Bernstein global tech stock picks

News Snapshot:

High interest rates are usually bad for tech stocks, and they're now a key macroeconomic risk for "expensive" ones in particular — but two parts of the sector are in a good position, according to Bernstein. The firm's analysts like the semiconductor and Chinese internet areas, even though tech valuations in Asia are more sensitive to bond yields than they have been in the last 10 years, they said in an Oct. 27 note. "Going forward, we still find valuation/earnings support for value tech stocks over growth or expensive tech names," the analysts wrote. "IT services and Internet still look...