In this article we will take a look at the some notable tech stocks that trended this week. You can skip our detailed analysis of these stocks and go to read This Week in Technology: Why These 5 Stocks Were in the Spotlight.
It was a good week for the broader tech market as the NASDAQ 100 index had risen 2.81% over the last five trading days. Among the tech stocks that trended include Twilio Inc. (NYSE:TWLO), PayPal Holdings, Inc. (NASDAQ:PYPL), Meta Platforms, Inc. (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG), and Spotify Technology S.A. (NYSE:SPOT). Let’s analyze why each stock was in the spotlight this week and how elite funds were positioned among them.
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10. Meta Platforms, Inc. (NASDAQ:FB) trended this week due to CEO Mark Zuckerberg deciding to focus the social media company more on the metaverse, which is a shared virtual environment. With the metaverse platform, users can use augmented and virtual reality technology to potentially realize a better experience than the company’s existing apps. To make the metaverse a reality, Meta Platforms, Inc. (NASDAQ:FB) is expected to increase its capital spending in 2022 to $29 billion to $34 billion from an estimated $19 billion this year. Billionaire Mark Zuckerberg owns substantial shares of Meta Platforms, Inc. (NASDAQ:FB).
9. Amazon.com, Inc. (NASDAQ:AMZN) was in the spotlight this week after it disclosed it owned a 20% stake in Rivian. Amazon.com, Inc. (NASDAQ:AMZN) was trended due to the company reporting strong results for its cloud division. For the third quarter, Amazon Web Services grew its sales 39% to $16.1 billion and is now at an annualized sales run rate of $64.44 billion. Amazon.com, Inc. (NASDAQ:AMZN) CFO Brian Olsavsky said, “AWS has seen a reacceleration of revenue growth as customers have expanded their commitment to the cloud and selected AWS as the cloud partner.” Billionaire Jeff Bezos owns substantial shares in Amazon.com, Inc. (NASDAQ:AMZN).
8. Microsoft Corporation (NASDAQ:MSFT) was in the spotlight this week after the company reclaimed the title of the world’s most valuable tech company. Microsoft Corporation (NASDAQ:MSFT) did so with the help of strong cloud growth. For its fiscal Q1 earnings, the company’s intelligent cloud sales were $16.98 billion, versus the expected $16.58 billion. Sales of Azure grew 48% year over year for the quarter. Billionaire Steve Ballmer owns substantial shares of Microsoft Corporation (NASDAQ:MSFT).
7. Alphabet Inc. (NASDAQ:GOOG) also trended this week due to the tech giant reporting strong cloud growth. For the quarter ended September 30, 2021, Alphabet Inc. (NASDAQ:GOOG) cloud sales were $4.99 billion, up from cloud sales of $3.444 billion for the same period of 2020. Alphabet Inc. (NASDAQ:GOOG) Cloud’s losses also shrank to $644 million in Q3 2021 from a loss of $1,208 million in Q3 2020. Alphabet Inc. (NASDAQ:GOOG) was one of the most widely held stocks at the end of Q2 among the smart money funds in our database.
6. Spotify Technology S.A. (NYSE:SPOT) rose substantially this week thanks in part to strong third quarter results where the company lost less money than last year and its sales rose to 2.5 billion euros from 1.98 billion euros. At the end of the quarter, Spotify Technology S.A. (NYSE:SPOT) also had 381 million monthly active users, up 19% from a year earlier. Catherine D. Wood’s ARK Investment Management owned more than 4.79 million shares of Spotify Technology S.A. (NYSE:SPOT) at the end of June.
Like Meta Platforms, Inc. (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG), and Spotify Technology S.A. (NYSE:SPOT), Twilio Inc. (NYSE:TWLO) and PayPal Holdings, Inc. (NASDAQ:PYPL) were tech stocks that trended this week.
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Disclosure: None. This Week in Technology: Why These 10 Stocks Were in the Spotlight is originally published on Insider Monkey.
