Tech stocks have come roaring back to start 2023. But after the stunning rebound, some tech names have little room to run. In addition to industry-specific concerns, the technology sector faces headwinds from rising interest rates and a central bank that hasn’t finished its fight against inflation. As such, now seems like a good time to lock in gains on certain tech stocks that have rallied sharply to start the year. In particular, these three tech stocks look vulnerable and may see severe downside in the coming weeks.
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SoFi Technologies (SOFI)
SOFI has stacked on 50% in 2023, but the rebound may be fleeting. Shares have already started to fall back toward pre-earnings price levels. In the months ahead, if current economic challenges worsen or if further challenges arise regarding student loans, the impact on revenue could place additional pressure on the stock.
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Uber Technologies (UBER)
Uber shares surged higher immediately following its Feb. 8 earnings call. The ride-share giant reported strong numbers, and management provided an upbeat outlook for the current quarter. However, the stock has already given back some of those gains amid recession concerns. UBER’s current valuation may be overly optimistic about subsequent quarterly results. Another big run may not be in store for the ticker anytime soon.
The U.S. Economy is headed for trouble…
Why are stocks absolutely soaring right now…? Yet at the same time millions of Americans are out of work… Commercial bankruptcies are piling up… Delinquent credit card debt is skyrocketing… Not to mention, we are smack in the middle of a pandemic that has all but forced our economy to a grinding halt… Something’s just not adding up. Friend, if you are confused by all of this… You are not alone… [Full Story]
Bigbear.ai Holdings (BBAI)
In 2023, BBAI stock is up a startling 645%, with shares advancing from penny stock territory to more than $5/share today. But the current hype cycle around consumer AI products isn’t likely to move the needle for Bigbear.Ai’s business, considering that it’s far from a consumer-facing product like ChatGPT. The company has historically struggled to reach profitability from its operations, and the stock’s recent run seems dramatically overblown.
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