AGC's Summer 2024 Tech Capital Markets Update

I am late to publish my Summer Tech Report, partly due to the fun distractions of summer, but more importantly, it has been a challenging period for the tech industry and the global landscape, making it difficult to write with conviction about where we are going from here. There are more questions and contradictory indicators today than our world has experienced for decades. We have the usual U.S. Presidential election, but this one is shaping up to be far more pivotal for America and the world than past elections. Four more years of the same policies or very significant changes? Will sovereign countries continue to retreat from their globalist policies; and what will that mean for trade, cost of goods, and immigration? Is GDP growth slowing down for a long winter nap like the Great Recession or will it pop right back in '25? Is inflation under control and with it will the Fed and its highly telegraphed easing be able to keep the 10-year closer to 3% or will it eventually rise back up to 4-5% and possibly go higher? Will "hot" wars continue to roar across the world as they do today in Ukraine, Israel, and Venezuela? Has the U.S. made Russia weaker or stronger by funding the war in Ukraine? Has China reached its pinnacle of economic success with most western economies and countries looking for an alternative source of cheaper goods and labor? When will the leading economies, with their massive government debt loads, deficits, and interest payments become a drag versus a stimulus on global growth? The list goes on with far more monumental questions than answers. All that said, as I am not one for excuses, I will now take a shot at AGC's Summer Tech Capital Markets Report.