Cybersecurity ETFs performed well in August despite tech volatility, benefiting from increased demand

From Nasdaq: 2024-08-30 13:00:00

U.S. technology stocks bounced back in mid-August after early pressure, with XLK gaining 3.6% over the past month. Google faced a setback as a judge ruled against its antitrust practices, leading to a 5% decline in GOOGL shares. Apple and NVIDIA shares also experienced fluctuations but ended the month positively. Intel’s disappointing earnings caused a 33% drop in INTC shares, impacting the Nasdaq Composite.

AI adoption is increasing, with companies benefiting from lower costs. Tech giants are heavily investing in AI, presenting an opportunity for investors to enter the space. Despite volatility, buying tech stocks may be advantageous in the long run.

Tech ETFs focused on cybersecurity performed well in August, with CIBR and HACK gaining over 6%. Companies like CRWD, PANW, ZS, and FTNT saw stock price increases. Global X Cybersecurity ETF and iShares Cybersecurity and Tech ETF also reported gains. The high demand for cybersecurity solutions fueled growth in this sector.



Read more at Nasdaq: Cybersecurity ETFs Won in August Despite Tech Volatility