International investors should keep US tech stocks as a core part of their portfolios even as the de-dollarisation trend continues, according to Swiss banks UBS and Julius Baer.
A rally in tech stocks pushed the S&P 500 to an all-time high of 6,263.26 on Wednesday, raising Nvidia’s market capitalisation to US$4 trillion – the first company in the world to reach that milestone.
“Can this madness continue?” Mark Andersen, managing director of the Chief Investment Office at UBS Global Wealth Management, asked rhetorically on Thursday. “Yes, we think it can.”
Meanwhile, Bhaskar Laxminarayan, chief investment officer for Asia and the Middle East at Julius Baer, said no other market or sector offers the same investment impact or innovation as the US tech sector.
“No other part of the world, including China, gives you the same impact in the portfolio content,” he said.
