20-somethings with big bets on tech stocks

As a teenager, Michelle Huynh, the first child of immigrant parents in Australia, promised her family she would be a millionaire by age 30.

The 26-year-old described it as a “little silly promise” inspired by the sacrifices her non-English speaking parents made to raise her family.

But she is trying to make that dream come true by investing her savings in the stock market.

“Times are very different and investing has become important,” said Huynh, who works in sales at a technology firm. “Our purchasing power seems to be going down. This is the only way to combat that.”

This year, a tech-fueled surge in stock markets has brought her closer to that goal.

With more than a third of her investments in technology stocks, as of mid-July her savings had risen by 50% this year – an increase of A$31,000 (£16,100; $21,666).

But those profits are now down to $22,000 as the sector is going through what she calls a “wild period.”

Huynh says she’s open to volatility, viewing those investments as long-term bets.

A boom in tech stocks led by companies riding the artificial intelligence (AI) boom has attracted more casual investors, many in their 20s and early 30s, though some analysts warn the enthusiasm around AI may be overblown.

Retail investors have gotten in on the fun, thanks to social media and marketing efforts to attract non-professionals, said Glenn Tan of consultancy Provident.