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These Top Tech Stocks Are In Focus To Start The Trading Week
While fears over a potential crypto bubble weighed in on tech stocks last week, investors may be looking to buy on the dip. Current crypto prices aside, some would argue that the tech industry is still a top growth sector in the stock market now. After all, the world today continues to rely on tech in almost every facet of life.
For starters, cloud-computing company Veeva (NYSE: VEEV) plays a crucial role in helping some of the largest names in healthcare. Companies such as Pfizer (NYSE: PFE) and Merck (NYSE: MRK) rely on Veeva’s specialized customer relationship management services. At the same time, we could also look at tech companies operating in the advertising space now. Namely, Magnite (NASDAQ: MGNI) automates the buying and selling of digital advertising inventory in real-time via its global platform. Earlier this week, Magnite revealed that it is now working with news broadcasting company, E W Scripps (NASDAQ: SSP) to bolster its connected TV division. These are but two instances of the vast applications of tech in vital and growing industries today.
Overall, the current weakness in top tech stocks would present a unique opportunity for investors. Even Wedbush Securities’ Managing Director Dan Ives remains bullish on the sector. In an interview earlier today, Ives recommended that investors focus on diversifying their portfolios with tech and recovery plays now. With this in mind, here are five tech stocks worth watching in the stock market this week.
Best Tech Stocks To Watch This Week
Nvidia is a tech company that builds powerful graphics chips for data centers, gaming, and artificial intelligence. Its video gaming business in particular has shaped the gaming industry in the last 2 decades. By inventing revolutionary graphics processing units (GPU), it has redefined modern computing graphics, high-performance computing, and artificial intelligence. This past Friday, The company announced a four-for-one stock split, which will require stockholder approval at its 2021 Annual Meeting of Stockholders next month.
This month, the company announced that it will bring its RTX Real-Time Ray Tracing and AI-Based DLSS technologies to tens of millions of gamers and creators. This will be done by introducing a slew of RTX 3050 Ti and RTX 3050 laptops, bringing Nvidia’s Ampere architecture to the most mainstream audience yet. Impressively, this would expand the number of RTX 30 series laptops to more than 140. This latest wave of laptops provides the perfect opportunity for users to upgrade, especially for the wider mid-range market. Given all of this, is NVDA stock worth adding to your portfolio?
Blink is a tech company that owns and provides electric vehicle (EV) charging equipment and services. Impressively, the company has deployed over 23,000 charging stations worldwide, many of which are networked EV charging stations. With global EV purchases forecasted to rise over the next few years, the company has established key strategic partnerships to roll out adoption across the world. BLNK stock has been up by over 1,700% in the last year.
In May, the company announced that it acquired European EV charging operator Blue Corner. Blue Corner is based in Antwerp, Belgium, and has a portfolio of 7,071 charging ports and a robust European charging network. The acquisition will give Blink complete operational control of Blue Corner and its EV charging assets. Seeing how EVs enjoy a much higher market share in Europe, Blink will be able to capitalize on the European EV market. With this exciting development surrounding the company, will you watch BLNK stock?
Applovin is a mobile technology company that is headquartered in Palo Alto, California. The company has been instrumental in defining many of the most popular mobile apps and game studios in the last few years. Its technology leverages machine learning and predictive algorithms to help developers of all sizes market and monetize their apps. The company primarily does this through mobile advertising, marketing, and analytics.
On May 12, 2021, the company announced its first-quarter financials for 2021. Revenue for the quarter was up by 132% year-over-year to $604 million. Adjusted EBITDA totaled $131 million, increasing by 110% year-over-year. The company also provided a topline revenue of $2.70 billion for its fiscal 2021 outlook. This would represent a growth of approximately 83%. For these reasons, will you consider adding APP stock to your watchlist?
Microsoft is a multinational technology company. In essence, it develops and sells computer software, electronics, personal computers, and related services. The company’s segments include Productivity and Business Processes, Intelligent Cloud, and Personal Computing.
Last month, it announced its third-quarter financials. Revenue for the quarter was $41.7 billion, an increase of 19% year-over-year. Operating income was up by 31%, at $17 billion. Microsoft also posted a net income of $15.5 billion GAAP, an increase of 48% compared to a year earlier. These impressive figures could mean that digital adoption curves are not slowing down yet. The company has also been focusing on its cloud business and continues to expand its addressable market. All things considered, will you watch MSFT stock?
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When it comes to consumer tech, few can boast a reputation quite like Apple’s. Safe to say, the California-based company continues to dominate the consumer electronics industry today. From its market-leading iPhones to its extensive tech ecosystem, the company provides customers with a comprehensive user experience. Because of this, Apple has been and remains a household name. For investors, this would make AAPL stock a prime tech stock to watch right now. This would especially be the case seeing as the company’s shares have been trading sideways this year.
As it stands, Apple posted yet another stellar quarter last month. In short, the company saw surges of 53% in total revenue and 110% in net income for the quarter. To investors’ delight, Apple also reported a 118% jump in earnings per share as well. Not to mention, the company also launched significant accessibility-focused software updates on its flagship operating system iOS last week. Through this update, Apple Store customers have access to on-demand sign language interpreters. By and large, Apple continues to fire on all cylinders, flexing its deep understanding of consumer trends. Given all of this, are you eyeing AAPL stock right now?