I just dumped all my tech stocks (lemmy.ca)

submitted 3 months ago by cyborganism@lemmy.ca to c/wallstreetbets@lemmy.world

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Fuck this.

I've lost thousands these past couple of weeks thanks to agent orange here who's been threatening Taiwan with all sorts of bullshit. This has affected the whole chip market, which in turn affected the EV market and other computer hardware manufacturers.

Already, the EV market wasn't doing so well due to lack of enthusiasm from consumers who can barely afford a shelter over their head, let alone a good damn electric car at the price they're selling them. This also affect the EV battery industry and everything related.

My ETFs we performing poorly already, so on to of this with the chip industry stocks tanking, I decided to sell everything.

Instead I'm going to invest in SAP which seems to be doing well and I think they announced they were going to enter the travel industry with a new platform? And their stocks are going strong.

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[-] cyborganism@lemmy.ca -3 points 3 months ago

Didn't you read my post? People aren't buying EVs. I had invested in ETFs several years ago and were doing well at first until Musk started to fuck up everything with Tesla. I also had ETFs in battery tech and resources, but apparently they've built too many batteries for the market demand and are stuck with stock that could potentially provide for the demand for the next 10 years! Not to mention how China is saturated with unsold EVs and batteries that haven't even entered Western markets because of restrictions.

Then Trump comes along and says he won't defend Taiwan, the world's leading chip manufacturer, if he gets elected. And the chances of him getting elected are very fucking high. So my NVDA and AMD stocks are falling like a stone and all my profits are going away.

So no. I'm not stupid. I know what the fuck I'm doing. I'm just bailing out before I lose all my gains.

this post was submitted on 26 Jul 2024

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