5 Hot Tech Stocks to Invest in Now

In this article, we will be taking a look at the 5 hot tech stocks to invest in now. To read our analysis of the recent technology trends, and market activity, you can go to the 12 Hot Tech Stocks to Invest in Now.

5. Microsoft Corporation (NASDAQ:MSFT)

3-Month Average Volume: 22.65M

Year-to-date Performance: 12.98%

Number of Hedge Fund Holders: 302

Redmond, Washington-based Microsoft Corporation (NASDAQ:MSFT) is a leading technology company with products including operating systems, server applications, desktop and server management tools, software development tools, and video games. It is among the leaders in the AI race following its partnership with OpenAI, the creator of Chat GPT – an artificial intelligence powered chatbot.

As of Q4 2023, Microsoft Corporation (NASDAQ:MSFT) ranks highest on our list of 12 hot tech stocks to invest in now. It was the most sought-after stock among the 933 hedge funds tracked by Insider Monkey as 302 of these hedge funds held its shares valued at $87.3 billion.

In its Baron Opportunity Fund Q4 2023 investor letter, Baron Funds, an investment management company, made the following comments about Microsoft Corporation (NASDAQ:MSFT):

“Microsoft was traditionally known for its Windows and Office products, but over the last five years, it has built a $135 billion run-rate cloud business, including its Azure cloud infrastructure service and its Office 365 and Dynamics 365 cloud-delivered applications. The stock contributed to performance because of continued strong operating results, and investor enthusiasm regarding Microsofts’s leadership across the secular megatrends of AI and cloud computing. As highlighted above, Morgan Stanley’s fourth quarter 2023 CIO Survey confirmed the strength and attractiveness of Microsoft’s product portfolio among its customer set: (1) 63% of CIOs expect to use at least one of Microsoft’s generative AI products over the next 12 months; (2) “Microsoft widened its lead as the #1 share gainer of IT wallet share as a result of the shift to the cloud on both a 1-year and 3-year view;” (3) Microsoft Azure ranks as the preferred cloud vendor today (with 48% of application workloads today) and is expected to extend its lead over the next three years (to 50% of workloads).”