For the uninitiated, tech stocks are stocks that are issued by companies involved in the technology industry. This includes businesses that develop and sell technology products and services. These companies can be involved in a wide range of activities. Such as the development of software, the manufacturing of electronics, the creation of online services, and much more.
Tech stocks are generally considered high-risk, high-reward investments. This comes as the technology industry is at the forefront of innovation and disruption at a rapid pace. Investors who are interested in tech stocks may choose to invest in individual companies. Or they may opt for a tech-focused mutual fund or exchange-traded fund (ETF) to diversify their investments. If this has you keen on investing in the tech sector, here are two blue-chip tech stocks to watch in the stock market now.
Tech Stocks To Invest In [Or Avoid] Now
- Amazon.com Inc. (NASDAQ: AMZN)
- Netflix Inc. (NASDAQ: NFLX)
Amazon (AMZN Stock)
Kicking off the list today is Amazon.com (AMZN). For starters, Amazon.com, Inc is a large multinational technology company. The company offers a wide range of products and services, including electronic commerce, cloud computing, artificial intelligence, and more. Amazon.com, Inc is one of the most valuable companies in the world.
At the end of last month, Amazon announced it had its biggest holiday shopping weekend ever. In detail, the company reported that customers around the world purchased “hundreds of millions” of products over the Thanksgiving holiday shopping weekend. “This was a record-breaking holiday shopping weekend for Amazon. Customers shopped millions of deals this weekend and we have many more amazing deals to come,” commented Doug Herrington, CEO, of WW Amazon Stores.
Shares of AMZN stock are still down 45.25% year-to-date. Though over the past five trading days, AMZN stock has recovered by 5.63%. Meanwhile, on Tuesday, shares of Amazon stock jumped by 2.94% to $93.22 a share.
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Netflix (NFLX Stock)
Next, let’s turn our attention to Netflix (NFLX). Netflix is an American multinational entertainment company that offers streaming video-on-demand services. The company’s services allow users to watch a wide variety of movies, TV shows, and other content, including original programming, on a variety of devices.
In October, Netflix reported better-than-expected third-quarter 2022 financial results. In detail, Netflix announced Q3 2022 earnings of $3.10 per share and revenue of $7.9 billion for the quarter. Additionally, Netflix said it now expects Q4 2022 earnings of approximately $0.36 per share, along with revenue estimates of approximately $7.77 billion.
It’s no surprise, that shares of Netflix stock have been hit hard this, as its stock price is down 44.85% year-to-date. However, in the last six months of trading, NFLX stock has recovered by 94.16%. Meanwhile, on Tuesday, shares of NFLX stock are trading higher on the day by 4.53% at $329.50 a share.
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