Even as the broader stock market today lingers around record levels, tech stocks remain viable plays. After all, the current reliance on the industry across the globe continues to grow regardless of the current market conditions. This is apparent as organizations employ cutting-edge tech such as artificial intelligence (AI), the Internet-of-Things, and 5G networks among others to further refine their businesses. Not to mention, there is also the consumer side of the industry that is often in focus during this time of year.
For instance, we could look at the likes of Nvidia (NASDAQ: NVDA). Earlier today, the company launched the latest version of its GeForce Now cloud gaming service. With the capabilities of its flagship RTX 3080 graphics processing unit built into the server, Nvidia appears to be gunning for the game streaming industry. The current move would cater to gamers on a budget, allowing them to play the latest games without having to invest heavily into top-of-the-line gaming hardware. In theory, Nvidia can bridge this gap in the market via its GeForce Now subscription service.
Furthermore, while the market for tech stocks is massive, it still seems to have plenty of room to grow. Namely, WeWork (NYSE: WE), a commercial real estate firm that provides physical and virtual office services went public earlier today. Given the relevance of digital workspaces amidst the pandemic, this could be another entry point for investors into the tech industry now. All in all, tech stocks appear to be as active as ever. Could one of these companies be top picks in the stock market now?Best Tech Stocks To Watch Right Now
- PayPal Holdings Inc. (NASDAQ: PYPL)
- Micron Technology Inc. (NASDAQ: MU)
- Skillz Inc. (NYSE: SKLZ)
- HP Inc. (NYSE: HPQ)
Let’s begin with PayPal, a tech company that is at the forefront of the digital payments revolution. Utilizing its platform, the company makes financial services and commerce more convenient and secure. Furthermore, it empowers over 400 million consumers and merchants all around the globe. In its latest quarter financials, for instance, the company says that there were more than 4.7 billion payment transactions made during the quarter at a total payment volume of $311 billion. PYPL stock currently trades at $244.92 as of 1:58 p.m. ET.
On Wednesday, the company was in late-stage talks to acquire Pinterest (NYSE: PINS). PayPal has discussed acquiring the company for a potential price of around $70 a share, which would value Pinterest at about $39 billion, according to Bloomberg. This strategic play by PayPal could be coming from competitive pressure from the likes of Shopify (NYSE: SHOP). Despite so, PayPal has also benefited from the pandemic as online shopping has skyrocketed all over the globe since last year. Given this exciting piece of news, should investors add PYPL stock to their portfolio of tech stocks?Source: TD Ameritrade TOS
[Read More] Best EV Stocks To Buy Right Now? 4 In FocusMicron Technology Inc.
Micron Technology is a company that produces computer data storage and memory. Its rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products are used in billions of computers all over the world. The company also innovates to enable advances in AI and 5G applications. MU stock currently trades at $67.79 a piece as of 1:58 p.m. ET and is up by over 25% in the past year alone. Yesterday, the company announced an exciting piece of news.
Diving in, Micron announced that it intends to invest more than $150 billion globally over the next decade in leading-edge memory manufacturing and R&D. This would include a potential U.S. fab expansion. Micron’s investment will address the increasing demand for memory that is essential to all computing.
“Memory is at the leading edge of semiconductor manufacturing and fuels everything from feature-rich 5G smartphones to the AI-enabled cloud,” said Micron President and Chief Executive Officer Sanjay Mehrotra. He also says that the company looks forward to working with governments around the world, including the U.S. where CHIPS funding and the FABS Act would open the door to new industry investments as it considers sites to support future expansion. For this reason, will you consider adding MU stock to your portfolio?Source: TD Ameritrade TOS Skillz Inc.
Next, we have Skillz, a leading mobile games platform that connects players around the world. Its Skillz marketplace expands the gaming ecosystem, helping developers share their works with the world and build multi-million dollar franchises by enabling social competition in their games. SKLZ stock currently trades at $10.02 as of 1:58 p.m. ET. Today, the company announced that former Amazon (NASDAQ: AMZN) executive Vatsal Bhardwaj has been appointed as the company’s Chief Product Officer.
Bhardwaj is an experienced gaming executive that has most recently served as the General Manager and Director of Game Tech for Amazon Web Services. He will join the Skillz C-suite, further strengthening the company’s executive team with seasoned leaders from many of the world’s most prominent brands. He will lead both the product and technology teams and will be in charge of driving the creation of new services and products from concept, development, and go-to-market. With that being said, will you add SKLZ Stock to your watchlist?Source: TD Ameritrade TOS HP Inc.
Last but not least we have HP. For the most part, the company primarily operates as a computer hardware provider. Among its core offerings are personal computing systems, printers, and even 3D printing solutions. Given its role in the consumer and enterprise tech markets, HP stock could be a go-to for tech investors now. As it stands, HP stock currently trades at $30.23 as of 1:59 p.m. ET. This would be after gaining by over 5% since today’s opening bell.
Notably, the current positive movement in HP stock would be thanks to HP’s latest update on its fiscal 2022 financial outlook. To begin with, the company is raising its annual earnings per share estimates for fiscal 2022 from $3.86 to $4.06. On top of that, HP also announced a massive 29% increase to its annual dividend. This adds up to a whopping $1 per share payout. Overall, HP appears to be confident of its long-term growth capabilities. With that said, will you be keeping an eye on HP stock now?Source: TD Ameritrade TOS