In this article, we discuss the 5 hot tech stocks to buy now. If you want to read about some more hot tech stocks to buy now, go directly to 10 Hot Tech Stocks To Buy Now.
5. Palantir Technologies Inc. (NYSE:PLTR)
Number of Hedge Fund Holders: 35
YTD Perf: 21.81%
3 Month Avg Volume: 32.9M
Palantir Technologies, Inc. (NYSE:UNH) builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. On January 26, pharmaceutical drug distributor Cardinal Health announced a partnership with software firm Palantir Technologies to provide a data-driven supply chain solution for drugs.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Palantir Technologies, Inc. (NYSE:UNH) with 33 million shares worth more than $269.3 million.
In its Q4 2021 investor letter, Tao Value, an asset management firm, highlighted a few stocks and Palantir Technologies, Inc. (NYSE:UNH) was one of them. Here is what the fund said:
“We have no new position this quarter and have made below changes to our portfolio. We also sold Palantir (PLTR) as I identified it subject to high retail bubble risk (using above method) and are not part of our core “Mindful Compounder” holdings.”
4. Intel Corporation (NASDAQ:INTC)
Number of Hedge Fund Holders: 69
YTD Perf: 6.92%
3 Month Avg Volume: 38M
Intel Corporation (NASDAQ:INTC) engages in the design, manufacture, and sale of computer products and technologies worldwide. On January 26, Intel Corporation posted earnings for the fourth quarter of 2022, reporting earnings per share of $0.10, missing market estimates by $0.10. The revenue over the period was $14 billion, down 28.2% compared to the revenue over the same period last year and missing market estimates by $490 million.
On November 22, Mizuho analyst Vijay Rakesh resumed coverage of Intel Corporation (NASDAQ:INTC) stock with a Neutral rating and $32 price target, noting that the company has seen increased challenges in both the server and PC markets with server CPU ramps delayed to 2023 and softening PC demand.
At the end of the third quarter of 2022, 69 hedge funds in the database of Insider Monkey held stakes worth $1.9 billion in Intel Corporation (NASDAQ:INTC), compared to 65 in the preceding quarter worth $2.5 billion.
In its Q3 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Intel Corporation (NASDAQ:INTC) was one of them. Here is what the fund said:
“Also on the detractor side, Intel Corporation (NASDAQ:INTC) delivered a disappointing revenue miss and lowered full-year revenue and earnings guidance as COVID-19-driven demand for PCs abated (where Intel enjoys half its sales) and a delay in its flagship Sapphire Rapids CPU hurt its data center business. Despite these issues, we still believe Intel is an economically sensitive turnaround story with substantial upside.”
3. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 89
YTD Perf: 33.69%
3 Month Avg Volume: 46.8M
NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing and networking solutions. On January 12, Bionano Genomics revealed it was working with Nvidia to create an acceleration platform for Bionano’s optical genome mapping procedure. The partnership is anticipated to enhance data processing speed and decrease time.
On December 19, Needham analyst Rajvindra Gill maintained a Buy rating on NVIDIA Corporation (NASDAQ:NVDA) stock and raised the price target to $230 from $200, highlighting that customers of the company are updating to the newest H100 architecture.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in NVIDIA Corporation (NASDAQ:NVDA) with 19.2 million shares worth more than $2.3 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:
“At the company-specific level, there was a broad correction across the entire portfolio. While four of our holdings contributed to performance, the contribution to absolute returns was less than 100bps combined, as unfortunately none of them was large enough to move the needle. We had 16 investments detracting over 100bps each with NVIDIA (NASDAQ:NVDA), our second largest detractor, costing the Fund 254bps.
NVIDIA’s stock was hit even harder, down 44.4%, impacted by concerns over consumer health, dramatic declines in crypto, and COVID-related lockdowns in China. Despite the sell-off and the increased near-term volatility in its gaming business, NVIDIA’s revenues grew 46% year-over-year with 48% operating margins, driven by continued strength in its data center business as companies across industries adopt AI and ML…(read more)
2. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Holders: 89
YTD Perf: 16.03%
3 Month Avg Volume: 62.6M
Advanced Micro Devices, Inc. (NASDAQ: AMD) operates as a semiconductor company worldwide. On January 31, Advanced Micro Devices posted earnings for the fourth quarter of 2022, reporting earnings per share of $0.69, beating market estimates by $0.02. The revenue over the period was $5.6 billion, up 15.9% compared to the revenue over the same period last year and beating market estimates by $80 million.
At the end of the third quarter of 2022, 89 hedge funds in the database of Insider Monkey held stakes worth $4.99 billion in Advanced Micro Devices, Inc. (NASDAQ: AMD), compared to 87 in the previous quarter worth $4.8 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Advanced Micro Devices, Inc. (NASDAQ: AMD) was one of them. Here is what the fund said:
“Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global fabless semiconductor company focusing on high-performance computing technology, software, and products. AMD designs leading high-performance central and graphics processing units (known as CPUs and GPUs) and integrates them with hardware and software to build differentiated solutions for customers.
AMD has been gaining meaningful share in personal computing and server end markets over the past several years driven by the performance of its processors and technology and strong execution against its technology roadmap, and we believe share gains will continue over the coming years from a combination of AMD’s continued advancements and Intel’s stumbles in developing its leading-edge technology (…read more)
1. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 140
YTD Perf: 11.05%
3 Month Avg Volume: 78.3M
Apple Inc. (NASDAQ:AAPL) designs, manufactures and markets smartphones, personal computers, tablets, wearables, and accessories. On January 30, an analysis by tech expert Ming-Chi Kuo indicated that a foldable iPad could be launched in 2024. Kuo stated that since there will be no launch in 2023, the next iPad will come out in 2024, with the iPad Mini starting mass production in the first quarter of 2024.
On December 19, JPMorgan analyst Samik Chatterjee maintained an Overweight rating on Apple Inc. (NASDAQ:AAPL) stock and lowered the price target to $190 from $200, highlighting that recent supply chain issues at the company’s operations at Hon Hai’s assembly factory in Zhengzhou are expected to be reflected in the company’s December quarter results.
At the end of the third quarter of 2022, 140 hedge funds in the database of Insider Monkey held stakes worth $144 billion in Apple Inc. (NASDAQ:AAPL), compared to 128 in the previous quarter worth $143 billion.
In its Q2 2022 investor letter, Alger Capital, an asset management firm, highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:
“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact the production of apple products, however, the manufacturing facilities have resumed activity.”
You can also take a peek at 10 Best ASX Stocks To Buy and 15 Most Creative Companies in the World.
