Volatility in the market has continued during the month and the US market has at one point fallen for 8 weeks in a row. We haven't seen this since 1932, even so, it seems the tech really got some confidence back after the Salesforce results. Salesforce's numbers were good, comments from management about the customer's intentions to continue investing in technology during the uncertain times we are in gave us confidence. In addition to that, several smaller tech companies like MongoDB and Okta reported healthy numbers.

The final stage down the market has been driven by weaker sales from e-commerce players and higher brick and mortar costs. We can now find several interesting valuation cases over technology even taking into account a weaker economic development.

May 2022 Monthly Update