5 Unstoppable Tech Stocks To Buy

3. AppLovin Corporation (NASDAQ:APP)

YTD Gains as of April 4: 87.67%

Number of Hedge Fund Holders: 38

AppLovin Corporation (NASDAQ:APP) is a California-based company that offers AI-based solutions and end-to-end software. The company has 18 offices around the globe, and its software is used by more than 10,000 developers. As of April 4, the stock has gained 87.67% YTD and takes the third spot on our list of unstoppable tech stocks to buy.

In Q4 of 2023, hedge funds with investments in AppLovin Corporation (NASDAQ:APP) were 38 in the quarter, with positions worth $1.91 billion. This is compared to 33 funds with positions worth $1.834 billion in the prior quarter. GQG Partners is the top investor in the company as of December 31, 2023, and has a position worth $1.02 billion.

On March 26, AppLovin Corporation (NASDAQ:APP)-owned Wurl launched a new GenAI-based CTV advertising solution called BrandDiscovery. The solution leads to enhanced brand awareness and purchase intent using GenAI for the company’s clients.

SaltLight Capital stated the following regarding AppLovin Corporation (NASDAQ:APP) in its fourth quarter 2023 investor letter:

“AppLovin Corporation (NASDAQ:APP) operates at the intersection of game advertisers, publishers, and over one billion game players, functioning as a pivotal monetisation enabler in the free-to-play gaming ecosystem.

One of AppLovin’s strengths lies in its primary use of contextual data for ad matching. While this type of data may not offer the high precision of first-party data like Meta’s, it remains invaluable, especially in environments where traditional data signals are weaker. Contextual targeting becomes increasingly relevant in areas like connected TV (CTV), where direct user tracking is more challenging.

Connected TV, which includes devices (smart TVs, consoles, or sticks) that stream TV content, represents a flourishing opportunity set for performance-based digital advertising. As more households move away from traditional satellite or terrestrial TV in favour of internet-connected devices, the potential for monetising this viewership grows. However, advertising on CTV is still operating in the same seventy-year-old way as linear TV – with brand advertising as the dominant part of the funnel…” (Click here to read the full text)