Why Tyler Technologies Stock Tanked This Week
This week was one to forget for Tyler Technologies (NYSE: TYL) and its investors. The dynamic in tech stocks was a shift out of software titles and into companies active in the artificial intelligence (AI) hardware space.
Although Tyler is somewhat insulated from such potential disruption, its shares took quite a hit anyway. They fell by nearly 10% across the week, according to data compiled by S&P Global Market Intelligence.
In recent weeks, major tech companies have indicated that they aim to spend significant amounts of capital on AI hardware. This implies that the proportion of IT budgets will shift, perhaps meaningfully, from software to hardware -- hence that mirroring trend with tech investors.
Source Fool.com
