- Tuan Huynh, Deutsche Bank Wealth Management CIO for Europe and Asia, told CNBC on Friday that tech stocks will still be “the winner” in the near and long term, despite the Nasdaq’s rally and rising US-China tensions.
- The tech sector has benefited from the digital way of life that the pandemic has brought on, Huynh said.
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Tuan Huynh, Deutsche Bank Wealth Management CIO for Europe and Asia, told CNBC on Friday that technology stocks will still be “the winner” in the near future and long term, even amid US-China tensions and the Nasdaq at record highs.
President Trump signed two executive orders, set to begin in 45 days, that prohibit US residents from doing business with Chinese-owned apps TikTok and WeChat. Huynh said it appears that markets are currently ignoring the rising tensions between the US and China.
When the Nasdaq neared an all-time high he began to be “a bit more cautious” about technology, but he still said that in the near future tech stocks are still a good bet.
Huynh said that the tech sector has benefited from the new way of life that the coronavirus pandemic brought on. The way people live, work, and consume is now heavily dependent on technology. He added that once the pandemic is resolved, this new way of life will benefit technology in the future as well.
“We have been rotating a little bit out of stocks into maybe some of the cyclicals, as of late, but of course … we still think on the longer term technology stocks are the winner,” Huynh said.
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