Technology stocks have taken a beating this year. Many individual investors have used it as an opportunity to double down.
The Nasdaq Composite Index—home to the big tech stocks that propelled the market’s decadelong rally—has fallen 21% in 2022. Shares of Amazon.com Inc AMZN 0.33%▲. and the parents of Google and Facebook META 0.52%▲ have suffered double-digit declines as well, stung by higher interest rates and souring attitudes about their growth prospects.
Yet many of those stocks remain the most popular among individual investors who say they are confident in a rebound and expect the companies to continue powering the economy.
In late July, purchases by individual investors of a basket of popular tech stocks hit the highest level since at least 2014, according to data from Vanda Research. The basket includes the FAANG stocks—Facebook parent Meta Platforms Inc., Amazon, Apple Inc., AAPL -0.62%▼ Netflix Inc. and Google parent Alphabet Inc GOOG -0.99%▼.—along with a handful of others like Tesla Inc. and Microsoft Corp.
Meanwhile, Apple, chip company Advanced Micro Devices Inc. and the tech-heavy Invesco QQQ Trust exchange-traded fund have remained among the most popular individual bets since 2020.
Read more at the Wall Street Journal.