Top Tech Stocks To Consider Buying In The Stock Market Today
The modern world today is the result of decades of innovation in technology. That said, tech stocks are often regarded as investments that you can’t go wrong with. After all, the sector brought investors massive returns when remote work and stay-at-home trends came into the picture during the onset of the pandemic.
However, over the past few months, that trend reversed as inflation jitters sparked a broad sell-off. You may be asking, what does inflation do to stock prices? To those unfamiliar, higher inflation is usually deemed as a negative for stocks because it increases borrowing costs, where a lot of up-and-coming tech stocks rely on to power their growth. It’s also worth noting that many investors are rotating from growth stocks to reopening plays within the stock market now.
Now, tech stocks appear to be having another disappointing day, continuing the sell-off during the first half of the week. With the recent decline in the tech space, I would be lying if I say I’m not tempted to make a few moves in the stock market today. But it’s also crucial to know the business that you’re buying when it comes to making an investment decision in the stock market. With a little bit of research and a long-term mindset, that might increase your odds of success. Let’s take a look at 5 top tech stocks making waves now.
Top Tech Stocks To Buy [Or Sell] Right Now
- Huya Inc. (NYSE: HUYA)
- Baidu Inc. (NASDAQ: BIDU)
- Snap Inc. (NYSE: SNAP)
- AT&T Inc. (NYSE: T)
- Applied Materials Inc. (NASDAQ: AMAT)
Huya
HUYA is a leading game live streaming platform in China. And if you like eSports, HUYA stock could be one of the best stocks to buy in the market. As the company is operating in a rising sector in a fast-growing economy, it is not surprising why investors are bullish with Huya. Also, the company operates a game streaming platform in Southeast Asia and Latin America. While 2020 was a challenging year for most companies, Huya ended 2020 strong with revenues growing by 21%. The company’s recent first-quarter result shows that it is still riding on that momentum.
For its first quarter, total net revenues came in 8% higher to $397.6 million. Live streaming revenues rose 5.2% to $365.1 million, driven by increased average spending per paying user on Huya Live. Even with a solid set of financial results, investors appear to have concerns about its potential merger with DouYu (NASDAQ: DOYU).
The recent weakness in HUYA stock maybe because there’s a chance that Chinese regulators may block the merger from happening. But the good thing is, the merger deal could still happen. While some might want to stay out until the dust settles, there will be a few who will take a chance with the attractive entry point in the stock market today. But if you have to make an investment today, would HUYA stock be worth the risk?
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Baidu
Baidu is a multinational tech company that specializes in Internet-related services and artificial intelligence. The search engine giant is often referred to as China’s Google (NASDAQ: GOOGL). The Chinese search engine on Tuesday reported its first-quarter earnings that beat analyst estimates.
Revenue came in 25% higher year-over-year to $4.3 billion for the quarter with net profits increasing 39% to $656 million. In addition, online marketing revenues grew 27% to $2.48 billion and non-advertising revenue surged 70% year-over-year to $646 million.
Baidu attributed its first-quarter success to its ever-continuing push against the edges of technology. CEO Robin Li said, “We are delighted to bring innovation across many sectors, including marketing cloud, enterprise cloud, smart transportation, autonomous driving, smart assistant and [artificial intelligence, or AI] chip, through our decade-long investment in AI.” As the company continues to profit from its push into cutting-edge technologies, will you be adding BIDU stock to your watchlist?
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Snap
Snap is well known among millennials for its popular camera app, Snapchat. In brief, people can communicate through short videos and images via the camera application. With a steady growing user base, SNAP stock price has skyrocketed by over 200% over the past year.
Late April, the company posted a remarkable first-quarter result. Revenues came in 66% higher year-over-year to $770 million and daily active users (DAUs) grew 22% to 280 million. This would mark the company’s highest ever growth rates in both areas over three years during the quarter.
The company has an optimistic outlook on its second quarter of 2021. Revenues are estimated to reach between $820 million – $840 million which is at least an 80% increase year-over-year. DAUs have been growing sequentially in all their markets and on both iOS and Android platforms. The company’s camera and augmented reality (AR) platforms are keeping users well engaged with growth of over 40% year-over-year. With such impressive performance, would you consider investing in SNAP stock today?
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AT&T
AT&T is a multinational conglomerate holding company. It is one of the world’s largest telecommunications companies and is also the parent company of mass media conglomerate WarnerMedia.
This essentially makes the company one of the world’s largest media and entertainment companies in terms of revenue. Over the weekend, the company announced that Warner Media and Discovery (NASDAQ: DISCA) will be merging to form one of the largest global streaming players in the industry.
Under the terms of this merger, the telecom company would receive $43 billion in a combination of cash and debts. Besides, this tie-up could potentially create a new streaming giant that would stand a better chance against Walt Disney (NYSE: DIS) and Netflix (NASDAQ: NFLX). But for AT&T, the transaction would allow it to focus solely on its key growth areas such as 5G and fiber broadband. All things considered, would you buy T stock?
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Applied Materials
Applied Materials (AMAT) is a company that supplies equipment, services, and software for the semiconductor manufacturing industry. Despite ongoing global scarcity of semiconductor chips, general investor sentiment on companies like Applied Materials appears positive. In its fiscal first-quarter, revenues grew 24% to $5.2 billion. The company is reporting its fiscal second-quarter results on May 20.
Business outlook remains strong as semiconductor giants like Intel (NASDAQ: INTC), Samsung (OTCMKTS: SSLNF) and Taiwan Semiconductor Manufacturing Company (NYSE: TSM) have committed to significant foundry capacity expansions in the coming years.
With lockdowns being lifted and manufacturing capacity rising back to pre-pandemic levels, Applied Materials is poised to see additional revenue and margin growth in the medium term. Considering that demand is getting back on track, would now be a good time to bank on AMAT stock ahead of its second-quarter earnings tomorrow?
