3 Top Tech Stocks Worth Watching In The Stock Market Today
While tech stocks may not be the best-performing stocks in 2022 so far, investors may not want to discount the sector just yet. This would be thanks to the vital role that companies in this part of the stock market play in the world today. After all, even in the face of rising prices, our overall reliance on technology persists. Sure, for starters, today’s inflation report from the U.S. Labor Department is not ideal. In brief, April’s Consumer Price Index (CPI) reading indicates an 8.3% year-over-year increase. This would be faster than the 8.1% gain suggested in consensus projections. It also marks the fastest rise in over the past 40 years.
Despite all this, tech firms across the board remain as active as ever. Take AMD (NASDAQ: AMD) for example. Just last week, the semiconductor giant posted stellar figures across the board in its recent financial update. Notably, the company is looking at earnings of $1.13 on revenue of $5.89 billion for the quarter. This adds up to year-over-year surges of 117% and 71% respectively. The company cites robust demand for its high-end server and persisting strength in its PC market offerings for solid performance.
At the same time, the likes of Digital Bridge (NYSE: DBRG) will be bringing Switch (NYSE: SWCH) private via a massive $11 billion deal. For some context, Switch is a telecommunications company that specializes in providing data center-based solutions. According to Digital Bridge CEO Marc Ganzi, the purchase serves to help the company build “the world’s leading global digital infrastructure investment platform.” Overall, these are but two instances of the tech industry’s continuous focus on development and growth. On that note, here are three more top tech stocks to note in the stock market today.
Tech Stocks To Watch Today
- International Business Machines Corporation (NYSE: IBM)
- Airbnb Inc. (NASDAQ: ABNB)
- Micron Technology Inc. (NASDAQ: MU)
International Business Machines (IBM)
To begin with, we will be taking a look at International Business Machines, or IBM, for short. By and large, most would be familiar with this titan in the global tech industry today. Through its portfolio, the company has operations spanning over 171 countries worldwide. Whether it is artificial intelligence (AI), cloud computing, IT infrastructure, or even blockchain tech, IBM has a hand in it. Speaking of IBM’s vast tech expertise, the company’s latest partnership could put IBM stock in the spotlight today.
Namely, IBM is currently working with a leading name in the cloud computing industry, Amazon (NASDAQ: AMZN). Through the current team up, IBM will be working closely with the Amazon Web Services (AWS) department. It will be serving AWS in a software-as-a-service manner. What this means is that AWS clients now have seamless access to a vast array of IBM software solutions. The likes of which include but are not limited to automation, data and AI, security, and sustainability solutions. Not to mention, all these services run cloud-native on AWS servers.
Safe to say, a collaboration at this scale would serve to highlight both IBM stock and AMZN stock now. Speaking on the overall impact of the deal is Tom Rosamilia, the SVP of IBM Software. She notes that as the prominence of the hybrid cloud in workspaces grows, IBM is working to meet potential shifts in organizational demand. With all this in mind, will you be keeping an eye on IBM stock?
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Airbnb Inc.
Airbnb is a travel company that uses its tech platform to allow its 4 million hosts to connect with its millions of guests all around the world. In fact, the company has welcomed more than 1 billion guest arrivals across 220 countries and regions. The company has generated billions of dollars in earnings for its hosts and has also helped generate a tax revenue of over $4 billion all around the world. Today, the company released an interesting piece of news on revamping its platform.
This followed last year’s release of over 150 upgrades to improve nearly all aspects of its service. The company announced today that it is launching the ‘biggest change to Airbnb in a decade’. This would include Airbnb Categories, a new way to search that makes it easy to discover millions of homes. Split Stay is an innovative feature that provides more options for longer stays by splitting a guest’s trip between two homes. Notably, it also introduced AirCover for guests, the most comprehensive protection in travel that is included for free with every stay.
Airbnb Categories, for instance, will present guests with 56 categories that organize homes based on their style, location, or proximity to a travel activity, allowing for a more refined search. Brian Chesky, CEO, and Co-Founder of Airbnb had this to say, “First, people are more flexible about where they live and work, so we’ve designed a new way to search with Airbnb Categories. Second, people are taking longer trips, so we created Split Stays to give you more options by splitting your trip between two homes. And third, we’re introducing AirCover for guests, giving you the confidence to book knowing that Airbnb’s got your back.” Given this piece of news, is ABNB stock worth investing in right now?
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Micron Technology Inc.
Micron is a tech company that continues to be a leader in innovative memory and storage solutions. In essence, it transforms how the world uses information to enrich life for all of its users. It has a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through its Micron and Crucial brands.
Today, the company announced that it has surpassed 50,000-lifetime patents. Patents continue to play a key role in the company’s leadership strategy. This would include creating the world’s smallest 256K DRAM chip in 1984, and delivering the first 1-alpha DRAM shipment in 2021. It has over 4,000 team members across 16 countries that continue to contribute to this notable accomplishment over the course of its 43-year history. This milestone comes amidst strong global demand for the company’s memory and storage products. The company also says that as innovation continues to accelerate, so does its patent portfolio.
Yesterday, the company also announced new greenhouse gas reduction targets and committed to net-zero emission from its operations by 2050. The company will take a multi-faceted approach toward meeting this net-zero operational commitment. This includes investing in advanced abatement systems and sourcing energy-efficient equipment. It will also push for renewable instead of fossil fuel-generated energy. All things considered, is MU stock a buy?
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