The tech sector stands out as a hub of innovation, drawing investors from all corners of the globe. It includes a broad spectrum of companies, ranging from software to hardware. This sector is vibrant, diverse, and vital to today’s economy. Tech giants like Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) have transformed our daily lives. They’ve also created profitable opportunities for investors.
Tech stocks offer both high rewards and notable challenges. The fast evolution of technology and market instability are the main challenges. These stocks can grow significantly, as seen with major industry players. Even startups have become tech powerhouses. However, the sector’s swift nature means companies must consistently innovate. They need to stay current to remain relevant, adding investment risk. This balance of potential gains and risks makes tech stocks an intriguing investment choice. They attract both experienced and novice investors.
Anyone looking to invest in tech stocks should adopt a strong strategy. It is essential to research thoroughly and understand market trends. Be ready for possible market fluctuations. Tech stocks can experience notable price changes. With the right research and a strategic approach, the tech sector offers chances for potential growth and profit. It is a fundamental part of numerous investment portfolios. Considering this, here are two mega-cap tech stocks to watch in the stock market this week.
Tech Stocks To Watch Right Now
- Alphabet Inc. (NASDAQ: GOOGL)
- Meta Platforms Inc. (NASDAQ: META)
Alphabet Inc. (GOOGL Stock)
To start, Alphabet Inc. (GOOGL) is a global technology company known primarily for its internet-related services and products. Alphabet is the parent company of Google and several former Google subsidiaries. Alphabet’s portfolio encompasses various industries, including technology, life sciences, and investment capital.
This week, Tuesday, Alphabet reported a beat on its third quarter 2023 financial results. Diving in, the company posted Q3 2023 earnings of $1.55 per share, with revenue of $76.69 billion for the quarter. For context, this is compared to analysts’ consensus estimates which were an EPS of $1.45, with revenue of $75.91 billion. Additionally, revenue increased by 11% versus the same period, the previous year.
In the last six months of trading, shares of GOOGL stock have increased by 21.64%. Moreover, during Wednesday’s early afternoon trading session, Alphabet stock is trading lower on the day so far by 8.98% at $126.34 a share.
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Meta Platforms (META Stock)
Next, Meta Platforms Inc. (META), formerly known as Facebook Inc., is a technology company specializing in social media services and products. In detail, Meta is a global platform connecting billions of users across its suite of apps and services, including Facebook, Instagram, WhatsApp, and Oculus.
Earlier this month, Meta announced the date it will report its most recent third quarter 2023 earnings results. In detail, the company is set to report its Q3 2023 financial results, today Wednesday, October 25, 2023, after the U.S. stock market closes.
Continuing on, in the last six months of trading, shares of META stock are trading higher by 45.73%. Meanwhile, during Wednesday’s afternoon trading session, Meta Platforms stock is trading down on the day thus far by 3.23% at $302.47 a share.
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