It’s been a rough ride for the stock markets, but I still feel highly optimistic about our industry. Amid the trouble and turmoil of the past two years, tech remains a beacon of hope for a brighter and more prosperous future.
And there’s plenty of evidence to support my positive outlook. Here’s one example:
“Broadcom President and CEO Hock Tan in recent years has made a series of moves to expand the chip company’s business beyond semiconductors into enterprise software,” writes Eric J. Savitz of Barron’s. “Now Tan apparently is upping the ante: according to The Wall Street Journal, Bloomberg, and other outlets, Broadcom is in advanced talks to buy enterprise-software company VMware.The Financial Times reports that the deal could be worth more than $50 billion to VMware holders, which implies a valuation north of $115 a share. The deal would roughly triple the size of Broadcom’s software business.”
And here’s another example, from the same source: “Zoom Video Communications shares are trading sharply higher in late trading after the videoconferencing company posted better-than-expected profits for the fiscal first quarter ended April 30,” Savitz writes. At HMG Strategy, we’re major fans of Zoom and we applaud the company’s spectacular success.
In addition to the good news from the tech sector, markets rallied substantially yesterday, “spurred by comments from President Joe Biden that he is considering reducing tariffs on China that had been imposed by the Trump Administration, while also announcing a new economic agreement on Monday with 12 Indo-Pacific nations, which represent about 40% of global GDP,” write Joe Woelfel and Ben Levisohn, also of Barron’s.
Frankly, I don’t think we’re out of the woods yet. But volatile markets also offer great buying opportunities. From my perspective, the glass is half full.
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