1、 2023 Boston Consulting Group1Shiing investor priorities and volatile markets changed the rules of the game for technology,media,and telecommunications(TMT)companies in 2022yet the industrys longer-term track recordremains remarkable.The 2023 TMT Value Creators Report shows that many companies,mostl

2、y in the tech sector,havegenerated immense value during the past five years.In total,our global list of 335 publicly traded TMTGenerating Value Despite Tougher TimesThe 2023 TMT Value Creators ReportAPRIL 18,2023 By Vaishali Rastogi,Derek Kennedy,Franck Luisada,Neal Zuckerman,Simon Bamberger,LukasLa

3、ngermann,Maikel Wilms,Tibor Mrey,Stephen Robnett,and Hady FaragREADING TIME:15 MIN 2023 Boston Consulting Group2companies created$4.7 trillion in value based on market valuation changes over the five-year periodending December 31,2022.Most of the top 10 value creators each generated more than$100 bi

4、llion,and Apple and Microsoeach created over$1 trillion.Notably,all but 2 of the top 20 value creators were tech companiesbenefiting from the digitization of business and personal life.(See Exhibit 1.)The playing field changed for TMT companies in two ways in 2022.First,they were subject to the broa

5、dmarket turmoil triggered by the war in Ukraine as well as rising inflation and interest rates.Along withthese macro developments,many TMT players were hit hard by the change in investor focus from“growth at all costs”to“efficient and profitable growth.”This focus on profitable growth has continued

6、into the first months of 2023 as markets have recoveredsome of their losses.The market recovery has benefited tech stocks in particular,but in keeping withthe new mood,those that have bounced back furthest are those demonstrating both profits andgrowth,such as Apple,Microso,and Alphabet.2023 Boston