After a strong year in technology (Nasdaq Composite up +43.6% in 2020), it is perfectly normal to see the market consolidate and correct those large gains. Coming out of these corrections, it is common to see another leg higher in the market, and there are three historical precedents that demonstrate that.
A U.S. appeals court on Wednesday revived a lawsuit in which shareholders of Google parent Alphabet Inc accused the company of fraudulently concealing security vulnerabilities, including in its Google+ social network. The 9th U.S. Circuit Court of Appeals in San Francisco said the lawsuit raised a "strong inference" that Alphabet's then-Chief Executive Larry Page and his successor, Sundar Pichai, knew about the bugs and an internal memo on security issues but intentionally concealed the information from investors.
Alphabet Inc's self-driving unit Waymo said on Wednesday it raised $2.5 billion in its first fresh funding round in a year, after a string of defections of executives rekindled concerns about the technology struggling to scale up. The funding led by Alphabet and other existing shareholders is the second outside funding for Waymo, which last year raised $3.25 billion in its first external investment round since its inception 2009. Waymo has been widely viewed as the leader of the self-driving race, but attaining the holy grail of full and safe automation remains challenging as it faces growing competition from rivals backed by legacy automakers.