Are These The Best Tech Stocks To Buy This Week?
When looking at the broader stock market, tech stocks are among the most exciting stocks to invest in. For one, they are also some of the most relatable stocks as we utilize technology in our daily lives. Some say that the sky’s the limit when it comes to technology. Well, we may have gone well beyond that as commercial space travel could be a thing in the near future. This year, we saw Richard Branson of Virgin Galactic Holdings (NYSE: SPCE) and Amazon.com’s(NASDAQ: AMZN) founder Jeff Bezos visiting space as tourists.
Would space travel be possible without the technological advancement over the past few decades? Probably not. Now, I think we can agree that most industries today are dependent on technology. In fact, it would be reasonable to believe that any significant advancement in many industries would leverage some form of technology. With all these in mind, let’s take a look at some of the top tech stocks in the stock market today.
Best Tech Stocks To Watch This Week
- Paypal Holdings Inc (NASDAQ: PYPL)
- Intel Corporation (NASDAQ: INTC)
- Tesla Inc (NASDAQ: TSLA)
- NVIDIA Corporation (NASDAQ: NVDA)
Paypal
First, we will be looking at the technology platform and digital payments company, Paypal. Essentially, the company’s tech platform allows consumers and merchants to make digital payments. Some of the notable payment solutions from the company would be Venmo, Xoom, PayPal, Braintree, and iZettle. PYPL stock has risen over 35% over the past year.
Starting this week, its customers in the UK will be able to buy, hold, and sell cryptocurrency through PayPal. Customers can choose from four types of cryptocurrencies: Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. Furthermore, they can view real-time crypto prices, access educational content, and learn more about cryptocurrencies through their PayPal account. With this, it would help people in the UK explore cryptocurrencies and expand the reach of the company.
Furthermore, the company announced that it will no longer charge late fees for missed payments on its buy now, pay later (BNPL) service globally. Eliminating late fees builds on PayPal’s commitment to delivering the most customer-centric, global installment solution portfolio that helps meet the needs of today’s consumers and merchants. The company has seen incredible response and adoption of flexible payment options. Given all these exciting developments, would PYPL stock be on the top of your watchlist?
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Intel
Following that, we have the global tech giant, Intel. For those unfamiliar, Intel is a company that engages in designing and manufacturing products and technologies. The company’s processor chips are vital components in countless laptops and desktops in use today. With the resurgence in Delta variant cases globally, the company’s products and services could see a rise in demand yet again.
Earlier this month, SADA, a global business and tech consultancy, announced a pilot cloud optimization program along with Intel. Now, the program includes more than a dozen companies that include some of SADA’s largest customers. The program is intended to ensure its customer’s Google Cloud Platform environments are performing as efficiently as possible. In this day and age, the ability to adapt and quickly overcome disruption while maintaining continuous operations has become the new normal.
On top of that, the company continues to post strong financial updates throughout the semiconductor shortage crisis. For its second quarter, Intel posted revenue of $19.63 billion on earnings per share of $1.24, exceeding its second-quarter guidance. Out of which, the company saw record revenue in its PC and Mobileye divisions. From this, we can see that customers continue to choose Intel for its products despite the high competition. All things considered, would you invest in INTC stock?
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Tesla
Next, we have the poster child of the electric vehicles (EV) industry, Tesla. The company strives to transition the world to sustainable energy with electric cars, solar, and integrated energy solutions. Not to mention, it is also one of the leaders in the autonomous driving space through its Full Self-Driving technology.
Last week, the company’s CEO Elon Musk got everyone talking about the company again after the announcement regarding the launch of its “Tesla Bot” prototype next year. It appears that this robot is designed for dangerous, repetitive, or boring work that people may not like to do. For example, it should be able to handle jobs from attaching bolts to cars with a wrench or picking up groceries at stores. So, the plan now is that the robot will utilize the same artificial intelligence that the company uses for its vehicles.
Well, these may be exciting technological milestones but the company remains cautious as it moves forward with the humanoid robot design. Elon Musk claims that the robot is “intended to be friendly and navigate through a world built for humans”. Hence, it will be built at a “mechanical level” where someone could “run away from it, and most likely overpower it”. With the addition of this, we can see that Tesla continues to leverage its leadership position in the tech world to push the technological boundaries today. Now, would you consider adding TSLA stock to your watchlist today?
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NVIDIA
To sum up this list, we have the AI company that has revolutionized the industry, Nvidia. For those unfamiliar, the company is known for being the pioneer in graphics processing units (GPU) for the gaming and professional markets. Also, it offers solutions to accelerate the entirety of the end-to-end analytics workflow. From machine learning to deep AI learning, the company’s software allows customers to get higher accuracy results and quicker reporting. NVDA stock has risen over 55% since the start of the year.
The company’s stock bullish run for the year is backed by its strong fundamentals. Last Thursday, the company announced its second-quarter earnings report. It posted revenue of $6.51 billion, up by 68% year-over-year. Out of which, gaming revenue was $3.06 billion, up by a whopping 85% year-over-year. What’s more impressive is that its GAAP earnings per diluted share for the quarter was $0.94, representing an increase of a staggering 276% from a year ago and 24% from the previous quarter.
We also saw the company launch its NVIDIA Omniverse during the quarter. This is the world’s first simulation and collaboration platform that runs physically realistic virtual worlds and connects to other digital platforms. In the Omniverse, artists can create one-of-a-kind digital scenes, and engineers can design new products for homes. These creations can then be taken into the physical world after they have been perfected in the digital world. Safe to say, these are exciting times for the company. So, would you consider NVDA stock as a top tech stock to watch right now?
