Tech ETF Winners Amid Big Tech's Acute Slump Last Week

Sanghamitra Saha

1 November 2022 at 1:00 pm·3-min read

Big tech has just experienced an awful week. Alphabet (GOOGL), Amazon (AMZN), Meta (FB) and Microsoft (MSFT) together lost over $350 billion in market cap last week due to downbeat earnings and forecasts for the fourth quarter.

Meta had its worst week ever and Amazon slumped 13%. Forecasts were particularly miserable for Meta and Amazon, due to the economic slowdown. Meta fell short of earnings estimates, recorded its lowest average revenue per user in two years and said sales in the fourth quarter will likely fall for three quarters in a row.

Facebook and Google are specifically struggling on front advertising revenues. Only Apple (AAPL) was the winner by beating expectations for revenue and profit. The stock on Friday had its best day in over two years, per a CNBC article. Microsoft slumped 2.6% for the week, due to a 7.7% decline on Wednesday after the company offered weak guidance for the year-end period and missed estimates for cloud revenues.

However, not all areas of the tech corner suffered losses. Blockchain and digital transformation, networking, cybersecurity, digital payments and cloud computing were some of the winning areas. Cryptos bounced back sharply last week as rates fell and the dollar weakened, per Edward Moya, senior market analyst for the Americas at OANDA, as quoted on WSJ. Bitcoin mining companies, including Core Scientific, Marathon Digital and Riot Blockchain all recorded considerable gains.

The cyber security market is mainly fueled by emerging online e-commerce platforms and the emergence of core technologies such as the internet of things, artificial intelligence, cloud security, and others, as quoted on analyticsinsight.net. The global cybersecurity market is worth $173.5 billion in 2022 and is estimated to reach $266.2 billion by 2027, exhibiting a CAGR of about 8.9%.

The global digital payments market was valued at $7,360 billion in 2021 and is forecast to reach a value of $22,326.5 billion by 2030 at a CARG of 12.8% between 2022 and 2030, as quoted on an article on digitaljournal.com.

Against this backdrop, below, we highlight a few winning tech ETFs of last week.

Winning Tech ETFs

Blockchain & Digital Transformation

Global X Blockchain ETF BKCH – Up 14.4% Past Week

VanEck Digital Transformation ETF DAPP – Up 11.1% Past Week

Viridi Bitcoin Miners ETF RIGZ – Up 8.0% Past Week

ProShares Nanotechnology ETF TINY – Up 7.5% Past Week

Amplify Digital & Online Trading ETF (BIDS) – Up 7% Past Week

Amplify Transformational Data Sharing ETF (BLOK) – Up 6.9% Past Week

Networking

Invesco Dynamic Networking ETF PXQ – Up 7.3% Past Week

Cybersecurity

iShares Cybersecurity & Tech ETF IHAK – Up 6.5% Past Week

Digital Payments

Ecofin Digital Payments Infrastructure Fund ETPA – Up 6.5%

Cloud Computing

WisdomTree Cloud Computing Fund WCLD – Up 6.1%

Malay Mail
At 65, local singer Jamal Abdillah to welcome seventh child early next year
KUALA LUMPUR, June 26 — At 65, singer Datuk Jamal Abdillah is set to be a father for the seventh time as his wife Datin...
The Daily Beast
Why the Empress of Japan Masked Up to Meet the Royal Family
Empress Masako of Japan, visiting the U.K. as part of a state visit with her husband Emperor Naruhito Tuesday, surprised onlookers when she rode into central London in a carriage with Queen Camilla while wearing a face mask.However, before full-blown pandemic PTSD set in, an official source at Buckingham Palace told The Daily Beast Tuesday that the Empress was wearing the mask due to an allergy to horse hair rather than for pathogen-related reasons. The horse-drawn carriage ride into London saw
Malay Mail
PM Anwar hints at boon for civil servants before Budget 2025 tabling
PUTRAJAYA, June 26 — Prime Minister Datuk Seri Anwar Ibrahim has today hinted that civil servants will once again receiv...
People
Catherine Zeta-Jones, 54, Shows Off Her Curves in a Sexy Cutout One-Piece: ‘Caught Me Posing!’
The actress is in full summer mode — and so is her wardrobe!
Cinema Online
Nora Danish wishes ex-husband a good health
The actress posted a photo of ex-husband Nedim Nazri in the ICU
Malay Mail
Preacher Firdaus Wong yet to give statement to cops over covert conversion of minors to Islam, cites busy schedule to Europe
KUALA LUMPUR, June 26 — Independent preacher Firdaus Wong has been summoned by police to record his statement in connect...
Malay Mail
Guan Eng: New book on Pakatan administration fruit of Dr Mahathir’s ‘half truths and falsehoods’
KUALA LUMPUR, June 25 — DAP chairman Lim Guan Eng today dismissed the book Shattered Hopes on the abortive Pakatan Harap...
The Telegraph
Zelensky sacks commander ‘who killed more Ukrainians than any Russian general’
Volodymyr Zelensky has sacked a top commander accused of “killing more Ukrainians than any Russian general”.
Yahoo Life UK
My friend donated his sperm, I had a baby then we fell out
When Alice*'s friend offered to help her have a baby, it seemed an amazingly kind gesture, but after the birth, he went back on their 'deal'.
The Telegraph
England at Euro 2024: Next match, last-16 opponents and route to final
England drew with Slovenia in their final Euro 2024 Group C game, and a stalemate between Denmark and Serbia meant Gareth Southgate’s team went through to the knockout stage as group winners.
The Independent
Trigger Warning is making people ‘boycott’ Netflix – but it’s too dreadful to be offensive
THE MOMENT: Jessica Alba returns to screens after a five-year hiatus with a thriller featuring some unsavoury undertones. ‘Trigger Warning’ might have been provocative... if only it weren’t so completely inert, writes Louis Chilton
Twentytwo13
Malaysia likely to get Russian stealth fighters under 14th Malaysia Plan
Sources say the package being offered by the Russians could include new-generation precision, and standoff weapons like the RVV-SDM, the RVV-MD, and the Kh-35 Long Range, Air-to-Surface Missile (against sea, and ground targets). The post Malaysia likely to get Russian stealth fighters under 14th Malaysia Plan appeared first on Twentytwo13.
The Telegraph
Dutch volleyball player who raped 12-year-old British girl qualifies for Paris Olympics
A Dutch beach volleyball player who raped a 12-year-old British girl has qualified for next month’s Paris Olympics, despite being told by a judge that his hopes of representing the Netherlands was a “shattered dream”.
People
Kendall Jenner and Bad Bunny Are Both in Black as They Hold Hands During Date Night in Paris
The stars recently rekindled their romance after breaking up in December 2023
AFP News
Nepal convicts 'Buddha boy' of child sex abuse
A Nepali man whose followers believe him to be a reincarnation of Buddha has been convicted of child sexual abuse, a court official said Tuesday."The district court on Monday found Bomjan guilty of child sex abuse," said Sikindar Kaapar, information officer at the court in Nepal's southern town of Sarlahi.
Entertainment Weekly
Simon Cowell floored by heavy metal 10-year-old on “America's Got Talent”: 'You turned into this rock goddess'
The "America's Got Talent" judges were shocked by young guitarist.
Malay Mail
BYD is now Malaysia’s Top 10 brand for vehicle registrations between Jan to May 2024
KUALA LUMPUR, June 26 ― For the first time ever, BYD, an all-electric vehicle brand in Malaysia, has made it to Malay...
People
Woman, 71, Makes History as Oldest Person to Compete in Miss Texas USA: 'There Is Beauty at Any Age'
This comes less than a year after the Miss Universe organization announced it was ending age limits for its contestants
CNN
Japanese mother and child stabbed in China in front of school bus
A Japanese woman and her child were stabbed by a man on Monday in front of a school bus at a bus stop in eastern China, according to Japanese authorities.
People
“Superman ”Actor David Corenswet Spotted Filming on Set in Cleveland: Get a Glimpse of His Iconic Costume
David Corenswet is the latest actor to take on the famous superhero role

Winning Tech ETFs

Networking

Cybersecurity

Digital Payments

Cloud Computing

Latest stories