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It's Not Just Facebook. The Big Tech Revolt Has Begun, Says Nomura

  • Factors from populism to regulation converge in backlash
  • Fallout could sweep beyond confines of equity markets
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Facebook Besieged by Wall Street, Washington and Europe

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Facebook Inc.’s terrible week may be just the beginning of a backlash against tech companies that could wreak havoc across global markets.

Nomura Inc. currency strategist Bilal Hafeez warned that a host of factors, from populism to tighter regulation, are converging to undercut tech stocks at a time when their valuations are near extreme levels. The fallout could sweep far beyond the confines of equity markets, weighing on currencies and benefiting haven assets like the yen, Hafeez wrote in a note published Tuesday.