The tech rally has been slowing over the past few months as investors focus on cyclical and outdoor stocks amid the fast-paced macroeconomic recovery. This, coupled with production bottlenecks and concerns surrounding cybercrime, has made Wall Street analysts bearish about fundamentally weak tech stocks Upstart Holdings (NASDAQ:UPST) and Doximity, Inc. (DOCS). So, let’s discuss these names.The technology industry has been front and center since last year as the dependence on technology accelerated because of the pandemic.
However, this pandemic-driven tech boom might finally come to an end soon because the industry is facing several headwinds, ranging from a global semiconductor shortage to reduced e-commerce sales with the resurgence of brick-and-mortar shopping. In addition, concerns surrounding rising cybercrime constitute a significant challenge.
Because investors are expected to focus on cyclical and outdoor stocks amid the accelerated economic recovery, Wall Street analysts expect the prices of tech stocks Upstart Holdings, Inc. (UPST) and Doximity, Inc. (DOCS) to slump in the coming months.