The perception of the tech sector as a utility has insulated tech from downturns in the stock market, with investors viewing it as a defensive asset (Bloomberg)

Bloomberg:
The perception of the tech sector as a utility has insulated tech from downturns in the stock market, with investors viewing it as a defensive asset  —  - Tech stocks are rallying to new highs, pulling up the S&P 500  — But airlines and retailers have crumbled in the past month

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