Riding the Tech Wave in 2024

In this episode of MM Medium, the EYL team discusses the future of the tech market and makes predictions for 2024. Hosts Rashad Bilal, Ian Dunlap, and Troy Millings share their insights and opinions on the potential boom in the tech sector.

Ian starts off by mentioning Meta, formerly known as Facebook. He believes that Meta will have an amazing year and is being overlooked in the augmented reality (AR) race. He expects Meta to make adjustments and show some innovation. Alongside Meta, he predicts that Apple and Google, known as the big Five, will also have a great year. Ian also mentions Nvidia as a company that will likely drag the market up, while hoping that AMD, another tech company, will come out of its slumber.

Troy raises an important concern about continuous layoffs in the tech sector. He mentions the battle between automation and human skills as AI becomes more prevalent in business models. Troy predicts that more layoffs will happen, leading to more profit for tech companies, but also higher unemployment rates. This can potentially help bring down inflation numbers, but he acknowledges that it is an unfortunate series of events.

Ian agrees with Troy and believes that more people will unfortunately be laid off. He mentions that we are entering an era where the economy will be rougher, but the stock market environment will be better as a result. He explains that when more people are laid off, companies have more capital available, which increases their profit margins. Ian gives the example of Nvidia, a tech stock with a high profit margin of 57%, surpassing even the profit margins of the drug business.

The hosts then discuss the definition of a recession and its potential occurrence in 2024. Troy raises the question of which definition of recession they are referring to, as different metrics may not align. Ian adds that the rules for defining a recession seem to be changing, comparing it to changing the rules in a basketball game.

Rashad brings up the upcoming election in 2024 and believes that the government will do everything possible to avoid a recession. He emphasizes the importance of keeping the boat afloat during an election year and expects a lot of money to be thrown at the economy through stimulus measures.

The conversation concludes with Rashad mentioning an article that suggests Apple might be the catalyst for a tech bull market. Ian adds a shoutout to Tim Cook and the Apple team, expressing his belief that the rich will only get richer in this scenario.

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