Is Now The Time To Pivot Back Into US Tech?

For the last few years, the Nasdaq has been one of the greatest wealth creators on the planet.

AI. Cloud computing. Semiconductors. Automation.

It has felt almost unstoppable.

Then...

It finally did something it hadn't done for a while.

It entered official correction territory.

A fall of more than 10%.

Now, a 10% correction isn't a crash.

But it is significant.

Because corrections change psychology.

They separate investors into two camps...

Those who panic.

And those who start looking for opportunity.

What's fascinating is what's happening elsewhere.

The FTSE remains close to its highs.

The DAX continues to trade strongly.

The CAC isn't far behind.

Europe has been quietly outperforming while everyone has been obsessed with US technology.

Which raises an interesting question...

Have investors become so focused on what's already worked... that they're starting to miss what's setting up next?

At TPP, we've been unusually cautious over recent months.

Not because we stopped believing in AI.

Quite the opposite.

We simply believed valuations had become stretched.

Rather than chase headlines, we focused on probability.

That meant selectively moving in and out of European markets when opportunities appeared.

And in the US...

It actually meant doing something many investors never imagined.

We were short.

Through some of our active strategies, we benefited from weakness in parts of the US market while everyone else was still talking about AI as if prices could only go one way.

But markets evolve.

And so should investors.

A few days ago...

We closed those short positions.

Not because we're suddenly convinced the correction is over.

Not because we know exactly where the bottom is.

Nobody does.

We closed them because...

The risk/reward equation has changed.

Today we're beginning to build positions again.

Gradually. Disciplined. Measured.

Not all at once.

Because that's how probability-based investing works.

You don't wait for the headlines to announce the perfect buying opportunity.

By then...

The market has usually moved.

Let's be clear, Artificial Intelligence hasn't disappeared.

If anything, It's becoming more embedded into almost every industry on the planet.

Microsoft.

NVIDIA.

Amazon.

Meta.

Alphabet.

These businesses haven't suddenly become worse companies simply because their share prices have pulled back.

The question has always been...

What price are you paying to own them?

History shows that some of the best long-term investment opportunities appear when great businesses temporarily fall out of favour.

Corrections create fear.

Fear creates opportunity.

Not every correction marks the bottom.

But many great investments begin during them.

Could markets fall another 10%?

Absolutely.

Could geopolitical tensions create more volatility?

Without question.

That's why we're not all in.

We're building.

Watching.

Adding when probabilities improve.

Managing risk at every stage.

One thing we've learned over decades in markets...

The biggest returns rarely come from buying when everyone feels comfortable.

They often come from buying when everyone is asking...

"What if it keeps falling?"

So...

Is now the time to pivot back into US tech?

We think it's certainly time to start paying attention.

The Nasdaq is officially in correction territory.

Valuations are becoming more attractive.

Sentiment has cooled.

And for the first time in a while...

The probability is beginning to move back in investors' favour.

We're not calling the bottom.

We're simply doing what we've always done.

Following probability.

Not headlines.

P.S.

For our clients: we'll continue updating positions as the probabilities evolve. Protecting capital always comes first, but when opportunities appear, we want to be ready. We've already started to buy into the US tech dip. It's hard to time the fall perfectly, but as you know, we normally fare well.....

For anyone who isn't yet a client: if you'd like to understand how we build portfolios around probability rather than prediction, book a call with the team. We'd be happy to show you how we think—and whether it's the right fit for you.

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SCHEDULE A CALL WITH TPP: CLICK HERE.

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TPP's year-to-date average return across participating client accounts is 21.87%*.
Interested in learning more? CONTACT OUR TEAM...

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*Results as of 10 July 2026 and refer to the combined average of all client discretionary portfolio accounts (across all strategies), after fees, calculated on a Time Weighted Return basis.

Disclaimer: This document is issued by TPP, being provided for information purposes only. This document does not constitute legal, tax, accounting or investment advice, nor should it be relied upon when making investment decisions. This is not a personal recommendation or an offer or invitation to buy or sell any financial instrument. The market conditions and views expressed are as at the date of publication, which may change without notice. Unless otherwise stated, market data has been obtained from sources believed to be reliable. While believed to be accurate, no representation or warranty is given as to its completeness or accuracy.

TPP strategies invest in leveraged financial instruments, including equity index futures. Leverage can magnify both gains and losses, meaning losses may occur more quickly than in unleveraged investments. Investments involve risk and investors may lose some or all of their invested capital. Your capital is at risk.

Past performance is not necessarily a reliable indicator of future performance. The value of investments, and any income from them, can fall as well as rise, and investors may not recover the amount originally invested. Future returns are not guaranteed. Therefore, you should not assume that the future performance of any specific investment or investment strategy will be profitable or equal to the corresponding past performance.

TPP is a trading name of UCapital Asset Management LLP. UCapital Asset Management LLP is authorised and regulated by the Financial Conduct Authority (FCA No. 477155). 80 Coleman Street, London EC2R 5BJ.

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