10 Hot Tech Stocks To Buy Now

Published on February 3, 2023 at 1:27 pm by Usman Kabir in Hedge Funds, Market Movers, News

In this article, we discuss the 10 hot tech stocks to buy now. If you want to read about some more hot tech stocks to buy now, go directly to 5 Hot Tech Stocks To Buy Now.

2022 was a challenging year for the tech industry and the economy as a whole, with high and persistent inflation causing significant growth and performance issues. In 2020, the COVID-19 pandemic led to an easing and printing of money that had a steroid-like effect on the economy. However, in 2022, when the Federal Reserve raised interest rates at a rapid pace and implemented measures such as quantitative tightening, the economy returned to its pre-pandemic state and faced significant challenges.

In 2022, the tech industry composite, NASDAQ, ended the year down 32.96%. The year 2022 saw significant losses, with tech giants like Apple Inc. (NASDAQ:AAPL), Tesla, Inc. (NASDAQ:TSLA), and NVIDIA Corporation (NASDAQ:NVDA) witnessing a decline in their stocks after announcing their earnings. The overall losses in the market have resulted in a combined loss of $3 trillion in market capitalization, mainly from a handful of leading stocks. Apple was the leading company in the tech industry ending the year 2022 with a market capitalization of $2.05 trillion.

For 2023, the outlook is somewhat positive, a report from Gartner forecasts a 2.4% growth in worldwide IT spending. The report suggests that the industry may recover in the upcoming year, providing hope for investors and stakeholders in the tech sector. The tech industry is expected to increase its growth, with a focus on digital transformation and the integration of emerging technologies, according to another recent report. Investment in digital transformation is expected to reach a staggering $6.8 trillion by 2023.

The COVID-19 pandemic accelerated the shift towards digital, and companies are expected to continue investing in technology to improve their operations and customer experiences. The increasing demand for remote work and online shopping has also led to a rise in demand for devices such as laptops and smartphones. A report by TrendForce projects that the global 5G market will reach a value of $14.5 billion in 2023, driven by the promotion of 5G private networks by enterprises and the upgrading of equipment for small cells and 5G FWA (fixed wireless access).

The growth of wearables faced challenges in 2022, with a 6.9% decrease in global shipments according to the IDC Tracker. The demand for wearables was impacted by factors such as rising inflation, concerns about a potential recession, increased spending on non-tech categories, and the rapid growth experienced in the market in the previous two years. However, the market is expected to bounce back in 2023, driven by a rise in demand for watches and hearables from new buyers in emerging markets and replacement purchases in mature markets.

2023 has seen a sharp uptrend since the start of the year, NASDAQ tech index has risen 8.8% and reached a market cap of $18.219 trillion. Most tech firms have seen growth. Additionally, the Federal Open Market Committee’s rate hike decision on February 1 is also highly anticipated as it can greatly impact the stock prices of tech companies and the tech sector overall.

Our Methodology

For this article we first used stock screeners to identify tech stocks that have gained at least 5% year to date in 2023 and have an average 3-month volume of more than 5 million as of January 31. From this resultant dataset we picked the stocks with highest volumes and share price gains. The list is ranked in ascending order of average 3-month share volume.

Pixabay/Public domain

Hot Tech Stocks To Buy Now

10. SOBR Safe, Inc. (NASDAQ:SOBR)

Number of Hedge Fund Holders: 2

YTD Perf: 89.49%

3 Month Avg Volume: 729,258

SOBR Safe, Inc. (NASDAQ:SOBR) develops non-invasive alcohol detection and identity verification systems. On January 31, the shares of SOBR Safe increased by up to 14% following the announcement that the initial two deployments of SOBRcheck in the oil and gas sector were successful, resulting in growth across all TerraTech Services sites in the United States.

At the end of the third quarter of 2022, 2 hedge funds in the database of Insider Monkey held stakes worth $3.9 million in SOBR Safe, Inc. (NASDAQ:SOBR).

Just like Apple Inc. (NASDAQ:AAPL), Tesla, Inc. (NASDAQ:TSLA), and NVIDIA Corporation (NASDAQ:NVDA), SOBR Safe, Inc. (NASDAQ:SOBR) is one of the hot tech stocks to buy now according to elite investors.

9. C3.ai, Inc. (NYSE:AI)

Number of Hedge Fund Holders: 18

YTD Perf: 77.39%

3 Month Avg Volume: 2.4M

C3.ai, Inc. (NYSE:AI) operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. C3.ai has benefited due to the increasing interest in stocks related to artificial intelligence after the soaring popularity of OpenAI tools like ChatGPT on the internet across the world.

On October 10, Canaccord analyst David Hynes maintained a Hold rating on C3.ai, Inc. (NYSE:AI) stock and lowered the price target to $14 from $16, highlighting that the company’s product was uniquely positioned to solve complex analytics problems for the world’s largest companies.

At the end of the third quarter of 2022, 18 hedge funds in the database of Insider Monkey held stakes worth $71.9 million in C3.ai, Inc. (NYSE:AI), compared to 17 in the previous quarter worth $1 billion.

8. BigBear.ai Holdings, Inc. (NYSE:BBAI)

Number of Hedge Fund Holders: 15

YTD Perf: 385.38%

3 Month Avg Volume: 3.6M

BigBear.ai Holdings, Inc. (NYSE:BBAI) provides artificial intelligence and machine learning for decision support. On January 12, BigBear.ai was granted a contract with a value of $900 million with indefinite delivery and quantity terms by the United States Air Force. This contract provides BigBear.ai the opportunity to bid on task orders to provide the Air Force with capabilities, systems, and simulated environments as a main contractor.

At the end of the third quarter of 2022, 15 hedge funds in the database of Insider Monkey held stakes worth $3 million in SOBR Safe, Inc. (NASDAQ:SOBR), compared to 14 in the preceding quarter worth $8.2 million.

7. Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS)

Number of Hedge Fund Holders: 1

YTD Perf: 17.65%

3 Month Avg Volume: 9.6M

Powerbridge Technologies Co., Ltd (NASDAQ:PBTS) provides software application and technology solutions and services primarily in China. On November 14, the shares of Powerbridge technologies rose 3% after it acquired a 19% stake in DTI Group, an Australia-based solution provider company. It functions as a platform developer and service provider for the UN’s Digital Trading Infrastructure & Online Dispute Resolution initiative, which aims to improve digital trade connectivity and operations between online cross-border trade platforms and physical trade centers.

At the end of the third quarter of 2022, 1 hedge fund in the database of Insider Monkey held stakes worth $166,000 in Powerbridge Technologies Co., Ltd (NASDAQ:PBTS), compared to 2 in the preceding quarter worth $91,000.

6. Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 74

YTD Perf: 20.65%

3 Month Avg Volume: 15.6M

Micron Technology, Inc. (NASDAQ:MU) designs, manufactures and sells memory and storage products worldwide. On December 21, Micron Technologies declared a quarterly dividend of $0.115 per share, in line with previous. The forward yield was 0.9%. The company has benefited from the easing of recession fears in the United States over the past few months. Despite macro slowdowns, chip spending in 2023 is expected to be on par with 2022 levels, boosting the outlook for firms like Micron.

On December 7, Wells Fargo analyst Aaron Rakers maintained an Overweight rating on Micron Technology, Inc. (NASDAQ:MU) stock and lowered the price target to $70 from $75, noting that it would not be surprising to see shares trading lower ahead of the upcoming first-quarter earnings release.

At the end of the third quarter of 2022, 74 hedge funds in the database of Insider Monkey held stakes worth $2.5 billion in Micron Technology, Inc. (NASDAQ:MU), compared to 69 in the preceding quarter worth $2.2 billion.

In addition to Apple Inc. (NASDAQ:AAPL), Tesla, Inc. (NASDAQ:TSLA), and NVIDIA Corporation (NASDAQ:NVDA), Micron Technology, Inc. (NASDAQ:MU) is one of the hot tech stocks to buy now according to elite investors.

In its Q2 2022 investor letter, Meridian Funds, an asset management firm, highlighted a few stocks and Micron Technology, Inc. (NASDAQ:MU) was one of them. Here is what the fund said:

“Micron Technology, Inc. (NASDAQ:MU) is a leader in DRAM and NAND memory production. We invested in the stock in the third quarter of 2019 during a cyclical downturn in the memory industry. Our rationale was that, while the memory industry is cyclical, we believed there are strong secular drivers in place that will lead to higher peaks and long-term growth. Our secular thesis is based on our conviction that the quest for ever-increasing compute speeds will increasingly rely on memory to solve bottlenecks and that increased memory content in nearly everything from mobile phones to automobiles will drive demand. Micron’s stock traded lower during the quarter due to macroeconomic concerns that led to lower earnings expectations. We increased our stake in the company, as we believe our secular thesis remains intact. We wanted to take advantage of what we view as temporary cyclical concerns that caused the stock to trade at less than 10x reasonable trough earnings per share (EPS) estimates and less than 7x recent peak EPS.”

Click to continue reading and see 5 Hot Tech Stocks To Buy Now.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on May 1, 2024 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

But with so many choices, how do you find the hidden gem – the company poised for explosive growth?

That’s where our expertise comes in.

We’ve got the answer, but there’s a twist…

Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap.

That’s the potential you’re looking at. This isn’t just about a decent return – we’re talking about a 10,000% gain over the next decade!

Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

This company boasts the most advanced technology in the AI sector, putting them leagues ahead of competitors.

It’s like having a race car on a go-kart track.

They have a strong possibility of cornering entire markets, becoming the undisputed leader in their field.

Here’s the catch (it’s a good one): To uncover this sleeping giant, you’ll need our exclusive intel.

We want to make sure none of our valued readers miss out on this groundbreaking opportunity!

That’s why we’re slashing the price of our Premium Readership Newsletter by a whopping 75%.

For a ridiculously low price of just $24, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single restaurant meal!

Here’s why this is a deal you can’t afford to pass up:

The Name of the Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.
Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.
Lifetime Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund ANYTIME, no questions asked.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

Head over to our website and subscribe to our Premium Readership Newsletter for just $24.
Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.
Sit back, relax, and know that you’re backed by our ironclad lifetime money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

A New Dawn is Coming to U.S. Stocks

Published on May 2, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…

Insider Monkey Ads

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Log In

Sign Up