Check Out These 4 Hot Tech Stocks In The Stock Market Now
With the stock market today looking to reverse its losses from yesterday, investors may want to consider tech stocks now. Sure, signs of inflation and rising commodity prices would deter some from doing so. However, the tech industry remains one that is both resilient and constantly evolving. Given the highly competitive nature of the sector whereby growth is the name of the game, this is understandable. Evidently, we could look at companies like Palantir (NYSE: PLTR) and Alphabet (NASDAQ: GOOGL) subsidiary Google. Both are industry-leads in their respective markets and they continue to find ways to expand their operations.
On one hand, Palantir, after landing two new contracts with the U.S. government last week, is not slowing down. As of yesterday, it is now working with MSP Recovery, a Medicare reimbursement firm. The duo are looking to integrate the legal, data, and health delivery services into one united ecosystem. With Palantir Foundry as this system’s foundation, it will ideally help to bolster connectivity across the U.S. health care system. On the other hand, Google revealed plans for numerous upgrades to its cloud computing service, Google Cloud earlier today. Among the notable ones is its new Vertex AI Workbench that facilitates cross-cloud analytics with other cloud computing services. All in all, these are but two instances of the tech industry’s continuous growth. Could these companies be among the best tech stocks to watch in the stock market now?
4 Top Tech Stocks To Buy [Or Sell] Today
- Facebook Inc. (NASDAQ: FB)
- Upstart Holdings Inc. (NASDAQ: UPST)
- Adobe Inc. (NASDAQ: ADBE)
- Advanced Micro Devices Inc. (NASDAQ: AMD)
First up, we have Facebook, a tech company that focuses on its social media platforms. Namely, they would include Facebook, Instagram, and WhatsApp. Facebook, for instance, is one of the world’s biggest social networking services, with over 2.5 billion monthly users. The company is at the forefront of the advertisement industry and pushes ads and an e-commerce site on both its Facebook and Instagram platforms. FB stock has enjoyed gains of over 20% year-to-date.
On Monday, the company announced that starting November 1, it will host daily Live Shopping experiences on Facebook and Instagram with brands as the holiday season begins. It will have some of the biggest brands like Macy’s (NYSE: M), Benefit Cosmetics, and Walmart (NYSE: WMT) among others and they will host live videos to allow for shopping from the comfort of your home. Recently, it also expanded its Live Audio feature to more creators globally. This is part of the company’s plans to expand on its social audio features. It also launched its podcast service over the summer in the U.S. Given that the company is firing on all cylinders, should investors consider buying FB stock?
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Upstart is an artificial intelligence (AI) lending platform that has partnerships with banks and credit facilities to provide consumer loans using non-traditional variables to predict creditworthiness. Through its proprietary AI lending platform, it is designed to improve access to affordable credit while reducing the risk and costs of lending for its bank partners. UPST stock has seen best-in-industry gains in the past year alone, rising by over 900%.
On October 6, 2021, the company announced its Upstart Auto Retail software, which includes AI-enabled financing. In essence, it is a cloud-based solution that enables a new car buying experience for both consumers and dealerships. Furthermore, it will provide access to Upstart-powered auto loans as well. “Buying a car is an iconic and memorable experience for most Americans, but the financing step is where things often unravel,” said Dave Girouard, Chief Executive Officer and Co-Founder of Upstart. “Upstart Auto Retail will provide millions of consumers with a car buying experience worthy of 2021, including that all-important financing step.” With this piece of news, should investors add UPST stock to their portfolios?
Following that, we have Adobe, a tech company that specializes in software for the creation and publication of a wide range of content. This would include graphics, photography, animation, and multimedia. Its Photoshop image editing software for instance is used by millions all around the globe. As one of the most diversified software companies in the world, the company’s products allow students, artists, government agencies, and corporations to design and deliver exceptional digital experiences and content.
Last week, it announced the completion of its acquisition of Frame.io, a leading cloud-based video collaboration platform. The combination of Adobe’s leading video editing products and Frame.io’s cloud-based review and approval functionality will radically accelerate the creative process and deliver an end-to-end video platform. Frame.io has over a million users and will streamline the video production process by enabling editors and stakeholders to seamlessly collaborate using its cloud-first workflows. With that being said, will you be adding ADBE stock to your watchlist?
Advanced Micro Devices Inc.
Last but not least, we will be taking a look at Advanced Micro Devices (AMD). As most would know, AMD is a leading name in the high-performance computing ware industry. This would be thanks to its cutting-edge graphics processing units (GPUs) and visualization software. Through its vast array of chips, AMD caters to consumers, massive organizations, and scientific research ventures globally. Because of the ongoing global chip shortages, investors could be focusing on AMD stock now. This would be the case as demand for its wares continues to skyrocket. Now, AMD stock is up by over 13% year-to-date.
Regardless, AMD appears to be kicking into high gear across the board. Just last week, the company announced a significant team-up with Microsoft (NASDAQ: MSFT). Namely, Microsoft’s Windows 11 now comes with a comprehensive suite of integrations with AMDs computer processing chips. This includes but is not limited to better performance, efficiency, security, and connectivity for devices that house AMD chips. This move comes less than a week after AMD deepened its existing collaboration with Google Cloud. Simply put, AMD’s EPYC processors now work seamlessly with Google Cloud’s latest computing engine. With AMD’s current momentum in mind, could AMD stock be a top buy for you now?