4 Top Tech Stocks To Watch This Week
As we begin a new week of trading in the stock market, tech stocks continue to be on the radar of many investors. Technology has played a significant role in our daily lives and this may go unnoticed at times. Whether we like it or not, technology will continue to evolve and dictate how we live our lives. For instance, digital payments have taken over the world by storm and nobody bats an eye. On top of that, digital currencies such as cryptocurrencies are even accepted in some places now. So, you are likely able to go out without any cash, as long as you have some form of tech that could make payments.
So, does it surprise you that some of the fastest-growing stocks today are tech stocks? For instance, Square (NYSE: SQ) is a company that continues to push the boundaries by leveraging technology in the financial space. Just recently, its CEO Jack Dorsey said that the company may jump into the bitcoin mining business. He believes that mining bitcoin should be “as easy as plugging a rig into a power source.” Given how fast technology is evolving, this may well be a reality sooner than we think. With that in mind, do you think that the industry will continue to flourish? If so, here is a list of the top tech stocks to help you navigate through the stock market today.
Best Tech Stocks To Watch Right Now
- International Business Machines Corporation (NYSE: IBM)
- Intel Corporation (NASDAQ: INTC)
- Cloudflare Inc (NYSE: NET)
- Xilinx, Inc. (NASDAQ: XLNX)
International Business Machines
Let us kick start the list with International Business Machines (IBM). This top tech company provides integrated solutions and services worldwide. Its portfolio of business-ready tools and applications is designed to reduce the costs and hurdles of AI adoption while optimizing outcomes and responsible use of AI. IBM stock has risen more than 15% since the start of the year.
Last Tuesday, the company announced a collaboration with Apptio Inc. The partnership aims to help clients improve hybrid cloud technology decision-making. Also, it will drive the adoption of Red Hat OpenShift and IBM’s open hybrid cloud approach. As more enterprises are going hybrid, IBM will be able to offer a multi-cloud hybrid approach to its customers that will result in a comprehensive platform for managing their workloads.
Not to mention, Virgin Megastore KSA, a major entertainment retailer in Saudi Arabia, will be migrating its SAP ERP application workloads to IBM Cloud. The migration is designed to help the retailer create operational efficiencies. In addition, it will provide a platform for new digital services to their clients. This step of modernization will allow the retailer to deliver world-class experiences for its shoppers. With this flurry of partnerships taking place, would you consider IBM stock as a top tech stock to watch?
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Intel
Following that, we have the global tech giant, Intel Corporation. For those unfamiliar, Intel is a company that engages in designing and manufacturing products and technologies. The company’s processor chips are vital components in countless laptops and desktops in use today. With the current shortage of semiconductor chips globally, the company’s products and services are constantly in high demand.
Earlier this month, Helbiz (NASDAQ: HLBZ) and Intel’s Moovit announced plans to accelerate their global partnership. Helbiz will expand the integration of its electric vehicles within the Moovit app. Hence, Moovit users will have access to Helbiz’s suite of micro-mobility vehicles. Together, both companies will be able to gather valuable mobility insights to further develop their vision of decreasing congestion globally. Such collaborations are often beneficial for both parties and would often be a long-term winning strategy.
Besides that, Intel also introduced Loihi 2, its second-generation neuromorphic research chip, and Lava, an open-source software framework last month. This introduction indicates the company’s intention to advance its neuromorphic technology. Neuromorphic computing draws insights from neuroscience to create chips that function more like the biological brain. So, the company will be able to improve energy efficiency, speed of computation, and many more. With that in mind, do you have INTC stock on your watchlist?
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Cloudflare
Cloudflare operates a cloud platform that delivers a range of network services to businesses worldwide. In detail, the company provides an integrated cloud-based security solution to secure a range of combinations of platforms. This includes public cloud, private cloud, on-premise, software-as-a-service applications, and Internet of Things (IoT) devices. NET stock has been on a strong bullish trend this year, rising more than 120% since the start of the year.
Late last month, the company announced Cloudflare R2 Storage. It is designed for the edge and will offer the ability to store large amounts of data. Thus, expanding Cloudfare’s offerings while reducing the egress bandwidth fees associated with cloud provider storage to zero. Developers would welcome this new storage system as it enables them to store everything they need with automatic migration of data from S3-compatible services to make switching easy.
Financially, the company has been firing on all cylinders as well. During its second quarter, it posted its strongest quarter ever as a public company. Its revenue increased by 53% year-over-year to $152.4 million. It should also be noteworthy that the company added a record number of large customers, signing the equivalent of more than two six-figure customers every single business day during the quarter. With the company announcing its third-quarter earnings on November 4, would you invest in NET stock ahead of time?
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Xilinx
Lastly, we will be looking at Xilinx. Essentially, the company engages in designing and developing programmable devices and associated technologies. These include integrated circuits (IC), three-dimensional ICs, and Adaptive Compute Acceleration Platform. XLNX stock is yet another tech stock that is trading at its all-time high, rising more than 40% this year.
The company now powers a range of Sony’s electronics products used for professional audio-video applications. Sony leverages Xilinx’s field-programmable gate array (FPGA) and adaptive system-on-a-chip (SoC) devices to improve its devices. For instance, it would help improve Sony’s real-time processing and routing of video and audio in the company’s new XVS-G1 switcher. As a leader in semiconductors for the professional audio/video market, Xilinx continues to forge partnerships with the top companies in the industry.
On top of that, the company also collaborated with NEC Corporation last month. The companies are partnering on NEC’s next-generation 5G radio units that are set to be available for global deployment in 2022. Xilinx will be providing its 7nm Versal AI Core series devices to enable greater performance in the new NEC radio units. All things considered, would XLNX stock be a top tech stock to watch now?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
