Looking To Add The Best Tech Stocks To Your December Watchlist? Here’s 3 For Your List.
Tech stocks have been amongst the top performers in the stock market this year. Seasoned and new investors alike will agree to this. In the world we live in now, tech is everywhere. Our lives would be a lot harder without any of the modern marvels we have today. This is the reason why top tech stocks are having a stellar year so far. In fact, the very nature of the industry is innovating to overcome challenges and limitations. As such, there will theoretically be a constant need for more advanced tech. Whether it serves to optimize existing infrastructure or revolutionize the way we work, the industry does not appear to be slowing down anytime soon.
What’s Next For Tech Stocks?
The tech industry is ever-changing. For instance, professional services company Accenture (ACN Stock Report) is now collaborating with grid technology expert Reactive Technologies. Accenture has made the move to invest in Reactive Technologies to help optimize its energy grid. The deal will see the acceleration of Accenture’s transition to low-carbon energy. Another case would be when chip manufacturer AMD (AMD Stock Report) acquired Xilinx (XLNX Stock Report) in October. This essentially expanded AMD’s tech repertoire to involve cloud products. Moves involving tech appear to be a point of interest for investors. We can see this as both Accenture and AMD have seen their stock prices rise steadily this year.
Investors and companies are aware of all this and many have shifted their focus towards the tech industry. But the main hurdle in creating a tech portfolio lies within the countless tech offerings on the market. Discerning which stocks to watch can be a challenge. Here is a list to help you with that.
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Top Tech Stocks To Watch Right Now: Baidu Inc
The first spot on our list goes to Baidu (BIDU Stock Report). The Beijing-based tech company specializes in Internet-related services and products and artificial intelligence (AI). It is one of the largest players in the field of AI globally. Its proprietary Baidu search engine and an array of 57 internet services place it within the same field as Google (GOOGL Stock Report). Notably, the company’s share prices jumped by over 10% yesterday. It is up another 5% as of 10:25 a.m. ET. This places BIDU stock at a new 52-week high. Let us take a closer look at what exactly happened.
On December 15, news broke that Baidu is considering an expansion into the field of electric vehicles. The company is currently talking to automakers in its endeavor to develop a smart car. Certainly, investors know that this is a smart move by Baidu. The company’s AI-based autonomous driving technology and internet connectivity infrastructure definitely compliment smart car development. It appears that Baidu is about to take a necessary step to keep up with the rest of its competition in the tech industry.
In November, the company reported total revenue of $4.15 billion and a 26% rise in cash on hand. Considering its performance in its recent quarter fiscal, investors seem to be more confident in Baidu. CEO Robin Li explained that the company is “in a good position to further benefit from a recovery in the Chinese economy.” He cites the “vibrant mobile ecosystem that Baidu has built in the last few years” as a strong foundation for the company’s non-advertising businesses. This in addition to the company’s growing AI business could be the beginning of interesting times for Baidu. Do you think this is enough to propel BIDU stocks well into 2021?
Top Tech Stocks To Watch Right Now: Apple Inc
Next up, we have a company which you are likely familiar with, Apple (AAPL Stock Report). Most investors would agree that it is a fine addition to any list of tech stocks. To say that it is a titan in the consumer tech industry is a massive understatement. Amidst coronavirus lockdowns and consumer splurging, the company is seeing its best year on the stock market so far. AAPL stock is up by 126% since the March lows. On Tuesday alone, the stock saw increased activity as it shot up by 5.01%. You must be wondering what could have gotten investors so excited.
Yesterday, Japanese news outlet Nikkei reported some very positive news about the company. Apple is set to ramp up iPhone production by 30% in the first half of 2021. The boost would encompass its new 5G compatible iPhone 12 series which received stronger than expected demand. This could be the company’s way of keeping up its momentum even after the holiday season where sales are expected to increase. In terms of long-term growth, Apple appears to have investors convinced for now.
In its recent quarter fiscal posted in October, the company reported a revenue of $64.7 billion. The company saw international sales make up a majority of that figure. As such, its recent move makes sense as it steps up to cater to its customers. Regardless, the company continues to show great resilience in the face of the coronavirus pandemic. Evidently, investors appear to believe that AAPL stock might continue to bear fruit going into 2021. What about you?
Top Tech Stocks To Watch Right Now: QuantumScape Corp
Finally, we have QuantumScape (QS Stock Report). QuantumScape produces solid-state lithium-ion batteries for use in electric cars. The California-based company has garnered investments from several impressive backers. These include Bill Gates, General Motors (GM Stock Report), Ford (F Stock Report), and Volkswagen (VWAGY Stock Report). In the past month, QS stocks have risen by a monumental 216%. However, the company’s stock has dipped by 16% since last Thursday. Investors looking to buy on the dip may be interested to know what the company has been up to.
Simply put, the company announced some groundbreaking strides in its tech last week. QuantumScape has revealed more details on its “solid-state” battery. In theory, the final product would reduce the cost of electric vehicles. Besides, it would make for more efficient and safe charging. CEO Jagdeep Singh explained that should things go as planned, the battery would be viable for mass-production at a reasonable cost. However, it could take several years before this technology becomes readily available. Understandably some investors may have sold off their shares in response to this.
The challenge for QuantumScape remains clear, it has to make the most of its technology. More importantly, it has to do so quickly. This is because it has a potential rival company in Toyota (TM Stock Report). Last Friday, Toyota announced plans to unveil its own solid-state battery-powered electric vehicle in 2021. Could QuantumScape leverage its existing assets and resources to pull ahead of the competition? Your guess is as good as mine. Regardless, QS stock could be a top tech stock to watch in 2021.