These Trending Tech Stocks Are In Focus To Start The Month
After a rather tumultuous time, it appears that tech stocks are making a recovery from the recent pullbacks. No doubt, investors may be wondering if it is a good time to buy into tech after the recent dip. On one hand, it would make sense to invest in reopening plays as we approach the end of the pandemic. On the other hand, just because 2020’s top tech stocks slid, doesn’t mean that their tech is any less useful. Regardless, there are no shortages of massive plays in the tech industry now.
For instance, we could take a look at Taiwan Semiconductor (NYSE: TSM). While TSM stock is only up by over 5% year-to-date, TSM continues to push boundaries. Namely, TSM is planning to invest a mind-blowing $100 billion into increasing its chip manufacturing capabilities over the next three years. This would be a strategic play as TSM attempts to keep up with rising semiconductor demands. Elsewhere, tech giant Microsoft (NASDAQ: MSFT) landed a $21 billion contract with the U.S. Army to build augmented reality gear. Using its deep software expertise, the company aims to produce possibly lifesaving tech for foot soldiers.
Whatever way you look at it, the world of tech continues to expand every day. This would be the case in terms of application and scale. As such, could these be the top tech stocks to watch this month?
Best Tech Stocks To Watch In April 2021
- Micron Technology Inc. (NASDAQ: MU)
- Future Fintech Group Inc. (NASDAQ: FTFT)
- FuboTV Inc. (NYSE: FUBO)
- Funko Inc. (NASDAQ: FNKO)
Micron Technology Inc.
First up, we have computer hardware giant, Micron Technology Inc. The company specializes in producing computer memory and data storage hardware. For the most part, this includes USB flash drives, dynamic random-access memory (DRAM), and flash memory solutions. Given the viability of its offerings amidst the pandemic, I can see the appeal of Micron to tech investors. Accordingly, MU stock is looking at gains of over 120% in the past year despite the recent tech selloffs. The real question now is, can Micron keep up its momentum post-pandemic?
Well, looking at its recent-quarter fiscal posted yesterday could help paint a clearer picture. Overall, Micron topped consensus estimates across the board. In detail, the company posted an earnings per share of $0.98 on revenue of $6.24 billion for the quarter. CEO Sanjay Mehrotra cited “rapidly improving market conditions” and solid execution as key growth factors for Micron. In the long run, Mehrotra expects Micron to maintain its momentum by capitalizing on secular artificial intelligence and 5G trends.
Moreover, Micron is supposedly in talks to acquire Japanese semiconductor manufacturer Kioxia, according to Reuters. In this case, Micron would be making a massive play targeting the world’s second-largest flash memory chip maker. It seems that Micron is kicking into high gear right now, does all this make MU stock worth watching?
Future Fintech Group Inc.
Following that is leading blockchain e-commerce company, Future Fintech Group (FTFT). As the name suggests, FTFT also provides fintech-related services. Generally, the company operates via its blockchain-based online shopping platform and cross-border e-commerce platform. At the same time, FTFT also manages an incubator for blockchain-based application projects. Adding to all that, FTFT is also actively developing blockchain-based e-commerce tech and fintech.
Given its solid foundation in the blockchain market, crypto investors would have their eyes on FTFT stock now. Thanks to the meteoric rise of Bitcoin, FTFT stock is now up by over 250% year-to-date. Moving forward, I could see this trend continue on account of FTFT’s latest acquisition.
Earlier today, the company revealed that it would be acquiring Nanjing Ribensi Electronic Technology Company (NRET). Why is this important? Well, NRET operates a Bitcoin mining farm with 30,000 Bitcoin mining machines. Additionally, the mining farm also uses a local low-cost hydroelectric energy source which would improve profit margins. FTFT CEO Shanchun Huang also mentioned that the company has formed a Bitcoin Mining Hash Rate Committee. This committee will oversee and manage all of the company’s Bitcoin mining-related operations moving forward. All things considered, FTFT seems to be aggressively bolstering its Bitcoin portfolio. Could this make FTFT stock a top tech stock to watch now?
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Next, we will be looking at streaming tech giant, FuboTV Inc. In brief, the New York-based company primarily offers sports streaming content to consumers. If anything, Fubo is well-positioned to continue benefiting from the current cord-cutting trend. This would especially be the case seeing as it is a key player in the sports streaming industry.
That’s not all, Fubo is also working towards integrating real-time sports betting features onto its platform. Should things go as planned, it could ride both the streaming and sports betting tailwinds to new heights. Despite all of this, FUBO stock has mostly traded sideways this year. Could now be the time to buy on the dip?
Notably, Fubo does not appear to be sitting idly by. As of yesterday, the company is currently in a carriage agreement with Marquee Sports Network. By adding Marque to its streaming portfolio, Fubo now boasts Chicago Cubs game coverage on its platform. Given the popularity of the Cubs baseball team and the upcoming baseball season, this is a timely move. By and large, this marks another strong addition to Fubo’s already massive live sporting event offerings. Given the company’s current momentum, will you be adding FUBO stock to your watchlist?
Last but not least, we have Funko Inc. To begin with, Funko is a company that licenses and markets pop culture collectibles. The most notable of Funko’s offerings would be its Funko Pop action figures of pop culture characters. Now, you might be thinking, how is FNKO stock a tech stock? Well, there has been plenty of investor hype around the company regarding its entry into the booming non-fungible token (NFT) market.
For the uninitiated, NFTs are essentially one-of-a-kind digital assets with unique digital signatures. Said signatures are generated via blockchain technology, massively hiking the price of NFT-based assets. During Thursday’s trading session, FNKO stock saw gains of 22%, closing the day up 6.50% at $20.96 a share. This is thanks to its latest move in the NFT space.
Particularly, Funko now holds a majority stake in TokenWave the developer of TokenHead, a leading platform for showcasing and tracking NFT holdings. In terms of scale, TokenHead boasts an archive of over 10 million NFTs. The app is available on iOS and Android and has over 100,000 daily active users now. Understandably, Funko is making a splashy entry into the NFT market with this move. In the same announcement, we now know that Funko is expecting to launch its first NFT offerings in June. If the NFT hype lasts till then, I could see FNKO stock having more room to grow. How about you?