The Biggest Tech Stocks Just Got Even Bigger; Time To Buy Or Sell?

Tech stocks took off like a rocket during the second quarter. What happened? Well, I’m glad you asked. Since the pandemic, we have witnessed the fastest and steepest decline in the stock market in modern history. On the flip side, bad news from the coronavirus might be good news for top tech stocks. Tech stocks are also having their best rally after rebounding sharply from the market crash in March. The rapid adoption of communications technology, cloud computing, e-commerce, and in-house entertainment has led investors to look for the best tech stocks to buy. And if there is one thing that we can be more certain, it is that technology plays an increasingly more important role in societal functioning than it ever had.

With the acceleration in the number of confirmed cases globally, the adoption of various technologies are likely to accelerate as well. From content delivery networks (CDN) and cloud computing to video communications, these are now the ‘essentials’ for the global workforce to continue operating. Without these infrastructures, economies globally will be on standstill. Because of these technologies, the transition to working from home appears to have gone relatively smoothly. Some companies are now even talking about having a remote workforce permanently. Given the fact that tech stocks are roaring louder in recent weeks, could now be the best time to buy tech stocks?

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Amazon Stock Just Hit $3,000 For The First Time, What’s Next?

faang stocks to watch Amazon (AMZN stock)

Shares of (AMZN Stock Report) climbed 5.8% on Monday to a new all-time high of $3,057 and we’re on track for their fourth straight daily gain. At this price, the tech titan’s market capitalization now exceeds a staggering $1.5 trillion. But the question here is, are we expecting this rally to continue? In my opinion, there’s a great chance for AMZN stock to go higher during the third quarter. And why is that? Amazon has seen demand jump for its e-commerce and cloud-computing services during the pandemic. 

With reference to the e-commerce activities, the positive economic news out of China likely contributed to the gain in AMZN stock price. That’s mainly because many of Amazon’s third-party merchants source their goods from Chinese manufacturers. The return to more normal shipping times is a welcome relief for businesses and customers alike. Besides, as you may or may not know, Amazon Web Services is the leader in the global cloud infrastructure market. Both of these services combined is the real reason why AMZN has been skyrocketing in recent years. Together, these enormous industries are projected to generate roughly $7 trillion in annual revenue by 2023.

[Read More] Can Netflix Stock Break $500 Next Week?

Betting On China Pays Off With Alibaba Stock

top tech stocks to buy (BABA stock)

Like Amazon, Alibaba (BABA Stock Report) is another e-commerce stock that continues to do well during the pandemic. The company recently finished its fiscal year 2020 with $72 billion in revenue. That is a 480% increase over the last five years. The June results could deliver an explosive boost to BABA stock. The shopping holiday on June 18th or “618”, is a festival closely watched for signs on the health of consumer sentiments in China, as it looks to recover from the pandemic. For the record, Alibaba and (JD Stock Report) handled $136.5 billion of business just that day alone. 

In the US, we have seen a lot of discussion on how the government should regulate big tech companies. Many believe that policymakers will eventually ask big tech companies to break up, or at least be subject to some form of a regulatory straitjacket. On the other side of the Pacific, China’s internet companies are charging ahead unhindered. Not only is the Chinese government unlikely to hobble the internet companies, but they are also increasingly supportive of their expansion. After all, some may see big tech companies as a source of national pride. And if you are looking for the best cloud stocks to buy, Alibaba isn’t the hottest Chinese could stock. Tencent (TCEHY Stock Report) and have attracted more attention in 2020. With all that being said and given China’s relatively successful containment of the pandemic, can we expect BABA stock to continue its rally?

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