Are These The Best Tech Stocks To Invest In Now?
In an increasingly tech-reliant world, it would make sense that investors are considering tech stocks in the stock market today. Even with incoming headwinds in the form of rising interest rates, tech firms continue to innovate and grow. Whether it is consumer tech, semiconductor, fintech, or even software-as-a-service (SaaS) firms, this is apparent. Sure, while tech stocks may seem to be taking a breather this year, investors looking to expand their tech portfolios could see opportunities.
Take Meta Platforms (NASDAQ: FB) and Nvidia (NASDAQ: NVDA) for example. As of last week, the duo are currently working on building a massive artificial intelligence (AI) research supercomputer now. According to Nvidia, the AI Research SuperCluster (RSC), is already hard at work training new models to advance AI. Once Meta’s RSC is fully deployed, it will be the largest customer system on Nvidia’s DGX A100 systems. Through the current move, Meta hopes to introduce “entirely new AI systems,” that can provide services at large scales. For example, this could include real-time voice translations to massive groups of people, each speaking different languages.
Of course, this is but one major example of the tech industry’s tireless efforts to grow and evolve. Across the board, tech firms are also mostly seeing green in their latest quarterly earnings reports. Even today, tech goliath Alphabet (NASDAQ: GOOGL) is set to host its latest earnings call after the closing bell. All in all, investors have plenty of notable tech stocks to choose from in the stock market now. With all that in mind, here are three top tech stocks to watch in the market this week.
Top Tech Stocks To Buy [Or Sell] In February 2022
ServiceNow is a tech company that provides a cloud-based platform and solutions that help digitize and unify organizations. This would in turn help them find faster and smarter ways to make work flow. Its Now Platform allows companies to transform their businesses with workflows that optimize productivity and resilience. Furthermore, it builds connected cross-enterprise workflow apps very fast.
On January 26, 2022, the company announced its fourth-quarter financials that ended on December 31, 2021. Diving in, subscription revenues for the quarter were $1.52 billion for the quarter, representing a 29% year-over-year growth. Its current remaining performance obligations for the quarter were $5.7 billion, a 29% increase year-over-year.
The company also reported that it exceeds the high end of guidance across all fourth-quarter 2021 metrics and expects strong 2022 subscription revenues growth. “We once again reported results that significantly beat the high end of expectations,” said ServiceNow President and CEO Bill McDermott. “Customer demand for ServiceNow’s innovative platform is stronger than ever. Our unique culture has made us one of the best places to work. We are growing like a fast‑moving startup with the profitability of a global market leader.” Given this piece of news, is NOW stock worth investing in?
Next on this list, we have Lam Research, a tech company that is a supplier of wafer fabrication equipment and related services to the semiconductor industry. In fact, the company’s equipment and services allow customers to build smaller and better-performing devices. Also, its technology is in almost every advanced chip in the market today.
Recently, the company also reported its December 2021 quarter. Firstly, revenue for the quarter was $4.23 billion. Gross margin was $1.97 billion or 47% of revenue. Secondly, the company also reported a net income of $1.19 billion, or $8.44 per diluted share. The company also ended the quarter with $5.6 billion in cash and cash equivalents. This increase was primarily the result of $1.4 billion of cash generated from operating activities.
Last month, the company also announced Syndion GP, a new product that provides deep silicon etch capabilities to chipmakers to develop next-generation power devices and power management integrated circuits. These circuits are crucial for the automotive and energy industries. As demand for specialty devices continues to grow rapidly, Syndion GP is designed to support this precision manufacturing process and can be configured to manufacture devices at 200 mm and 300 mm wafer sizes, providing a simplified transition path to increased capacity. All things considered, is LRCX stock a buy?
Topping off our list today is Visa. For the most part, it is one of the leading fintech players in the world now. In practice, Visa facilitates electronic funds transfers across the globe. The likes of which occur via its Visa-branded credit, debit, and prepaid cards. For a sense of scale, Visa supports over 215 billion payments transactions across more than 200 countries worldwide annually. As the world continues to rely on Visa, V stock could be worth noting in the stock market now.
For one thing, the company posted stellar numbers in its latest quarterly financials update last week. In it, Visa posted earnings of $1.81 per share, topping consensus forecasts of $1.70. Moreover, the company also raked in a record revenue of $7.06 billion for the quarter, topping forecasts of $6.79 billion. According to CEO Alfred Kelly, the current rebounds in e-commerce and travel spending are to thank for the company’s current performance. Looking forward, Visa sees the global economy continuing its recovery and believes it is well-positioned to deliver strong results.
Not to mention, the company continues to expand its network of partners as well. As of late last week, it is now working with XTM, a Miami and Toronto-based fintech. Through the current “Partner Agreement”, XTM will be launching a Visa debit card on its Today Program. Simply put, XTM’s Today Program provides Earned Wage and Gratuity services to hospitality and personal care service workers across Canada. Because of this deal, Visa would be contributing to its active push into U.S. markets. Seeing as Visa appears to be gaining momentum now, would V stock be a top buy in your books?
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