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The technology sector and the US market rose strongly in November, driven by Trump's win. Trump now gets a majority in both houses for the next 2 years, which gives him and the party great power to implement his policies. The Nasdaq was up a whopping 6.2% during the month. Our fund Global Technology was also up 6.2% during the month.
Report season 3Q was completed during the month and we can now conclude that the technology sector has rushed to deliver during the quarter. However, it must be said that AI growth at all levels accounts for a large part of the growth. The PC market has stabilized during the quarter and above all on the business side, while the consumer part has continued to be weak. The smartphone market has also stabilized, but we think it will stand and stomp at these levels for a while now until we get new phones out on the market.
The AI segment is growing in all segments, hardware, the cloud, services and applications. It is still the simple tasks that AI works best at so far, such as match ads on the internet, for example.
We now look forward to 2025 and continued strong AI momentum.