Tech counters will need to prove that profitability in 2023 is no fluke

THE race to profitability for tech players such as Grab and Sea intensified in 2023, amid rising pressures as the US Federal Reserve hiked interest rates to stave off decades-high inflation.

There may be some reprieve going into 2024, as the Fed at its last Federal Open Market Committee meeting in December held its key interest rate steady and took on a dovish stance.

While expectations are rising for at least three rate cuts in 2024, investors are still likely to seek out companies that are sustainable.