I think the broader story here is really that there's increased scrutiny of these
technology companies from government, from regulators as well
and they really are in the crosshairs, not only in the U.S. but, of course, we've seen in Europe as well
and continuing on from what we saw with the Facebook Cambridge Analytica scandal
and now potentially any fallout from that when it comes to increasing regulation on these companies.
I think that is one of the huge themes here for technology this year and
that's one of the things that's driving a lot of the sell-off here are these techniques.
How nervous does Amazon need to be?
How concerned should Jeff Bezos be that the president is continuing to make
his company an issue at this point, even as we see David's concerns around Facebook
and privacy and the use of data and so on and so forth?
Well, that's right, the story moves on, doesn't it?
It seems to me that all of these tech stocks in America or indeed in other parts of the world,
they're a little bit like the British Royal family - You put them on a pedestal one day
and they're great and they're at the forefront of the technology revolution.
Then you knock them off the next day and Mr. Trump seems to be doing his best to
bring about a further correction. I mean, clearly it's warranted because the overall feeling
about the market at the end of last year was to see overbought and so it's quite
clear that some of these technology stocks have got to stratospheric levels
which were just not justified by real life.
And therefore whether it's Mr. Trump or there's something else,
or it's some worry about some vehicle going off the road and killing people,
there's lots of very justifiable reasons I think to sell.
I think the correction has only just started.
In terms of the Trump attack on Amazon, unusual in the sense that
you've got a president attacking a company that's growing jobs and
when, 500,000 jobs across the U.S. economy, growing from strength to strength,
and you would think that other countries, other presidents might
have issues with this company, not the American president.
Do you think that Mr. Trump is going to be predictable in this? Or more than anything else?
I mean it's quite clear that the man is all over the place
and therefore you can't predict what he's going to do from
one moment to the next, it's why shows like yours are so good I think,
to provide a bedrock of consistency for... against this very volatile American president.
I mean the point is he is going to do things which do alarm investors.
And therefore there's always going to be reasons why people
are going to either be buying or sell based on his Twitter feeds.
It may be rather lamentable but that's where we are.
David, you said the correction has only just begun at this point
the correction in tech stocks, or the broader market correction?
I mean I was pretty bearish at the end of last year precisely
because all the investment banks and the brokers were saying,
"Carry on regardless, never worry about the overdone valuations
life is going to go on, we got pretty good growth,
and the central banks are still going to be relatively accommodative."
That was certainly the view in Europe with the ECB
and I think that was just unwarranted, so my own personal view
was that stocks were totally overdone at the end of last year.
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