- After a year dominated by mega-cap tech stocks, Bank of America says the technology sector has more room to run in 2021.
- But next year’s trade will be about enterprise technology stocks like software, as well as areas of tech sensitive to the economic recovery like semiconductors, according to Savita Subramanian, the bank’s head of US equity and quantitative strategy.
- “The world is long FAANG,” said Subramanian, but software and semiconductors aren’t at as much of a crowding risk.
- “Technology to us is secular growth with a cyclical price tag,” the strategist told a Tuesday webinar.
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Investors have piled into the FAANG trade, but that doesn’t mean there aren’t other opportunities in tech, according to Bank of