Tech stocks have had a challenging year on the stock market thus far. Macroeconomic events like inflation and rising interest rates are the main causes of this. Technology stocks are also referred to as Tech stocks of companies that produce or apply technology.
Meanwhile, top tech stocks have recently outperformed the overall market as technological advancements have sparked rapid growth in many industries.
These stocks tend to be erratic, though, and their performance is frequently correlated with the overall health of the economy.
Investors should therefore carefully consider the risks and potential rewards before buying tech stocks.
Here are four tech stocks to consider on the market today.
NVIDIA Corporation (NVDA)
NVIDIA Corporation is based in Santa Clara, California and develops GPUs for the gaming as well as professional markets, and System-on-Chip (SoC) units for automotive and mobile computing industry.
According to its recent report, the company’s quarterly results were better than expected. NVDA specifically reported earnings of $0.54 per share on sales of $6.7 billion.
The company did, however, reduce its forecast for the third quarter. The company made it clear that it expects Q3 revenue to range between $5.782 billion and $6.018 billion.
Apple Inc. (AAPL)
Steve Jobs and Steve Wozniak founded Apple in 1976 in Los Altos, California. From being a family garage, Apple has grown to become one of the important public companies on the planet in terms of market capitalization.
In reality, it is one of only a few companies with a trillion-dollar valuation. Due to its size, it can be difficult to avoid when investing.
Given that the company’s weighted weight is currently greater than 6.7% of the S&P 500, almost every index fund in which you invest will own shares of this tech behemoth.
Snap Inc, (SNAP)
Snapchat, a well-known social media platform, is the main offering from Snap Inc. From Spectacles, sunglasses with a built-in camera to record and share first-person videos on Snapchat, is another high-level platform product offered by the company.
The company also offers advertisers a wide range of self-serve advertising products that they can use to reach their target market.
So far this year, the value of SNAP stock shares has decreased by over 70%. The price of SNAP stock is up over 7% on Wednesday morning at $10.78 per share, despite the fact that it has recovered over 12% in the past month of trading.
Alphabet Inc. (GOOG)
Google’s parent company, Alphabet Inc. (GOOG), is a major player in the technology industry. For those who are unaware, Alphabet Inc. is a diversified company that owns a number of well-known brands, including Google and YouTube among others.
The tech juggernaut just released its financial results for the Q2 of 2022 last month. With revenues of $69.7 billion and earnings per share of $1.21, Alphabet reported financial results. The consensus earnings forecast on Wall Street was $1.27 per share on $70.8 billion in revenue.
Moving on, GOOG stock shares have decreased by 24% so far this year.
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