As I’ve said and written before, now is unquestionably the best time to be a technology executive.  Our industry is driving the global economy, and taking markets to new heights. 

“Stocks rose Friday, with markets seemingly ignoring inflation data that came in higher than what had earlier been estimated,” write Barbara Kollmeyer and Jacob Sonenshine in Barron’s. “The Dow Jones Industrial Average  gained 65 points, or 0.2%, while the  S&P 500  and the Nasdaq Composite  both advanced 0.1%. The 10-year Treasury yield, which usually rises and falls with inflation, fell to 1.58%. Technology stocks, the valuations of which are often most sensitive to changes in long-dated bond yields, were leading the market.”

The article notes that investors seem unfazed by inflation fears. Eventually, the Fed will react, but the markets don’t appear especially worried. When the Fed does take steps to tighten the flow of money, the steps are likely to be gradual.

The strength of technology stocks isn’t based on hype – the simple truth is that tech is now fueling economic growth at every level, across multiple sectors of industry. The digital transformation that most of us took part in during the first two decades of the 21st century is now spreading through the rest of the economy.

Soon, every business will be a digital business – and that’s great news for the tech sector. If you think tech stocks look good now, just wait until digital payment systems become the universal norm and your local grocery store is accepting bitcoin. That might seem like a faraway fantasy, but it’s closer than most people realize.

The growing popularity of EVs will turn car owners into electric suppliers, requiring massive digital transformation of regional electric grids. Elon Musk is working hard to transform the way we use and distribute electricity, and the other automakers have seen the writing on the wall.

None of this means that markets won’t experience ups and downs. But it seems like investors are betting on a long stretch of generally solid growth. From my perspective, much of this growth will be fueled and enabled by exceptionally strong leadership, continuous innovation and accelerated digital transformation supplied by the technology industry.

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