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3 tech stocks to buy before they soar to new highs in 2023

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Tech stocks have had a great start to 2023 after the 2022 selloff. With the growing demand and success of cloud computing, augmented reality and artificial intelligence, tech companies are poised for a comeback. strength. THE Nasdaq Compound Iindex was down 33% in 2022 and several stocks took a beating. Many companies have suffered more than expected, but things are looking up this year and now is a good time to start looking for the best tech stocks to buy.

With a weak inflation report and the economy slowly returning to normal, it looks like tech stocks are set to gain. If you’re thinking about investing in tech stocks right now, you can reap big gains as they reach new heights in 2023. With that in mind, let’s take a look at three tech stocks to add to your portfolio.

Nvidia (NVDA)

Nvidia (NVDA) logo and sign on corporate headquarters.  Blurred foreground with green trees

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I’ve said it before and I’ll say it again, Nvidia (NASDAQ:NVDA) is a business that can make you a millionaire. NVDA stock has been hot since the start of 2023. Year-to-date (YTD), it has already returned nearly 160%. If you missed this opportunity, it’s not too late, Now is a good time to buy one of the booming tech stocks.

Nvidia released an explosive first quarter report with growth in revenue and results. Its revenue was $7.19 billion, up 19% from the prior quarter, and EPS was $1.09. Its data center sales were $4.28 billion, an annual increase of 14%. Data center sales are running at an annualized rate of $17 billion through this quarter and management expects the number of data centers to increase throughout 2023.

Nvidia figures show that the future is in artificial intelligence (AI) and its automotive division. This includes both chips and software for self-driving cars and was up 114% year over year (YOY). With the growing demand for AI chips, they expect a revenue boom in the coming quarters, which means there is huge upside potential.

Nvidia has a bullish forecast and massive demand for its product. The company said it was increasing production to meet growing demand. Nvidia is in the right place at the right time and is able to make the most of the AI ​​boom.

Microsoft (MSFT)

The Microsoft logo outside a building representing MSFT stock.

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Microsoft (NASDAQ:MSFT) is a company that has always been at the forefront of technology. It maintained that reputation with the AI ​​hype and Microsoft’s investment in Open AI ChatGPT. It stands to benefit significantly from this investment and has also unveiled several new AI-based search features for its search engine and internet browser. The best thing about Microsoft is that the management is ready to take on new challenges and adopt the latest technologies for its products. Investing in ChatGPT will give it an edge in the competitive industry and will also help improve commodity efficiency by enabling task automation.

An already solid company, Microsoft posted better-than-expected quarterly results and management expects AI to drive future growth. MSFT stock is up 31% since the start of the year. It has generated over 200% returns over the past five years and analysts expect the stock to hit $400 this year.

I think Microsoft is a solid addition to your portfolio as it’s poised to benefit from the AI ​​boom. Like Nvidia, the company is growing at a significant pace in the cloud space. Management expects this segment to grow 15% to 16% year-over-year in the next quarter. When you invest in Microsoft, you are investing in an already established company and you don’t have to worry about setting up the company’s infrastructure or waiting for AI-driven demand to take off in order to benefit from the stock. This also justifies the high share price.

Ignore the temporary highs and lows and load up on the MSFT stock. This is a stock to buy and hold for the decade as it will continue to soar.

Apple (AAPL)

Close up of the Apple (AAPL) retail store logo in Honolulu at the Ala Moana Center.  Advertisement of the latest generation of iPads, iPhones and iPods with a Retina display.

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A solid reason I’d bet on Apple (NASDAQ:AAPL) is its loyal clientele. No matter the market situation, Apple remained a favorite. Many Mac and iPhone users are so loyal to the product that they wouldn’t change to another brand for anything in the world. Investors can turn to AAPL stocks if the market is uncertain and you won’t be disappointed.

The tech giant enjoys a high valuation today and AAPL stock is up 37% year-to-date. This shows the solidity of the business model and the strength of its products and services. In the last quarter, the company saw a 3% drop in revenue year-on-year. It reported revenue of $94.84 billion and enjoys a gross margin of 44%. Its iPhone revenue was the highest at $51.33 billion, followed by service segment revenue at $20.91 billion. iPhone revenue grew 2% in the quarter and the company expects the next quarter to be similar to this one.

Apple’s potential for expansion is enormous. It’s working on a self-driving car and hasn’t even hit the foldable phone market. The business is excellent and the future looks stable. It’s growing its service segment, which means the company isn’t solely dependent on iPhones.

AAPL stock is one of the tech stocks to buy before it skyrockets as it nears $200.

At the date of publication, Vandita Jadeja did not hold (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

Vandita Jadeja is a CPA and freelance financial writer who enjoys reading and writing about stocks. She believes in buying and holding for long term gains. His knowledge of words and numbers helps him write clear stock analyses.


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