Stock Market

Legendary Financier George Soros Bets Big on Amazon and Alphabet

The rout in financial markets in the second quarter did not scare billionaire George Soros.

The legendary investor shopped in the tech sector even as investors liquidated tech stocks on fears of recession. Indeed, the second quarter was marked by a fall in the Nasdaq index, which is dominated by technology groups. The Nasdaq lost nearly 23% between April 1 and June 30.

The rise in Federal Reserve rates to combat inflation, which was then the highest in 40 years, raised fears of a hard landing for the economy. Investors fearing a recession were liquidating their positions in risky assets. This particularly affects tech, which lives mainly on promises of future products and services.

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