That negative sentiment that has blanketed the tech space won’t go away anytime soon, noticed apple inc AAPL analyst Ming Chi Kuo said Tuesday.

What happened: There doesn’t seem to be any reason to be optimistic about all major tech sectors in 2023, Kuo said in a tweet. All big tech stocks are headed for the worst, he said, citing his most recent survey.

See also: The best tech stocks right now

Specifically, the analyst noted that apple inc AAPL is below consensus. The fundamentals of electric vehicles and servers are not as solid as the market is expecting, he added.

His tweet quoted one of his own from March, saying there’s no reason to be bullish about the 2022 handset market as order cuts are rampant, from the best Apple to the cheapest brands. He said at the time that the industry was facing structural challenges.

Why it matters: Most of the negativity stems from factors outside of tech companies. Most consumer-focused tech companies are facing a drop in demand as global economic growth falters and consumer caution increases. Advertising-dependent communications companies have also suffered due to customers’ shrinking advertising budgets.

Most analysts expect at least a mild recession in 2023 as an intransigent Fed is expected to continue raising rates in the new year. The ongoing war in Ukraine is likely to pose further challenges to future growth.

Tech companies are also facing manufacturing and supply chain challenges amid the COVID-19 situation in China, dubbed the factory of the world.

That Technology Select Sector SPDR Fund XLK ended Monday’s session down 1.33% at $125.42 Benzinga Pro data.

Continue reading: 20% stock rally, rising M&A activity, Apple’s AR glasses, gradual job cuts and more: Analyst shares Christmas wish list for the tech sector