3 Top Consumer Tech Stocks To Add To Your Radar Right Now
The stock market today appears to be continuing its upswing as Omicron variant concerns subside. Among the upcoming names in the current market would be consumer tech stocks. By and large, some would argue that the industry is the best of both the tech and cyclical worlds now. Simply put, consumer tech firms often cater to consumer discretionary markets. This can be through software services such as video streaming and social media or with related hardware. As such, the current strength in consumer spending and cyclical markets could put consumer tech stocks in the spotlight now.
Evidently, analysts over at Morgan Stanley (NYSE: MS) appear to be bullish on some top names in the sector now. Earlier today, the firm posted updates on both Bumble (NASDAQ: BMBL) and Apple (NASDAQ: AAPL). On one hand, it hit BMBL stock with an Overweight rating and price target of $55. This would indicate a possible upside of 65% from its price of $33.25 as of Monday’s closing bell. On the other hand, the firm also raised its price target for AAPL stock to $200, among the highest estimates on Wall Street. Notably, analyst Katy Huberty highlights the company’s possible plans for the augmented reality and self-driving car markets.
Analyst coverage aside, the industry remains hard at work expanding its operations as well. Take video streaming giant Roku (NASDAQ: ROKU) for example. As of today, the company is opening a new office in Amsterdam to further support its international growth. All in all, the consumer tech industry continues to power forward regardless of the global pandemic. Should this have you keen on consumer tech stocks now, here are three making waves in the stock market now.
Top Consumer Tech Stocks To Buy [Or Sell] This Week
- Advanced Micro Devices Inc. (NASDAQ: AMD)
- Amazon.com Inc. (NASDAQ: AMZN)
- DraftKings Inc. (NASDAQ: DKNG)
Advanced Micro Devices Inc.
Advanced Micro Devices (AMD) is a consumer tech company that develops computer processors for both the business and consumer markets. With over 50 years of experience, the company has driven high-performance computing in graphics and visualization technologies, serving as building blocks for the gaming, data center, and immersive platforms segments. Its products and services are used by hundreds of millions of consumers and leading businesses all over the globe.
Last week, the company announced that Amazon Web Services (AWS) has expanded its AMD EPYC processor-based offerings. “Amazon EC2 M6a instances, powered by 3rd Gen AMD EPYC processors, are designed to provide our customers with a balance of compute, memory, storage, and network resources and deliver up to 35% better price performance than the previous generation M5a instances,” said David Brown, vice president, Amazon EC2, AWS. “Our continued collaboration with AMD enables AWS to meet customer demand and provide our users with flexibility, scalability, and compelling performance and price-performance for their general-purpose workloads.”
This builds upon the company’s rise in the supercomputers segment, with a growing preference for EPYC processors. Accordingly, the company’s supercomputer demand has grown by 3.5x year-over-year. Additionally, it powers 4 out of the top 10 most powerful supercomputers in the world. AMD also unveiled the world’s fastest HPC and AI accelerator, the AMD Instinct MI250X. The AMD Instinct MI200 series accelerators are also the first to have over 100 GB high-bandwidth memory capacity, delivering up to 3.2 terabytes per second. Given the excitement surrounding the company’s supercomputers, is AMD stock worth investing in right now?
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Amazon.com Inc.
Following that, we have Amazon, a consumer tech company that owns one of the world’s largest online marketplaces and cloud computing businesses. Its cloud computing business, AWS, has been the world’s most comprehensive and broadly adopted cloud offerings. Furthermore, AWS has been continually expanding its services to support virtually any cloud workload. Today, it has over 200 fully featured services for computing, storage, databases, machine learning, and artificial intelligence.
On December 2, 2021, the company announced that electric vehicle maker Rivian (NASDAQ: RIVN) has selected AWS as its preferred cloud provider, deepening the companies’ existing relationship. Across its enterprise, the automaker will apply AWS capabilities to help streamline its business and improve the performance of its customers’ EVs.
On the health care front, AWS also announced that it is working with Pfizer (NYSE: PFE) to create innovative, cloud-based solutions with the potential to improve how new medicines are developed and distributed for testing in clinical trials. The companies are exploring these advances through their newly created Pfizer Amazon Collaboration Team (PACT) initiative. This collaboration will utilize AWS capabilities in analytics, machine learning, and cloud data warehousing to Pfizer’s laboratory, clinical manufacturing, and clinical supply chain efforts. All things considered, is AMZN stock a buy?
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DraftKings Inc.
Last but not least, we have DraftKings, a consumer tech stock that is a daily fantasy sports contest and sports betting operator. In fact, the company is a digital sports entertainment and gaming company. Its products span across daily fantasy, regulated gaming, and digital media. It is also a multi-channel provider of sports betting and gaming technologies. Impressively, it has a presence in over 17 countries and is one of the only U.S.-based vertically integrated sports betting operators.
Today, the company announced that it plans to launch a gamified NFT collection with the NFL. The collection will debut on DraftKings Marketplace during the 2022-2023 NFL season. The collaboration with the NFL Players Association (NFLPA) will grant DraftKings licensing rights for active NFL players, including the authentic use of name, image, and likeness. This marks the debut integration of gamified NFTs by one of the world’s preeminent athlete unions.
The company says that it is able to capitalize on the increasing intersection between sports and NFTs that will be the cornerstones of engagement and entertainment within Web3. Initial anticipated features of DraftKings’ gamified NFL player NFTs include the ability for customers to use these collectibles within games against others on the platform as well as separate buying and selling functionality. With that being said, should investors be paying close attention to DKNG stock?
