Stocks to buy

3 Tech Stock Picks to Put You on Easy Street

Staying competitive in the fast-paced tech industry means keeping a close eye on the best tech stocks. These trailblazing companies push boundaries, striving to innovate and revolutionize our lives.

Investing in the best tech stocks offers immediate benefits and a front-row seat to future breakthroughs in areas like artificial intelligence (AI) and cloud computing. However, picking these stocks requires a deep understanding of the tech sector, financial analysis, and keen insight into market trends.

In this article, we’ll spotlight three tech stocks that could offer financial security. We’ve carefully selected these stocks based on performance, market position, and growth potential. So, if you’re ready to dive into the world of top tech stocks, let’s get started.

Broadcom  (AVGO)

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Broadcom (NASDAQ:AVGO) should be at the top of your best tech stocks to buy. The brand has been making headlines recently and for all the right reasons that should please investors.

Things like good from the perspective of AVGO’s second quarter earnings. Specifically, revenue grew an impressive 15% year-over-year. The cause for the increase can primarily be chalked up to the demand for its networking and storage products. While Broadcom’s revenue surged, so did its net income. Net income grew $688 million to $1.49 billion.

Furthermore, analysts are bullish on AVGO stock. BMO Capital Markets recently raised its price target for Broadcom to $890, citing the company’s strong earnings report and optimistic outlook. Analysts praised the company’s diversified product base, strategic acquisitions, and future outlook.

Speaking of which, AVGO has a strong growth catalyst. The brand is considered a leader and uniquely positioned in the semiconductor industry. The brand is working to develop more advanced chips to rival those made by Taiwan Semiconductor Manufacturing Company (NYSE:TSM). Investors who foresee a conflict across the Taiwan strait involving China may consider AVGO stock as a substitute.

Amazon (AMZN)

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Despite a sharp pullback from its rich valuation during the pandemic, Amazon (NASDAQ:AMZN) retains its dominance in e-commerce. AMZN stock is also becoming increasingly diversified. Amazon Web Services (AWS), Prime Video, and its advertising business, provide multiple revenue streams that support its growth. AWS, in particular, has been a significant contributor to Amazon’s profits, with a 37% revenue growth in Q1 2023, accounting for 13% of the company’s total revenue source. This helps make it one of those best tech stocks to buy.

Looking ahead, Amazon set a trend for beating revenue and earnings estimates. Analysts predict that AMZN stock’s performance in this arena will continue.

Although controversial, the company’s mass layoffs may work out in its favor for the long-term. There’s a strong correlation between a stock rising after announcing layoffs. Broadly speaking, businesses that cut their staff numbers reduce costs, and make their operations more efficient, leading to both top and bottom-line gains.

Executives at many large tech companies including Amazon and others announced layoffs throughout last year. One reason is that the pandemic peaked and ended earlier than anticipated. With less people stuck inside their homes, the demand and future growth potential for these companies reduced. If these companies did not lay people off in mass numbers the situation would be throwing good money before bad. For these reasons there seems to be a strong bull case for Amazon.

Nvidia (NVDA)

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Nvidia (NASDAQ:NVDA) made an extremely strong recovery this year. As one of the best tech stocks, it reached a $1 trillion valuation in March. This valuation puts it firmly in the big tech, FAANG acronym territory.

Leading up to Nvidia’s rally a couple of fortuitous developments occurred. Notably, ChatGPT by OpenAI launched, which arguably bought the potential of AI, and particularly generative AI into the mainstream consciousness. Secondly, the pause of rate hikes by the Fed and optimistic job numbers has largely restored investors’ risk appetites for high growth stocks, leading to its historic valuation.

We may be at the peak euphoria stage of AI before coming back to Earth again, and we might not be. The point is that NVDA is positioned strongly in the GPU market to take advantage of AI’s future adoption. As a GPU manufacturer, it also locked into other high growth sectors and industries, including crypto, Internet of Things (IoT), and self-driving vehicles.

With 35 Buy ratings on behalf of analysts, the consensus is clear. It also has an average price target of $457.56 at the time of writing.

On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the Publishing Guidelines.

Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.