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Shift to defensive stocks
Capital has shifted from high-risk technology and AI stocks to defensive sectors, including healthcare, consumer staples and utilities, amid renewed volatility, economic uncertainty, and concerns about spending and debt. Technology stocks have fallen: the Nasdaq dropped 5.3% in October, the MSCI World Information Technology Index is down more than 11% since October, and South Korea’s Kospi lost more than 16% last month. Analysts at HSBC see the defensive shift as overdone, noting that U.S. semiconductor stocks trade at a forward price-to-earnings multiple of 13.5, compared with 40 for Walmart, despite the strong financial fundamentals of technology companies.
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