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- 1 Best stocks come from businesses that are building the future with fast-growing technology including Artificial Intelligence (AI).
- 2 Artificial Intelligence sparked the potential stock market upside relying on profitability gains and boomed the value of tech companies in the market.
Increased use of technology in the stock market made the services more accessible to a wider range of investors, making it easy for individuals to buy and sell stocks. The global tech industry market grew from $8179.48 Billion in 2022 to $8852.41 Billion in 2023 representing a technological boom. The top 5 tech stocks benefiting from the technology boom are presented below.
NVIDIA Corporation
NVIDIA, a leading graphics chip company has taken advantage of the technological boom with increased use of graphics cards in data centers around the globe. The company’s data center business reflects an increased share of the company’s revenues. As a result, the company increased its price target on the stock from $450 to $500.
The company has around 2,470,000,000 shares outstanding as of July 2023 and the highest stock closing was 438.08 on June 20, 2023. Investing in NVIDIA stocks would be beneficial as the median is estimated to rise by +9.63% in the next 6 to 12 months.
Microsoft
The partnership of Microsoft with OpenAI got a lot of buzz and the company is racing to involve GPT features in its product portfolio including Edge web browser, Bing, and Azure cloud infrastructure. Working with AI and top technologies attracts investors to the firm. The share price of Microsoft Corporation is $338.15 with the highest stock closing price of $348.10 on June 15, 2023.
Bill Gates holds around 103 Million shares of Microsoft and is one of the biggest shareholders of the company. Also, Microsoft’s stock price is predicted to go as high as $522.47 by 2025.
IBM
IBM is a tech company undergoing transformation and the involvement of AI in business strategies will result in increased efficiency. For inventors looking for a tech company that is well-positioned to benefit from the technology boom, IBM is one of the best options to select.
IBM’s current stock price is at $134.24 and the highest closing price is $146.72 in December 2022. The company’s stock prices are expected to rise to $255 by the end of 2028. High growth earnings and an upsurge in revenues are expected over the next 3 years making IBM the best stock to invest in the near future.
Apple
Apple Inc is one of the largest tech companies by revenue with $394.3 Billion in 2022. The continuous innovation and growth of Apple through iPhones and MAC has transformed the firm into one of the strongest players in the stock market. Apple’s current stock price is $191.33 and the highest closing price is $193.97 on June 30, 2023. The stock price of Apple is expected to touch $240.00 by the end of 2023 and up to $600 by 2030.
Amazon
Amazon is one of the leading players using AI and enhanced technologies. From Alexa, a cloud based voice service to Amazon Go, a cashier-less grocery store, the company is using advanced technologies in every area that is boosting the popularity of the firm in the stock market. Amazon’s current stock price is $130.38 and is predicted to reach $228.04 by the end of 2023. Over the next ten years, Amazon is expected to surge to $3036.22 by the end of 2032.
Conclusion
The continuous growth and advancement in technology attract investors toward high-tech companies. Amazon, NVIDIA Corporation, IBM, Microsoft, and Apple are some best tech stocks benefiting from the technological boom.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
