Do You Have These Tech Stocks On Your Radar?
Tech stocks have been under tremendous pressure in the stock market this year. The mixed sentiment around the stock market can be attributed to various factors. This ranges from the Federal Reserve’s plans to raise interest rates to the ongoing Russian invasion of Ukraine. That said, tech stocks will continue to be on the minds of investors as the innovation in the sector has continued to change the way we live. It is worth remembering that many of the largest companies in the world today are tech companies.
One of the beauties of the tech sector is that companies would often collaborate to bring out the best products and services. For instance, Advanced Micro Devices (NASDAQ: AMD) recently announced the expansion of its AMD EPYC™ processor footprint to power the new Oracle (NYSE: ORCL) Cloud Infrastructure E4 Dense instances. Put simply, this will help customers to take full advantage of Oracle’s industry-leading Cloud Infrastructure compute shapes while providing a more effective path to the public cloud.
Elsewhere, Vuzix (NASDAQ: VUZI) also announced the introduction of the Zoom (NASDAQ: ZM) for smart glasses application on the Zoom App Marketplace. The app will allow Vuzix smart glasses users to start or join a meeting face-to-face or see-what-I-see video, screen sharing, and more. All in all, these are exciting developments regardless of the broader market sentiment. Thus, it would not surprise anyone if tech stocks make a strong comeback eventually. With that in mind, here are some of the top tech stocks in the stock market today worth watching.
Tech Stocks To Watch Right Now
- Verizon Communications Inc. (NYSE: VZ)
- International Business Machines Corporation (NYSE: IBM)
- Synopsys, Inc. (NASDAQ: SNPS)
Verizon Communications
Verizon Communications is a holding company that specializes in technology and communication services. In detail, it provides communications, information, and entertainment products to consumers, and businesses. As most would be aware, the company’s wireless services are provided across the U.S. under the Verizon brand. In fact, it is the second-largest telecommunication company in the U.S. by revenue. That said, Verizon is not one that easily rests on its laurels.
Yesterday, Verizon announced that HBO Max will be joining as a partner in its +play platform. This is Verizon’s new innovative platform that allows users to discover and manage some of their favorite subscriptions, all in one place. It is no secret that the content streaming industry is getting more competitive by the day. Hence, consumers may find it challenging to manage and track all their subscriptions. So, this is where Verizon’s +play comes into the picture to solve all their woes.
On top of that, the company has also recently added Intuit QuickBooks Online to Verizon’s Reveal Field. For those unaware, Reveal Field is Verizon’s fully integrated, intelligent, and simple scheduling and dispatch solution. This update will provide Reveal Field customers with a seamless invoicing experience that helps them to identify what’s important. Thus, customers can manage invoices without the need for any repetitive entries. Ultimately, saving a significant amount of time while reducing the likelihood of errors. Considering these exciting developments, should investors be keeping a close eye on VZ stock ahead of its earnings report?
IBM
Another tech company that has been making waves is IBM. For more than a century, IBM has been one of the leading tech companies that have contributed greatly to the technological advancement that we see today. The company’s Cloud & Cognitive Software Solutions segment delivers secure cloud, data, and artificial intelligence solutions to its clients. Regardless of whether it is a small development team or a large enterprise business, IBM’s hybrid cloud solutions could scale and support both with ease. Hence, it should not be surprising that IBM stock is often on the radar of many investors.
With that said, IBM has been the talk of the day due to its recent strong first-quarter financial report. The company’s revenue for the quarter improved by 8% to $14.2 billion and exceeded analysts’ forecast of $13.85 billion. Meanwhile, its adjusted earnings per share was $1.40, representing a 24.4% increase year-over-year and also beating estimates by around 2 cents. Overall, the better-than-expected quarterly result is strongly linked to robust demand from global businesses that are showing increasing IT adoption.
On the technological front, the company unveiled its IBM z16™ earlier this month. This is the company’s next-generation system with an integrated on-chip AI accelerator. The innovation will enable clients to analyze real-time transactions. For instance, it can be used for mission-critical workloads such as credit cards, health care, and financial transactions. Additionally, the system is designed to protect against near-future threats that may crack today’s encryption technologies. Thus, the IBM z16 may well be a game-changer that will open up tremendous opportunities for its customers. All things considered, is IBM stock on your watchlist?
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Synopsys
Lastly, let us have a look at Synopsys. Essentially, the company provides products and services across the silicon to software spectrum. Its Semiconductor & System Design segment includes its advanced silicon design, verification products and services, and semiconductor intellectual property portfolio. Meanwhile, its Software Integrity segment is responsible for services that intelligently address software risks across its customers’ portfolios. SNPS stock has been trading sideways over the past year, rising approximately 20% within the period.
However, several exciting developments could potentially fuel the company stock this month. For starters, Synopsys and Juniper Networks (NYSE: JNPR) recently announced that they have closed a transaction to form a new and separate company. This new company will provide the fast-growing industry with an open silicon photonics platform. Thus, addressing the growing photonic requirements in applications such as telecom, LiDAR, artificial intelligence, datacom, and optical computing.
In addition, Synopsys just announced its new neural processing unit (NPU) IP and toolchain earlier this week. The Synopsys DesignWare ARC NPX6 and NPX6FS NPU IP is now the industry’s highest performance NPU IP that delivers the highest performance and support for the latest complex neural network models. In fact, it can deliver up to 3,500 Tera Operations per second on a single Automotive, Consumer, or Data Center system-on-chip design. Therefore, it can address the demands of real-time computing with ultra-low power consumption for artificial intelligence applications. Given all these, would you consider SNPS stock a top tech stock to watch now?
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