U.S tech companies will brush aside the inflation and keep rising due to the advancement in several new technologies.
In an interview with CNBC’s “Street Signs Europe,” Mewawalla said that companies working towards new advanced technologies like Web 3.0, quantum computing, metaverse, and cryptocurrencies will be directly benefitted. He also added that “If you’re in the space, you’re going to benefit almost regardless of macroeconomics issues”.
On Monday Nasdaq 100, fell almost 1%, and the S&P 500 and the Nasdaq composite are coming off four straight days of losses. This situation was raised due to a surge in interest rates that were noticed.
In recent years we have noticed that many big techs companies are investing billions and channeling their resources into new technologies. And these technologies have the potential to change the way we think, work, and live.
In 2021, Facebook changed its name to Meta as they are now focused on metaverse technology. They also have their virtual reality headsets Oculus and this ecosystem makes their position strong in this industry. We have also seen that Google and Microsoft, are also developing their headsets, whereas Apple is rumored to be working on one.
Meta is also developing its Cryptocurrency called Diem. Whereas several techs giants are investing in the R&D of commercial applications for quantum computers.
According to Mewawalla, Apple saw its valuation rise to more than $ 3 trillion and making the company the most valuable company in the world. But Apple has not seen its share price grow as much as some of the other big tech firms have seen.