(Bloomberg) — The US technology sector was hot in 2023, Canada’s was hotter.
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An investor frenzy for artificial intelligence stocks propelled US tech-heavy benchmarks to market-besting returns this year. But tech stocks in Canada’s S&P/TSX Composite are poised to top them all, soaring roughly 70%, as those in the S&P 500 Index and the Nasdaq 100 notched less than 60% gains.
Toronto’s tech sector also beat out comparable gauges in Germany, the UK, France, Japan, Korea, Australia and China, to post what CIBC World Markets has called “the best performance globally among technology peers.”
Tech rebounded from one of its worst years in over a decade. US stocks were led by a triple-digit rally in the Magnificent Seven, further fueled by signs the Federal Reserve was ready to start paring back from its highest interest rate target in decades.
In Canada, Celestica Inc., a maker of equipment to power AI and…
