Should Investors Be Watching These Top Tech Stocks This Week?
When it comes to tech stocks in the stock market today, investors have plenty of options to choose from. After all, you can’t deny that the industry’s presence stretches far and wide in our world now. For example, we could look at the rise of cybersecurity stocks throughout the pandemic. Companies such as Palo Alto (NYSE: PANW) and CrowdStrike (NASDAQ: CRWD) have and continue to benefit from digital acceleration trends. So much so that President Joe Biden is set to host a security summit, discussing the recent slew of cybersecurity breaches affecting national safety.
Elsewhere, semiconductor stocks like Analog Devices (NASDAQ: ADI) and Skyworks Solutions (NASDAQ: SWKS) remain relevant as well. When you factor in the current rise in global demand for semiconductor chips, this makes sense. In line with this, both companies have made significant acquisitions over the past month, bolstering their operations. At the same time, cryptocurrency stocks are also taking center stage this week as Bitcoin rebounds from its spring lows. However you look at it, the tech industry continues to power through regardless of the current market conditions. On that note, could one of these top tech stocks be worth buying now?
Best TechStocks To Buy [Or Sell] This Week
- Micron Technology Inc. (NASDAQ: MU)
- PayPal Holdings Inc. (NASDAQ: PYPL)
- Microsoft Corporation (NASDAQ: MSFT)
- United Microelectronics Corporation (NYSE: UMC)
- Penn National Gaming Inc. (NASDAQ: PENN)
Micron Technology Inc.
Micron Technology is a tech company that focuses on innovative memory and storage solutions. In essence, it delivers a broad portfolio of high-performance DRAM, NAND, and NOR memory and storage products through its Micron and Crucial brands. Also, its products are used to enable advances in artificial intelligence and 5G applications. MU stock currently trades at $74.04 and has enjoyed gains of over 60% in the past year alone.
In late July, the company launched the world’s first 176-Layer NAND in mobile solutions to power lightning-fast 5G experiences. Engineered for high-end and flagship phones, the company’s discrete UFS 3.1 mobile NAND unlocks 5G’s potential with up to 75% faster sequential write and random read performance than prior generations. This would enable feats like downloading a two-hour 4K movie in under 10 seconds. Its breakthrough 176-layer NAND will supercharge smartphones with unparalleled performance and will be able to deliver rich multimedia content to consumers. With that being said, is MU stock worth buying right now?
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PayPal Holdings Inc.
PayPal is a multinational financial technology company that operates its online payment system in countries all over the world. By leveraging technology to make financial services and commerce more convenient and secure, the company’s platform has empowered more than 400 million consumers and merchants in more than 200 markets. PYPL stock currently trades at $277.69 apiece as of Wednesday’s closing bell and is up by over 35% in the past year.
On Monday, the company announced the launch of a new service to enable customers in the UK to buy, hold, and sell cryptocurrency with PayPal. Given how the pandemic has accelerated digital change and innovation, this is the company’s first international expansion of its cryptocurrency offering outside of the U.S. Customers will be able to choose from four types of cryptocurrencies – Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. All things considered, will you add PYPL stock to your portfolio?
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Microsoft Corporation
Following that, we have Microsoft Corporation, a multinational technology company that produces computer software and electronics. The company’s software is used by billions all over the world and includes its Microsoft Windows line of operating systems and also its Microsoft Office productivity software. Its flagship hardware products include the Xbox video game console and Microsoft Surface lineup of personal computers. MSFT stock currently trades at $302.01 a share.
The company recently reached an all-time high when it closed on Monday. This latest rally could be due to the price changes that Microsoft announced last week that would push customers to more expensive subscriptions. Notably, its Office 365 productivity software subscriptions for businesses will be increased next year. Microsoft could also stand to grow Azure and Windows revenue as a result of the increased price of one bundle. Given this piece of news, will you consider buying MSFT stock?
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United Microelectronics Corporation
Another hot tech company to know now would be United Microelectronics Corporation (UMC). In brief, the company mainly operates as a global semiconductor foundry. Through its work, UMC provides industry-leading chip fabrications services to its customers. The likes of which include most major sectors of the electronics industry, according to UMC. With operations across the U.S., Europe, China, Korea, and Japan, the company is no newcomer to the semiconductor space. With UMC stock currently trading at $11.26 as of Wednesday’s closing bell, should you be keeping an eye on it?
If anything, the company seems to be firing on all cylinders now. For starters, UMC saw green across the board in its second-quarter fiscal report posted last month. This includes year-over-year surges of 78% in net income and 77% in earnings per share. Not to mention, the company also raked in a total revenue of $1.824 billion for the quarter, marking a sizable 14% year-over-year bump. Additionally, the company is also actively working with computational software firm Cadence. The duo is looking to “accelerate consumer, 5G, and automotive application designs”. With all this in mind, will you be investing in UMC stock?
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Penn National Gaming Inc.
Next up, we will be taking a look at Penn National Gaming (PENN). To highlight, the company boasts the largest regional gaming footprint in the U.S. Sure, most would not immediately think of PENN stock when discussing tech stocks. However, the company’s innovative use of its online gaming division remains a key factor in helping PENN navigate the pandemic. Simply put, the company is now bringing its casino and betting services directly to consumers via its Penn Interactive arm.
Thanks to all of this, PENN stock could be a go-to for investors looking to bet on digital entertainment players. Now, the company’s shares trade at $79.92 a share. This would be after gaining by over 850% since its pandemic era low. Despite its current momentum, PENN does not seem to be slowing down anytime soon. Earlier this week, news broke of the company receiving a permit from the state of Arizona. The permit would allow PENN to operate its Barstool app in the state, further expanding its portfolio. Would this make PENN stock a top buy for you?
