In this article, we will be taking a look at the 5 hot tech stocks to buy now. To read our analysis of the recent technology trends, and market activity, you can go to the 11 Hot Tech Stocks to Buy Now.
5. Intel Corporation (NASDAQ:INTC)
3-Month Average Volume: 36.89M
YTD Performance: 43.02%
Number of Hedge Fund Holders: 71
Santa Clara, California-based Intel Corporation (NASDAQ:INTC) is a leading technology company best known for developing the microprocessors found in most of the personal computers used worldwide. It offers products for autonomous driving, 5G network, client connectivity, cloud computing, IoT, client computing, and AI and Analytics.
Intel Corporation (NASDAQ:INTC) has been working on strategies to unlock value for shareholders. The company recently announced plans to separate its Programmable Solutions Group (PSG) operations into a standalone business with the potential to seek opportunities with private investors to accelerate the business’s growth. The company intends to conduct an IPO for the business in the next 2-3 years.
Intel Corporation (NASDAQ:INTC) previously sold nearly 20% stake in IMS Nanofabrication Business to Bain Capital at a valuation of $4.3 billion and recently announced an agreement to sell 10% stake to Taiwan Semiconductor Manufacturing Company, Ltd. (NYSE:TSM) at the same valuation. The company still retains a majority stake in the business.
In its Q3 2023 investor letter, ClearBridge Investments, an investment management company, made the following assessment about Intel Corporation (NASDAQ:INTC):
“Intel appears to be executing its technology/product roadmap; the company is on track to ramp up PC and server products over the next 12 months on advanced manufacturing nodes that we believe will be more competitive with chief rival Advanced Micro Devices. We also see green shoots in the PC and server markets, with an increasing possibility of a cyclical recovery in both end markets in 2024.”
4. NVIDIA Corporation (NASDAQ:NVDA)
3-Month Average Volume: 50.06M
YTD Performance: 221.27%
Number of Hedge Fund Holders: 175
Founded in 1993, California-based NVIDIA Corporation (NASDAQ:NVDA) is a leading technology company focused on the design and manufacturing of accelerated computing hardware and software products. Its core businesses comprise of Gaming, Data Center, Professional Visualization, and Automotive, with Gaming and Data Center making up for more than 80% of its revenues. Its GeForce GPU is used by more than 200 million gamers and creators, making it the market leader with 80% market share in PC Gaming.
On August 23, NVIDIA Corporation (NASDAQ:NVDA) released the financial results for the quarter ended July 30, 2023. Its revenues increased by 101% y-o-y to $13.5 billion, while its net income surged by 843% y-o-y to $6.2 billion. The EPS for the quarter was recorded at $2.70, which surpassed the consensus by $0.63.
Nvidia Corporation (NASDAQ:NVDA) has had a stellar year so far with share price up more than 221% year-to-date as of November 8. Much of this can be attributed to record growth in top and bottom line figures led by increased demand for its data center products to cater to the AI-induced demand.
NVIDIA Corporation (NASDAQ:NVDA) is subject to bullish sentiment from a large number of hedge funds as 175 of the 910 hedge funds held its shares as of Q2 2023, with the total hedge fund holdings valued at $26 billion. Its largest shareholder was Rajiv Jain’s GQG Partners with ownership of 14 million shares valued at $5.9 billion.
3. Advanced Micro Devices, Inc. (NASDAQ:AMD)
3-Month Average Volume: 55.95M
YTD Performance: 75.22%
Number of Hedge Fund Holders: 112
Based in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a leading semiconductor company using high-performance computing, graphics, and visualization technologies to provide computing solutions for cloud, edge, and end devices.
On October 10, Advanced Micro Devices, Inc. (NASDAQ:AMD) announced the signing of a definitive agreement to acquire Nod.ai to expand the company’s open AI software capabilities. Earlier this year in August, the company acquired Mipsology, and AI software company with proven expertise delivering AI software and solutions running on top of AMD adaptive computing silicon.
As of Q2 2023, 112 hedge funds tracked by Insider Monkey held shares of Advanced Micro Devices, Inc. (NASDAQ:AMD), worth $6.9 billion. Ken Fisher’s Fisher Asset Management was its largest hedge fund shareholder with ownership of 27 million shares valued at $3.1 billion.
2. Palantir Technologies Inc. (NYSE:PLTR)
3-Month Average Volume: 56.77M
YTD Performance: 184.58%
Number of Hedge Fund Holders: 39
Denver, Colorado-based Palantir Technologies Inc. (NYSE:PLTR) is a leading technology company providing software platforms for big data analytics. It has built three principal software platforms: Gotham, Foundry, and Apollo. These platforms provide the infrastructure needed to integrate data and operations and run the required software in virtually any environment.
On November 2, Palantir Technologies Inc. (NYSE:PLTR) released its financial results for Q3 2023. Its revenue increased by 17% y-o-y to $558 million, while it generated a net income of $72 million, compared to a net loss of $124 million last year.
As of November 8, Palantir Technologies Inc. (NYSE:PLTR) shares have had a remarkable year with its share price up more than 184% to date. A significant portion of the positive trend for the stock can be attributed to its turn to profitability with its highest ever net profit posted in Q3.
Following the earnings release, HSBC analyst Stephen Bersey upgraded the rating for Palantir Technologies Inc. (NYSE:PLTR) shares to ‘Buy’ from ‘Hold’ and raised the price target to $21 from $16.
1. Apple Inc. (NASDAQ:AAPL)
3-Month Average Volume: 58.41M
YTD Performance: 40.39%
Number of Hedge Fund Holders: 135
Apple Inc. (NASDAQ:AAPL) is a leading technology company focused on the designing, manufacturing, and marketing of smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services.
Apple Inc. (NASDAQ:AAPL) released worldwide the latest version of its flagship smartphone titled iPhone 15, on September 22 earlier this year. Sales for the models have remained strong in the early period and analysts expect positive results from the release.
The quarterly revenue of Apple Inc. (NASDAQ:AAPL) once again declined by 1% on a y-o-y basis in the quarter ended September 30. The company posted a revenue of $89.5 billion and a net income of $23 billion, which translated to an adjusted EPS of $1.46.
Apple Inc. (NASDAQ:AAPL) is among the favorites of hedge funds, with 135 of the 910 hedge funds tracked by Insider Monkey holding its shares valued at a whopping $194 billion. Warren Buffet’s Berkshire Hathaway was its biggest shareholder with ownership of 916 million shares valued at $178 billion.
In its Q3 2023 investor letter, Baron Funds, an investment management firm, made the following comments about Apple Inc. (NASDAQ:AAPL):
“Despite [the] quarterly fluctuations in product sales, we are encouraged by several long-term trends, including: (1) revenue from higher-margin services like the App Store, iCloud, and Apple Pay, which are growing faster than the overall business, driving better revenue visibility and higher free-cash-flow (FCF) margins; (2) continued gains in global market share in smartphones, wearables, and other hardware categories; and (3) consistent returns of capital to shareholders via share repurchases and dividends. On top of these trends in the core business, Apple is thoughtfully investing in new categories like augmented reality, search, financial services, and streaming media content. We took advantage of weakness in the quarter to add to our position in Apple.”
You may also like to read 12 Dogs of the Dow Dividend Stocks to Buy and 12 Best Day Trading Stocks To Buy
