Looking to diversify your investment portfolio? Keep an eye on these tech stocks.
Since the chaos caused by COVID-19 in 2020, tech stocks provided relief to stock market investors. The age of technology and automation has proved its purpose and potential in managing businesses from crashing and gained the trust of many investors. If you are ready to dive into the stock market and invest in the best-performing tech stocks, here are the most promising tech stocks of May 2021 from tech sectors ranging from AI, IT to robotics.
Best Tech Stocks to Buy in May 2021
1. Intel Corp: Intel is a globally renowned company for manufacturing computer components and related products like processors, chipsets, memory, and storage products. Designed to suit emerging and traditional computer technologies like 5G, cloud computing, and AI, Intel’s team who makes these is a global workforce of 110,600 people. In April 2021, the company announced its financial results for Q1 2021, revealing a 41%YOY decline in net income and a 1% YOY drop in revenues. This stumble makes it a good buy to hold on to the future hike.
2. Advanced Micro Devices Inc: AMD is a global semiconductor company that seels chipsets, GPUs, server and embedded processors, and technology for game consoles. With operations spanning across 35 locations worldwide, the company saw a good Q1 in 2021. The company’s Q1 financial results reported net income more than triple the YOY and revenues with an increase of 93%. The reason for this great profit is its best-ever product portfolio, strong execution, and market demand.
3. Cloudflare Inc: Cloudflare is a company that provides website infrastructure and security services. Approximately 25 million internet properties use the company’s services and serve more than 21 million HTTP requests every second. At the beginning of April 2021, Cloudflare announced a partnership with Nvidia Corp to leverage AI capabilities.
4. Nvidia: Nvidia is not just a GPU company but also a leading AI company. The gaming powerhouse uses its GPUs to power data centers for artificial intelligence. Its data center’s sales skyrocketed 97% in Q4 2020 and now add up to 38% of the total revenue. In the latest quarter, Nvidia’s GPU segment had a revenue spike of 67% and is planning to purchase Arm Holdings to leverage its AI position.
5. Microsoft: Microsoft’s growing position in the AI marketplace is a reason to keep an eye on this stock. Microsoft’s Azure is the second-largest cloud computing service after AWS. In the cloud-based AI services market, Azure’s growth in the past few years has put Microsoft at the forefront of growth. Last month, Microsoft announced the purchase of Nuance Communications for $20 billion, which will provide the company more AI tools to improve its market holding.
6. Verint Systems: This New York-based company is a major player in the actionable intelligence solutions industry. Verint is enjoying its current digital transformation, cloud migration, and automation adoption. Strong demand for security solutions is driving the growth of this company and Verint’s fiscal earnings for 2021 have grown 0.5% within just a few weeks.
7. Deere & Company: The focus on automation through products like the autonomous electric tractor, drone sprayers, etc. has increased the earnings of the company. According to experts, the current year’s earnings increased 0.9% in the last 2 months and are expected to have a growth rate of 84.2% this year.
8. Intuitive Surgical Inc: Intuitive surgical designs, develops, manufactures, and markets da Vinci surgical systems like surgeon’s consoles, patient-side carts, 3-D HD vision systems, and related instruments along with its subsidiaries. The company’s earnings for 2021 increased 8.4% over the last 60 days and the growth rate is estimated to be 30.2%.
9. ABB Ltd: This company manufactures and sells electrification, industrial automation, and robotics products worldwide. Its product line serves customers in utilities, transport, industry, and infrastructure. The current year’s earnings increased 3.3% in the past 2 months and the growth rate is estimated at 29.6% for this year.
10. Cognex Corporation: Cognex provides machine vision products that capture and analyze visual information to automate manufacturing and distribution processes globally. The company is also into robotic guidance and part location. The earnings of the company in the past 60 days have increased by 3.6% and experts estimate its growth rate at 43% in 2021.
