Global tech: driven by strength of secular themes in the real world and beyond

The ongoing digital shift is being driven by an intensified need for enhanced productivity, affordability, and sustainability. The shift to Internet 3.0 (metaverse), electrification (sustainable transport and smart cities) and the need for next generation (low carbon) infrastructure are among major secular themes driving the exponential growth of the tech sector. Low interest rates, retail enthusiasm, and pandemic conditions have created some pockets of extended valuations, emphasising the need for strong valuation discipline.