3 Trending Tech Stocks To Add To Your Watchlist Right Now
While U.S. stocks plummet amidst eye-opening inflation data, some investors may see buying opportunities in the stock market right now. Tech stocks, in particular, would be on investors’ watchlists right now seeing as they have dipped from pandemic-fueled record highs. Sure, some would argue that inflation winners such as commodities would be a viable play now. However, CNBC’s Jim Cramer warned investors, suggesting that current price pressures may not last for long. Because of this, he emphasized the importance of portfolio diversification. With some of the best tech stocks trading below their previously sky-high valuations, I could see investors potentially buying on the dip.
After all, the tech industry will only continue to grow in importance moving forward. Just this week, cybersecurity stocks such as CrowdStrike (NASDAQ: CRWD) are in the spotlight. This would be thanks to a recent cyberattack on the largest fuel pipeline operator in the nation. If anything, this incident would show how tech serves vital roles in our lives, even in the defense sector. Elsewhere, tech giant Google (NASDAQ: GOOGL) is making headlines thanks to its latest collaboration. Earlier today, the company revealed that it is now working with Tesla (NASDAQ: TSLA) CEO Elon Musk’s SpaceX. Through this deal, Google’s cloud unit will help deliver internet services through SpaceX’s satellites.
By and large, there are numerous other applications for tech in the world around us today. Ideally, as the possibilities continue to grow, tech companies and investors alike would continue to benefit. Having read this far, you might be interested to add some top tech stocks to your portfolio now. Should that be the case, here are three making headlines in the stock market this week.
Top Tech Stocks To Watch Right Now
- FuboTV Inc. (NYSE: FUBO)
- Sonos Inc. (NASDAQ: SONO)
- Advanced Micro Devices Inc. (NASDAQ: AMD)
FuboTV Inc.
Fubo is a leading sports-first live TV streaming platform. The tech company aims to provide the world’s most thrilling sports-first live TV experience. It does this by providing premium content, interactivity, and integrated wagering. It currently operates in the U.S., Canada, and Spain. FUBO stock currently trades at $18.51 as of 11:40 a.m. ET and has been up by over 15% since the start of the week. Investors seem to be responding to the company’s first-quarter financials.
In detail, the company delivered a record quarterly revenue of $119.7 million, an increase of 135% year-over-year. Fubo also reported that its total subscribers doubled in the last year to 590,430. This includes 43,000 net additions for the quarter. The quarter marked the first time the company achieved sequential subscriber and revenue growth in any first quarter, despite seasonal trends. Evidently, this shows that cord-cutting trends continue to increase all over the world. This and the fact that Fubo is sports-focused with planned integration of wagering and interactivity would position the company for long-term growth.
Last month, the company announced that it had acquired exclusive streaming rights for the Qatar World Cup 2022 South American qualifying matches. The agreement, a partnership with 10 South American teams’ rights holders, strengthens Fubo’s leading position as a live streaming platform. All things considered, will FUBO stock be a top tech stock to buy?
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Sonos Inc.
Sonos is a developer and manufacturer of audio products. In fact, it is one of the world’s leading sound experience brands. As the inventor of multi-room wireless home audio, the company helps the world listen better by giving people access to the content they enjoy. Its products are known for delivering an unparalleled sound experience, thoughtful home design aesthetics, and simplicity of use. SONO stock currently trades at $33.56 as of 11:40 a.m. ET and has been up by nearly 8% on today’s opening bell. Like Fubo, investors also seem to be responding to the company’s latest quarter financials.
Diving in, the company reported that its adjusted EBITDA increased to $48.5 million. Revenue for the quarter increased by 90% year-over-year to $332.9 million. The company’s record quarter is likely due to demand for its products that continue to exceed expectations. One advantage of Sonos’ products is that customers can start with one product and expand to more over time. The company said that based on this latest second-quarter financials, it will be raising its outlook for fiscal 2021 again.
In it, the company increased its EBITDA outlook to a top-line of $250 million, representing a 130% growth. Revenue outlook for the year increased to a range of $1.625 billion to $1.675 billion, representing growth in the range of 23% to 26% year-over-year. Given all of this, is SONO stock worth adding to your portfolio?
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Advanced Micro Devices Inc.
AMD is a multinational semiconductor company that is based in San Clara, California. For over 50 years, the company has driven innovation in high-performance computing, graphics, and visualization technologies. Essentially, its products are used in the gaming industry and also for data centers. It boasts hundreds of millions of consumers and many businesses and research facilities rely on AMD’s technology. AMD stock currently trades at $73.67 as of 11:41 a.m. ET.
Late last month, the company reported its first-quarter financials for 2021. Firstly, its revenue for the quarter was $3.45 billion, a 93% increase year-over-year. Secondly, operating income for the quarter was $662 million. The company also posted a net income of $555 million, a 243% increase compared to a year earlier or a diluted earnings per share of $0.45. This increase in revenue was seen from its Computing & Graphics and Enterprise, Embedded, and Semi-custom segments. The gross margin was 46%, flat year-over-year and up 1 percentage point quarter-over-quarter. The quarter-over-quarter increase was driven by a greater mix of Ryzen, Radeon, and EPYC processor sales.
Earlier this week, the company also announced that AMD EPYC 7003 Series processors will power a new supercomputer for the National Supercomputing Centre (NSCC) Singapore. NSCC is a high-performance computing resource center used to support science and engineering computing needs. The supercomputer will be fully operational by 2022 and expects to have a peak theoretical performance of 10 petaFLOPS. This would be 8x faster than NSCC’s existing pool of HPC resources. Researchers will use the system to advance scientific research across biomedicine, genomics, diseases, climate, and more. With that in mind, will you consider buying AMD stock?
