Tech Up as Traders Snap Up Bear-Market Laggards — Tech Roundup

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Shares of technology companies rose sharply as traders rotated back into some of the sectors hardest hit in the bear market.

Apple unveiled the iPhone 14, its latest 5G-enabled phone, which offers iterative improvements on the previous generation.

Apple’s business has not slowed in a “material” way despite the sharp selloff in the tech giant’s shares, said Oliver Pursche, senior vice president at financial advisory Wealthspire.

During the current rebound, investors may discriminate between resilient firms such as Apple and others that fared well in the previous bull market for more speculative reasons, said Mr. Pursche.

“There are companies within that index that quite frankly deserve to be sold off,” said Mr. Pursche.

Google Chief Executive Sundar Pichai said he wants to make the company 20% more productive, the latest sign that the technology giant is planning changes to deal with macroeconomic uncertainty.

Samsung Electronics warned the sharp downturn in chip sales would likely extend into 2023, the latest note of pessimism for a semiconductor industry reeling from a dramatic pullback in sales of personal computers, smartphones and data servers.

Write to Rob Curran at rob.curran@dowjones.com