Many companies unconnected to artificial intelligence boom are yet to recover from post-pandemic downturn
Enthusiasm about artificial intelligence masks weakness across most of the technology sector, with many companies “still in a recession” following a slowdown that started in 2022, according to investors and analysis of recent financial reports. Massive share price gains for large companies that were predicted to be early beneficiaries of AI, such as Nvidia and Microsoft, helped to erase memories of a dreadful 2022, when the tech-dominated Nasdaq Composite tumbled by almost a third.
Earnings per share increased by an average of 16 per cent in the past 12 months, down from 21 per cent over the past five years. The weakness is more obvious in small cap indices, where there is no boost from megacap groups. In the Russell 2000, technology was the second-worst performing sector in terms of revenue growth in the second quarter, according to data from LSEG. Revenue fell 6.1 per cent year on year, while profits were down 2.8 per cent.
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