The technology sector is a category of the stock market that encompasses companies that are primarily engaged in the creation, development, and distribution of technological products and services. This can include a diverse range of companies, from giants like Apple (NASDAQ: AAPL), who make gadgets like iPhones and MacBooks, to social media platforms like Meta Platforms (NASDAQ: META). These companies work to innovate and improve our everyday lives, making things easier, faster, and more connected.
Tech stocks are shares in these technology companies that you can buy and sell. When you buy a tech stock, you’re buying a tiny piece of that company, making you a partial owner. If the company does well, the price of the stock might go up and you could make money if you decide to sell your shares. But if the company doesn’t do well, the price of the stock could fall and you could lose money.
The tech sector is known for its potential for high growth. That’s because technology is always changing and evolving, and companies that can keep up with these changes have the potential to grow rapidly. But there’s also risk involved: competition in the tech sector is fierce, and companies that can’t keep up can quickly fall behind. So, while investing in tech stocks can be a good way to potentially make money, it’s also important to do your homework and understand the companies you’re investing in. With that being said, here are three trending tech stocks to watch in the stock market today.
Tech Stocks To Watch In The Stock Market Today
- Advanced Micro Devices Inc. (NASDAQ: AMD)
- Uber Technologies Inc. (NYSE: UBER)
- Intuit Inc. (NASDAQ: INTU)
Advanced Micro Devices (AMD Stock)
Starting off, Advanced Micro Devices (AMD) is a multinational company that specializes in developing computer processors and related technologies for both business and consumer markets. Known for its CPU and GPU products, with a significant presence in gaming, professional graphics, and data center industries.
A few weeks ago, Advanced Micro Devices unveiled the financial outcomes for the first quarter of 2023. A closer look shows the tech giant reported earnings of $0.57 for each share, coupled with total revenue of $5.4 billion. This result surpasses the forecasted projections from market analysts, who had anticipated earnings of $0.56 per share and revenue hitting the $5.3 billion mark. Furthermore, AMD provided a projection for its Q2 2023 revenue, estimating it to range between $5.00 and $5.60 billion.
Moving along, during Tuesday’s mid-morning trading session, shares of AMD stock are trading up on the day by 1.92% at $110.07 per share.
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Uber Technologies (UBER Stock)
Second, Uber Technologies (UBER) is a well-known tech company that revolutionized the transportation industry by introducing a ride-hailing service through a smartphone app. Besides offering rides, Uber has expanded its services to include food delivery (Uber Eats) and freight transportation.
At the beginning of May, Uber reported its results for the first quarter of 2023. Diving, the company showed a loss of $0.08 per share with revenue of $8.8 billion for Q1 2023. This was versus analysts’ consensus estimates for the quarter which were a loss of $0.10 per share with revenue of $8.7 billion. As a result, revenue increased by 28.7% compared to the same period, the previous year.
Aside from that, during Tuesday’s mid-morning trading session, UBER stock is trading higher off the open by 0.66% at $39.44 per share.
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Intuit (INTU Stock)
Last but not least, Intuit (INTU) is a financial software company that provides innovative solutions for personal finance and small business accounting. Some of its most well-known products include TurboTax, software for personal and business tax preparation, and QuickBooks, a comprehensive tool for small business management.
At the end of last month, Intuit reported the date and time it will release its third quarter 2023 financial results. Diving in, the company announced it will report its Q3 2023 earnings results today, Tuesday, May 23, 2023, after the close of the U.S. stock market.
Meanwhile, during Tuesday’s mid-morning trading action, shares of INTU stock are trading up on the day by 0.53% at $456.51 per share.
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