After years of euphoria, the enthusiasm for B2B technology assets has become more measured in recent months.

Tech stocks are currently following two distinct trends. We are seeing a significant correction in tech stocks as a whole, which has been manifested firstly by the decline in valuation multiples in the sector in general since Q1 2021, and with a greater vulnerability of companies linked to cyclical sectors (B2C, AdTech, etc.), while other sub-sectors that benefit from significant and structural growth are more resilient (Digital Transformation, Cyber Security, Artificial Intelligence). The latter benefit from strong internal dynamics, which allow certain sub-sectors to remain unaffected by the vagaries of the economy. The intertwining of these two trends affects the readability of the sector, even though supply shocks put pressure on the least resilient groups.