The tech industry is like the heartbeat of our modern world, powering everything from our phones to our cars. Think of big names like Apple (NASDAQ: AAPL), Google (NASDAQ: GOOGL), and Microsoft (NASDAQ: MSFT); they’re all giants in this sector. This industry is about creating new technology or improving existing ones to make our lives easier and more connected.
Now, when we talk about tech stocks, we’re referring to shares you can buy in tech companies. When you buy a stock, you’re buying a small piece of that company. If the company does well, the value of your piece might go up. Tech stocks have been especially popular because many of these companies grow super fast, which can lead to big profits for investors.
However, buying tech stocks isn’t a surefire way to make money. Just like any other investment, there are risks. Not every tech company becomes the next Apple or Google. Some might face challenges or even fail. That’s why it’s always important to do your homework. Given this, here are two tech stocks to watch in the stock market right now.
Tech Stocks To Buy [Or Avoid] In August 2023
Palantir Technologies (PLTR Stock)
First up, Palantir Technologies (PLTR) is a software company that specializes in big data analytics. The company has developed platforms like Palantir Gotham and Palantir Foundry that help organizations analyze vast amounts of data. Used by government agencies, financial institutions, and many other sectors, Palantir’s tools aid in making sense of complex datasets.
Just this week, Palantir Technologies announced its second quarter of 2023 financial results. Specifically, for Q2 2023, Palantir reported earnings of $0.05 per share, with revenue of $533.32 million. This is in comparison to Wall Street’s consensus estimates which were earnings of $0.05 per share, and revenue estimates of $530.63 million. Additionally, revenue increased by 12.75% versus the same period, the previous year. What’s more, Palantir said it estimates Q3 2023 revenue to come in between $533.0 million to $557.0 million.
Year-to-date, shares of PLTR stock have risen by 154.62% so far. Though, following this most recent earnings release during Tuesday morning’s trading action, Palantir stock has fallen by 9.56% trading at $16.27 a share.
Snowflake (SNOW Stock)
Snowflake (SNOW) is a cloud-based data warehousing company. Its platform allows businesses to manage and analyze large volumes of data effortlessly. With its unique architecture, Snowflake separates the storage, processing, and consumption layers, enabling scalability and performance.
At the end of last month, Snowflake announced when it will be releasing its Q2 2024 financial results. Diving in, the company reported that its set to release its financial and operating results for the second quarter of fiscal year 2024 after the close of the U.S. markets on Wednesday, August 23, 2023.
In 2023 so far, shares of SNOW stock are up by 18.30% year-to-date. Meanwhile, during Tuesday morning’s trading action, Snowflake stock is trading lower off the open by 3.82% at $160.30 a share.