Growth stocks are struggling, and tech names are a big reason. Throughout 2022, some market watchers noted that one of the culprits is the hyped valuations of some cloud computing stocks.

While that’s true, some large- and mega-cap tech names that aren’t dedicated cloud companies but are important players in this space are showing surprising resilience on the earnings front in relative terms. That could be beneficial for exchange-traded funds like that First Trust ISE Cloud Computing Index Fund (NasdaqGM: SKYY).

SKYY follows the ISE CTA Cloud Computing Index and the median market value of its 71 components is $18.47 billion, confirming that it is not dependent on mega-caps. Nevertheless, there are some favorable properties with SKYY.

“The practice of running computer applications for customers remotely in football field-sized data centers is booming. This trend continued in the first quarter AmazonGoogle parent alphabet and Microsoft everything…



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