You can’t deny that tech stocks were among the top performers in 2020. Right now, it may be hard to say the same given that investors appear to be flocking to cyclical stocks. However, as we often say here at StockMarket.com, tech companies will likely continue to innovate, regardless. If anything, adapting and evolving is the name of the game when it comes to modern-day tech. Take fintech companies like PayPal (NASDAQ: PYPL) and Visa (NYSE: V) for example. Both companies launched new cryptocurrency-related services this week to tap into growing consumer sentiments regarding digital currencies. Despite being key services for the general public throughout the pandemic, both still find ways to improve their service.
Adding to that, even multinational tech giants like Amazon (NASDAQ: AMZN) are constantly expanding into new territories now. Chances are you have heard of its massive plays in the e-commerce and cloud computing space over the past years. Well, now Amazon is making advancements in the biotech sector as well. Namely, this is on account of the company receiving FDA authorization for its subsidiary-developed COVID-19 test last week.
Across the board, it seems that the tech industry continues to develop at breakneck speeds. Seeing as most of the top tech stocks now are taking a breather, could now be a good time to jump on the tech train? If you’re leaning towards a yes, here are four of the best tech stocks to watch in the stock market today.Top Tech Stocks To Watch This Week
- Marvell Technology Group (NASDAQ: MRVL)
- Alphabet Inc. (NASDAQ: GOOGL)
- Enphase Energy Inc. (NASDAQ: ENPH)
- Apple Inc. (NASDAQ: AAPL)
For starters, we have Marvell Technology Group. The company develops and produces semiconductors and related tech. Moreover, Marvell also offers storage, processing, networking, security, and connectivity solutions. Now, seasoned tech investors would be familiar with Marvell and its work. After all, the company’s core end markets include the enterprise, cloud, automotive, industrial, and consumer industries. Given the versatility and viability of its products, it would not surprise me to see investors eyeing MRVL stock now. Despite the recent tech pullbacks, MRVL stock is still looking at gains of over 100% over the past year.Source: TD Ameritrade TOS
Regardless, Marvell has been hard at work expanding its offerings. Just last week, the company unveiled its latest 5G network boosting System-on-a-Chip (SoC). Notably, the SoC is the product of a collaboration between Marvell and Samsung (OTCMKTS: SSNLF). According to Marvell, the SoC aids in the implementation of new tech, which improves cellular radios.
More importantly, it also supports both 5G and 4G networks simultaneously while using about 70% less power than previous iterations. Another key matter to note now would be Marvell’s ongoing plans to acquire fellow semiconductor company, Inphi (NASDAQ: IPHI). Marvell revealed that the shareholders will vote on the proposed acquisition on April 15. Given Marvell’s current momentum, would you say MRVL stock is worth watching now?Alphabet Inc.
Few companies can boast a portfolio as impressive as Alphabet Inc’s Google. To begin with, the multinational tech company specializes in Internet-related services and products. Its core divisions include online advertising, search engine, and cloud computing tech. On top of all that, the company is also a major player in the field of consumer tech. You are likely familiar with its Android smartphone operating system. Meanwhile, GOOGL stock continues to outpace the broader tech industry with year-to-date gains of over 18%.Source: TD Ameritrade TOS
At the same time, Google has not been sitting idly by on the operational front as well. On Monday, it was revealed that the company would be expanding its existing collaboration with telecom giant T-Mobile (NASDAQ: TMUS). In detail, T-Mobile will be establishing Google’s Messages app as the default messaging app across its customers’ Android phones.
Furthermore, the company will also be promoting Google’s smartphone line, cloud storage solutions, and embracing YouTube TV as its premium TV solution. No doubt, this marks a massive win for the Android ecosystem overall, increasing its market reach significantly. Speaking of its smartphone offerings, Google Maps also received major upgrades this week with augmented reality and environmentally friendly features. Given all of this, will you be adding GOOGL stock to your watchlist?
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Next, we will be looking at California-based clean energy tech company, Enphase. While the company is not often seen as a ‘tech player’, its core offerings consist of software-driven products. For some context, the company designs and manufactures home energy solutions spanning solar energy generation and storage. On top of that, Enphase also offers web-based monitoring and control solutions for said energy services. Arguably, the company could stand to benefit from President Joe Biden’s upcoming infrastructure recovery bill.Source: TD Ameritrade TOS
Indeed, this could be the case given Biden’s emphasis on transitioning towards cleaner energy sources. Besides, ENPH stock has already quadrupled in value over the past year thanks to this. The real question now is whether Enphase is ready to make the most of the current renewable tailwinds or not.
In this case, the company does not appear to be slowing down. On Monday, Enphase revealed that it is currently working with South African-based company Rubicon Group. Specifically, Enphase will be supplying Rubicon’s renewable energy division with its Enphase IQ microinverters. By extension, this would be used to bolster existing residential and commercial grids in the region. According to Enphase, the African continent represents 40% of the world’s solar potential. With the company making its entry into this resource-rich market, will you be watching ENPH stock?Apple Inc.
Last but not least, we have leading consumer tech company Apple. Safe to say, the company’s handheld electronic product line is a major household name. From its smartphones to its computers, the company’s comprehensive offerings continue to attract consumers. In case you weren’t aware, Apple reported record figures in its first-quarter fiscal back in January. To highlight, the company posted total revenue of $111.44 billion for the quarter. You could argue that this is a result of Apple introducing its first 5G smartphones in 2020. To this end, AAPL stock could be in focus now thanks to the company’s latest announcement.Source: TD Ameritrade TOS
In short, Apple’s annual Worldwide Developers Conference (WWDC) will begin on June 7 this year. The company revealed that the conference will be held virtually this year as well. For the uninitiated, WWDC is usually where Apple unveils its latest operating system updates across the various Apple devices. Additionally, the company could also use the event to introduce new hardware products.
This week, Apple also announced that it would be expanding its Independent Repair Provider (IRP) program globally. Simply put, Apple will make its IRP program available in over 200 countries, bolstering its customer services significantly. All things considered, do you think AAPL stock has more room to run this year?