Are These The Best Tech Stocks To Buy With Huge Growth Runways?
Tech stocks have consistently outperformed most sectors during the pandemic. Investors are attracted to space for its rapid growth and innovation it brings. The stock market continues to appreciate the products and services produced by top technology stocks. Amid the wide shutdown of many brick-and-mortar businesses, tech stocks offer growth-hungry investors a compelling investment opportunity.
The Nasdaq Composite has been on a wild ride this year. From suffering the fastest and steepest decline in March to the strongest quarter was simply magnificent. Despite a slight pullback in the tech-centric index, that doesn’t mean there weren’t any top tech stocks that are providing good returns on Wednesday. Advanced Micro Devices (AMD Stock Report) led Nasdaq-100 higher after the announcement of new chips. Meanwhile, newly-listed Jamf Holdings (JAMF Stock Report) soared on debut, as it provides an alternative to bet on Apple (AAPL Stock Report).
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New Chips Could Mean Bigger Opportunity For AMD Stock
AMD will build its new Ryzen 4000 Series processors on its “Zen 2” architecture and advanced 7-nanometer manufacturing process. Investors seem happy with its latest plans for new products and releases as AMD stocks were up 9% on Wednesday.
There are reports that AMD will integrate Radeon Graphics which could potentially deliver significant gains in performance and energy efficiency. The company’s processors are suitable for the gaming and streaming markets, as well as mainstream consumers. Besides, A PRO class of chips, which contain high-end security features and other advanced technologies, is meant for the enterprise market.
The chips will feature AMD’s 7-nanometer architecture, which has gone a long way toward helping the company match and even surpass the performance of some of its primary competitors. You know what I am referring to.
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The Focus On Desktop Computing Couldn’t Come At A Better Time For AMD Stock
As the coronavirus pandemic shows no signs of abating, it’s reasonable to assume that more workers are opting to work-from-home. In fact, the demand for desktop computers has actually been on the rise. Considering the company also builds a healthy relationship with original desktop manufacturers, this could potentially benefit the chipmaker. AMD stocks have been on the rise in recent years. Many believe that its new products are the reason for its success. Should the demand continue to pick up in the foreseeable future, there are reasons to believe there’s more upside to AMD stocks. That said, could this be one of the best tech stocks to buy right now?
Fresh On The Market, Apple Software Maker Jamf Holdings Is Up For Grabs
It’s not too long ago we had a tech IPO, with Lemonade (LMND Stock Report) earlier this month and last week’s Agora (API Stock Report) as the latest tech IPO before Jamf Holdings made its debut this week. JAMF stocks soared on their first day of trading after the company, which helps businesses deploy Apple products. This came even after JAMF stocks were priced above its expected range.
It remains one of the best tech stocks to watch as it has close association with Apple. The company grabbed the headlines on Wall Street this week showing that investors continue to thirst for growth amid the coronavirus pandemic. For those who have never heard of JAMF, the company helps other companies to securely deploy Apple products. They help connect the devices together and give IT teams the tools to manage these devices. From its prospectus, JAMF says it has 40,000 customers deploying more than 17 million Apple devices.
“We believe our internal cloud-first technology platforms have allowed for a seamless transition to a remote working environment without any material impacts to our business, highlighting the resilience of our business model,” the company said.
The software maker also reported an increase of 37% in revenue as compared to the previous year period. Besides, they have also increased their gross profit margin to 75% from 70%. This comes after more customers turned to its subscription-based offerings. Should the company continue to steer its way out to profitability, JAMF stock remains a best tech stock to watch in the foreseeable future.