Check Out These 5 Top Tech Stocks In The Stock Market Today
There is no shortage of choices for investors when it comes to tech stocks in the stock market today. In general, the tech sector is home to a wide range of companies that serve a variety of industries worldwide. Not surprisingly, most investors would likely find a tech stock that suits their portfolio. For the most part, the growth story for the industry remains very much intact. That is, the world of tech is constantly evolving and with that comes investor sentiment.
In fact, tech stocks have consistently outperformed the broader stock market over the past two decades. Hence, if your portfolio lacks exposure to this space, it wouldn’t hurt to include some of the tech names on your watchlist now. That’s not to say that you should simply pick any tech stocks that you come across. With the Nasdaq today appearing to continue its losing streak this week, investors might want to be more selective when choosing the best tech stocks to buy.
Some investors, however, are nervous as the Nasdaq-100 has more than doubled since its March 2020 lows. With many thinking that a stock market correction is imminent, that doesn’t mean you should sell. Instead, some are seeing the recent downturn as a good buying opportunity. For instance, we only need to look at the likes of Nvidia (NASDAQ: NVDA). The company launched its NVIDIA Omniverse in August. It is the world’s first simulation and collaboration platform that runs physically realistic virtual worlds and connects to other digital platforms. This will allow creators to create and perfect their creations before bringing them into the physical world. With such exciting developments happening in the tech space, could one of these tech stocks be your next investment in the stock market today?
Best Tech Stocks To Buy [Or Sell] Right Now
- Apple Inc. (NASDAQ: AAPL)
- SoFi Technologies Inc. (NASDAQ: SOFI)
- Alphabet Inc. (NASDAQ: GOOGL)
- Taiwan Semiconductor Manufacturing Co. (NYSE: TSM)
- Semrush Holdings Inc. (NYSE: SEMR)
Apple
Apple is a tech company that specializes in consumer electronics and online services. In fact, the company is one of the largest technology companies in the world by revenue, not to mention one of the most valuable. The company’s products and services are still much sought after by consumers worldwide. AAPL stock climbed to a new high last week. With such a run-up in its stock price, investors are wondering how much room for growth is still on the table. The company will host its launch event today at 1 p.m. ET, where the new iPhone is expected to be revealed.
So, could the stock be a great buy now? For one, Apple commands incredible loyalty among its customer base. And this loyalty is likely to play an important role in driving the company’s growth in its software segment. Furthermore, Apple could play a huge role in shaping the evolution of the 5G tech through its iPhones. Considering this, would you be buying AAPL stock before today’s event?
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SoFi Technologies
SoFi Technologies is a member-centric, one-stop-shop for digital financial services. Essentially, the SoFi platform enables users to manage finances all in one app. While SOFI stock is on a downtrend, many analysts see the stock’s weakness as a good buying opportunity. For one, the company’s expansive set of services is growing in popularity.
From its latest quarterly results, the company more than doubled its number of members to 2.56 million. Total products, an aggregate number of products that members have selected, rose 123% year-over-year. Also, SoFi’s decision to acquire Golden Pacific Bancorp could accelerate the process of acquiring the national bank charter. A national bank charter will no doubt be a gamechanger for SoFi. That would allow the company to greatly boost its most valuable segment, the lending platform. With that in mind, would you be buying SOFI stock on the recent weakness?
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Alphabet
Next up, we have the global tech giant Alphabet. Most would be familiar with the company’s products including Google Search, Gmail, YouTube, and Google Cloud. The company is having a remarkable year. To highlight, GOOGL stock has surged by over 60% year-to-date. Even so, the company is not resting on its laurels.
Recently, the company made waves by announcing plans to use its proprietary processor chips in its smartphones and Chromebook laptops. This could help to lower reliance on third-party suppliers while creating a better-integrated tech ecosystem for consumers. The company’s self-driving car project, Waymo, is also now open to the public of San Francisco. The company is offering free rides in exchange for feedback. Waymo has approximately 300 vehicles running in Phoenix. Should the test program be successful, it would act as another catalyst for the company. With such exciting developments, would you add GOOGL stock to your watchlist?
Taiwan Semiconductor Manufacturing Company
As the name suggests, Taiwan Semiconductor Manufacturing Company (TSM) is a semiconductor manufacturer. It has global operations spanning Asia, Europe, and North America and manufactures over 10,000 products for over 500 customers. For those unfamiliar, TSM manufactures the world’s smallest and most advanced chips for chipmakers like Apple and Qualcomm (NASDAQ: QCOM).
From TSM’s most recent quarter, revenue came in 17.5% higher year-over-year to $4.5 billion. The company also plans to raise its prices by 10% to 20%, according to a report in the Wall Street Journal. Separately, reports said that TSM is planning to build a new facility in Kaohsiung, Taiwan. That is a further testament to the company’s future growth runway. All things considered, will you be investing in TSM stock?
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Semrush
To sum up the list, Semrush is a company that creates tools for digital marketing. The company started in 2008 as a single-point solution for search engine marketing. It has since expanded into a wide array of marketing services. If you’re running a new business, the services from Semrush could offer you a better relationship with your prospective customers. After all, in order to succeed in today’s digital world, you will need to master these online marketing tools to get your products and services out there.
From its most recent quarter, the company’s revenue came in 58% higher year-over-year to $45 million. And Semrush expects the momentum to continue even in the current quarter. More importantly, the company kept adding services that its core clients wanted. If anything, it is apparent that the company went from being a point solution to a full-fledged platform. With its recent pullback along with the broader market, would now be a good time to scoop up SEMR stock at a discount?
