2026 Tech Stock Divergence: AI Cloud Leads Gains vs. Consumer Electronics Under Pressure
The golden iPhone replacement cycle has ended, AI feature implementation lags, supply chain issues Q1 profit warnings, with growth expectations at only 9% under a PE of 31x.
PC shipments continue to decline, AI PC penetration at 15%, server overcapacity triggers price wars, ROIC turns negative after the peak of CapEx.
The top player accurately foresees the pain period of high CapEx. Wall Street consensus: cloud computing and design tools lead the gains, while consumer electronics drag.
Technology remains the only main theme, with short-term room for growth, but long-term outlook depends on the Fed + $Microsoft(MSFT.US)
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