Are These Top Tech Stocks On Your 2020 Watchlist?
In recent times, tech stocks have been outperforming many other sectors of the market. Tech stocks did see an initial dip in March when the stock market crashed, but that quickly changed. Tech stocks that are related to digital things such as Netflix Inc. (NFLX Stock Report) and Roku Inc. (ROKU Stock Report) have been increasing in value the most. This is because most people have been staying inside more due to the pandemic.
So there are plenty of top tech stocks with the potential to rise higher despite the state of the economy. There are always new tech stocks showing up in the market. This is due to technology constantly advancing, which creates room for new companies to join the market. The market for US tech stocks is now worth more than the European stock market as a whole. This shows the true strength of tech stocks in 2020. So let’s look at three that have been performing positively as the year progresses.
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Trending Tech Stocks To Buy [Or Avoid] In 2020: NVIDIA Corporation
First on this list of tech stocks comes NVIDIA Corporation (NVDA Stock Report) due to its recent product launch. NVIDIA is a tech company that focuses on creating computer graphics cards. NVIDIA announced its 3000 lineups of GPUs on September 1st and made headlines. The 3070, 3080, and 3090 graphics cards were all announced. All 3 cards are faster than the previous models and at a reduced price. This why NVIDIA is performing well at the moment.
On September 17th, the 3080 (its flagship model) was released to the public. The graphics card sold out in an instant on NVIDIA’s site and its partners. Additionally, all of the 3080 GPUs made by other manufacturers (MSI, EVGA, ASUS) with its technology sold out as well. Resale prices have been seen on eBay as high as $5000 for the card that is very well under $1000. NVDA stock is up 106% in the last 6 months due to its advancements. That is why I have NVDA on my list of tech stock to watch.
Trending Tech Stocks To Buy [Or Avoid] In 2020: Advanced Micro Devices
The next tech stock to watch is Advanced Micro Devices (AMD Stock Report). Advanced Micro Devices creates processors, motherboards, graphics cards, and much more for computers. It has grown to be one of the industry leaders to this day. AMD additionally lends hardware to popular gaming consoles, the PlayStation and the Xbox. Advanced Micro Devices is constantly competing with Intel, who will be highlighted next.
AMD reported revenue growth of 25% in the second quarter of 2020. This revenue was $1.93 billion, and its net income was $157 million. The CEO of the company, Lisa Su said, “We delivered strong second-quarter results, led by record notebook and server processor sales as Ryzen and EPYC revenue more than doubled from a year ago. Despite some macroeconomic uncertainty, we are raising our full-year revenue outlook as we enter our next phase of growth driven by the acceleration of our business in multiple markets.” AMD stock price is up 51% in 2020 as of September 18th at $74.93 a share on average.
Trending Tech Stocks To Buy [Or Avoid] In 2020: Intel
Lastly, let’s talk about Intel Corporation (INTC Stock Report), the main competitor to AMD. Intel Corporation is a tech company that produces processors for computers. The company is the highest valued and largest semiconductor chip manufacturer in the world by revenue. Intel creates processors for Apple (AAPL Stock Report), Dell Technologies (DELL Stock Report), and more. Back on July 27th, the company released a negative earnings report.
The company announced that its chips were behind the manufacturing schedule. Additionally, Intel showed that it was outsourcing to TSMC for chips. Yet still, Intel’s second-quarter revenue was at 34% data-centric growth. The company stated, “It was an excellent quarter, well above our expectations on the continued strong demand for computing performance to support cloud-delivered services, a work- and learn-at-home environment, and the build-out of 5G networks.” It seems like Intel is aligning itself up for future success. That is why INTC stock has made its way on to this list of tech stocks to watch.
