tech stocks to buy now

Cloud Computing Is Putting These Tech Stocks On The Frontline Against COVID-19

Tech stocks have been the favorite among growth investors. Since the onset of the coronavirus pandemic, our lives have been massively affected. The unprecedented acceleration of remote work and videoconferencing have caused the rapid adoption of cloud computing technology. And when it comes to cloud services, Amazon (AMZN Stock Report) invariably dominates the space. But the truth is, cloud computing refers to a whole range of software and services that can be provided remotely. As such, there are tons of investment opportunities in this area.

Just last week, major tech companies in the U.S. like Apple (AAPL Stock Report) and Facebook (FB Stock Report) crushed analysts’ earnings estimates. Bear in mind that tech stocks have great potential but not all of them can be long term winners. Because of this, when looking for top tech stocks to buy, investors should also look at the current big trend that could do well in the not-too-distant future. 

Cloud computing has been a promising investment thesis in recent years. Research firm Gartner previously forecast that the total cloud computing market will grow 17% this year to reach $266 billion. The great news is that these estimates were calculated before the pandemic happens. As a result, it makes a lot of sense for investors to search for the best tech stocks that can ride along with the revolution in cloud computing technology. Here’s why Microsoft and MongoDB are the best stocks to buy as the cloud sector continues to grow aggressively.

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Best Tech Stocks To Buy In August 2020: Microsoft Corporation

There are a number of different markets within the broader cloud market. Microsoft (MSFT Stock Report) is the leader in the software-as-a-service (SaaS) segment with commercial products like Microsoft 365. But that’s not all. The company’s Azure cloud computing has also been growing at a faster rate than Amazon Web Services. The tech giant also provides a host of other services via the cloud, notably Windows Virtual Desktop and Teams Video Conferencing software, just to name a few.

msft stock

The vast offerings of Microsoft’s business are what make it attractive. “We have more data center regions than any other cloud provider, and this quarter we announced new regions in Mexico, as well as in Spain,” CEO Satya Nadella said during a recent call. “We are the only cloud that extends to the edge with consistency across operating models, development environments, and infrastructure stack.”

In addition, Microsoft is winning the business of top organizations, including Coca-Cola (KO Stock Report) and the National Basketball Association. “In AI, customers are applying our comprehensive portfolio of tools, services, and infrastructure to address unique challenges, including those created by COVID-19,” Nadella said. 

This wide assortment of businesses and its high-growth cloud segment make Microsoft the best tech stocks to buy now. That’s because even in the face of the pandemic, each of their business segments contributed better than expected results despite “expected” lower corporate spending.

[Read More] Top 5 Things To Know In The Stock Market This Week

Best Tech Stocks To Buy In August 2020: MongoDB

While there are many ongoing developments in the cloud space, the database business remains stuck in the past. And that’s where MongoDB (MDB Stock Report) comes into the picture. The company aims to store all electronic information with its innovative cloud-based solution. While it’s not a major name like Amazon or Microsoft, its flagship services have gained traction over the years. Since its inception in 2009, its flagship database services have been downloaded more than 90 million times.

best tech stocks to buy (MDB stock)

And to see just how fast it is growing recently, there were more than 35 million downloads in the past year alone. What does this tell us? Well, it seems the opportunity is almost endless.

But this database specialist has just barely tapped its market opportunity. With the vast majority of the new database demands pivoting towards cloud-based applications, MDB stock is well-positioned for a huge upside in the long run. Although the company has yet to be profitable, it is sitting on $978 million in cash and securities. This provides plenty of buffers for the company to continue growing and investing in itself in the next few years. All these make MDB one of the best tech stocks to buy in August.

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