As tech stocks continue to make headlines this earnings season, should investors be jumping on given the industry’s current momentum? If anything, tech stocks have been and still are some of the top growth names in the stock market today. This would mainly be thanks to the ever-evolving nature of tech. After all, tech is present in most facets of life. From the maintenance of core infrastructures and government systems to the homes we live in, tech is involved. In theory, as time passes more advanced tech would likely emerge to either replace or improve today’s cutting-edge discoveries. Because of this, investors looking for stocks with long-term growth potential could be tuning their radars towards the top tech stocks now.
Even now, there is no shortage of exciting developments in the tech industry for investors to digest. As of yesterday, ride-hailing giant Uber (NYSE: UBER) is looking to acquire Transplace, a logistics management software developer. In detail, the company’s Uber Freight division is reportedly offering up to $2.25 billion for Transplace. Should things go as planned, Uber would see massive upgrades to its current logistics division on the software front.
Meanwhile, some of the top tech stocks are also posting solid financials this earnings season as consumer demands continue to rise. Namely, Intel (NASDAQ: INTC) reported earnings per share of $1.28 on revenue of $18.5 billion for the quarter, beating both Wall Street’s and its own estimates. By and large, the industry seems to be powering through the current earnings season. Could one of these five top tech stocks be top picks in the stock market now?Best Tech Stocks To Buy [Or Sell] Today
- Unity Software Inc. (NYSE: U)
- Baidu Inc. (NASDAQ: BIDU)
- Visa Inc. (NYSE: V)
- Square Inc. (NYSE: SQ)
- Alphabet Inc. (NASDAQ: GOOGL)
To begin with, Unity is the world’s leading platform for creating interactive real-time 3D content. Creators, ranging from game developers to architects to automotive designers and filmmakers all use Unity’s software. They can use the company’s comprehensive set of software solutions to create real-time 2D and 3D content for mobile phones, tablets, PCs, and consoles. U stock currently trades at $105.50 apiece going into Monday’s pre-market trading session.
Last week, the company announced it has acquired Interactive Data Visualization, creator of SpeedTree. SpeedTree is a suite of vegetation modeling and environment creation products for architecture, games, visual effects, and real-time simulations.
The acquisition will enable deeper integration of SpeedTree’s assets into the Unity ecosystem. Overall, this will enhance artists authoring workflows and environment creation capabilities. For this reason, will you consider adding U stock to your watchlist this week?
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Baidu is a multinational tech company that specializes in Internet-related services and artificial intelligence. In fact, it is one of the largest AI and internet companies in the world. In detail, the company offers a full AI stack, encompassing an infrastructure consisting of AI chips, a deep learning framework, and other core AI capabilities. BIDU stock currently trades at $172.66 as of Friday’s closing bell and is up by over 35% in the past year.
In May, the company delivered a strong first quarter with revenue growing by 34% year-over-year. This was driven by non-advertising revenue growing 70% year-over-year. Additionally, the company says that it will continue to invest heavily in sales, R&D, and operations to support the rapid growth of its AI-powered business.
“We are delighted to bring innovation across many sectors, including marketing cloud, enterprise cloud, smart transportation, autonomous driving, smart assistant, and AI chip, through our decade-long investment in AI,” said Robin Li, co-founder, and CEO of Baidu. Given the excitement surrounding Baidu, will you consider BIDU stock as a top tech stock to buy right now?Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, banks, and governments in over 180 countries. Through its VisaNet global processing network, Visa provides secure and reliable payments around the world. Impressively, it is also one of the world’s largest card payment organizations and provides financial institutions with its payment products. V stock currently trades at $249.02 a share heading into Monday’s trading session.
Last week, the company announced that it has signed a definitive agreement to acquire Currencycloud. In brief, Currencycloud is a global cloud-based platform that offers a broad set of APIs enabling banks and financial services providers to offer currency exchange services. This would include real-time notifications on foreign exchange transactions and multi-currency wallets.
The acquisition builds on an existing strategic partnership between the two companies and would strengthen Visa’s existing foreign exchange capabilities to better serve financial institutions. Following this piece of news, will you consider buying V stock?Square
Following that, we will be taking a look at Square Inc. In short, it is a financial services and digital payments company. Through its fintech services, Square has and continues to cater to the contactless payment needs of consumers throughout the pandemic. For a sense of scale, Square has operations in the U.S., Canada, Japan, Australia, Norway, and the U.K. among other countries. As it stands, SQ stock trades at $264.00 as of Friday’s closing bell, could it be worth buying at this price point?
If anything, Square appears to be kicking into high gear on the operational front this week. This would be the case given the recent launch of its Square Banking service. Simply put, Square Banking is a “suite of financial products” that cater to emerging business owners looking to manage their finances.
Notably, this play synergizes well with the company’s industrial banking service, Square Financial Square launched earlier this year. Essentially, Square Banking would cover small and medium enterprises while Square Financial Services works on facilitating larger clients. As Square expands its core portfolio across the board, will you be keeping an eye on SQ stock?Alphabet Inc.
Last but definitely not least, we have tech goliath Alphabet Inc. When it comes to the tech industry, few can boast a portfolio as wide and comprehensive as Google’s today. From its leading search engine and video sharing services to its cloud and enterprise software solutions, this would be the case.
Now, GOOGL stock is currently trading at $2,660.30 as of Friday’s closing bell. However, with the company set to report its second-quarter fiscal this week, investors could be eyeing its shares.
At the same time, Google does not seem to be resting on its laurels at all. Earlier today, the company revealed its latest venture, Intrinsic, a robotics software firm. In a nutshell, Intrinsic is focusing on developing software tools to optimize industrial robots. In practice, the firm’s software could make said robots “easier to use, cheaper and more flexible.” Despite its current momentum, Google still finds new means of broadening its extensive portfolio. Could all this make GOOGL stock a top buy for you?