Tech stocks have been among the hottest stocks in the stock market over the past decade. Certainly, there is plenty of movement in the tech space and this can be overwhelming for the average investor. Investing in tech stocks is also not as straightforward as some may think. Tech companies are constantly evolving and pushing their boundaries to look for the next breakthrough. Thus, investors may find it worthwhile to be regularly keeping tabs on companies in this industry.
Earlier today, South Korea’s SK Hynix announced that it had completed the first phase of acquiring Intel’s (NASDAQ: INTC) NAND flash memory chip business. This also marks SK Hynix’s biggest acquisition ever as it seeks to expand its area of expertise. With this sale, Intel would be able to place more attention on its smaller but more lucrative Optane memory business.
On another hand, tech giants such as Alphabet (NASDAQ: GOOGL) are not resting on their laurels. While it is primarily known for its Google services, Alphabet also has a presence in the autonomous vehicle space. Recently, the company’s Waymo announced that it will be partnering with China’s Geely to create a fleet of all-electric, self-driving robotaxis. With so much happening in the tech industry, let’s take a look at a list of the top tech stocks in the stock market today.
Best Tech Stocks To Watch Today
- Calix Inc (NYSE: CALX)
- Western Digital Corp (NASDAQ: WDC)
- Juniper Networks, Inc (NYSE: JNPR)
- Accenture Plc (NYSE: ACN)
Calix is a provider of cloud and software platforms, systems, and services. In detail, it focuses on the access network, the portion of the network that governs available bandwidth, and determines the range of services that can be offered to subscribers. It has been a fruitful year for CALX stock, rising more than 160% over the past year.
The company continues its momentum as it will be added to the S&P MidCap 400 index prior to the market opening on January 4. It is a significant development as the index funds that track the mid-cap index will have to add the stock to their holdings. Consequently, driving up demand for the company stock. Now, this is a testament to Calix’s success over the years and represents a milestone for the company.
On top of that, Calix also announced earlier this month that UK-based Grayshott Gigabit Limited has chosen the company’s Intelligent Access EDGE to bridge the digital divide and raise home values in Eastern Hampshire and Surrey Hills. Grayshott hopes to accelerate subscriber turnups and reduce back-office integration by 83% through this integration. Given these positive developments, should you be keeping a close eye on CALX stock?
Following that, we will be looking at Western Digital. This is a company that specializes in data storage devices and solutions. The company develops and manufactures hard disk drives (HDDs), and solid-state drives (SSDs) for computing devices, smart video systems, gaming consoles, and others. WDC stock has been picking up steam lately, rising over 14% within the past month.
The company received another indirect boost recently as China is seeing a COVID-19 outbreak. This has led to its South Korea-based rival Samsung Electronics to “temporarily adjust operations” at its manufacturing facilities in Xi’an, China. Now, this means that Samsung will be reducing production at its NAND memory chip plant as the region is seeing new lockdown restrictions.
Coupling this with Western Digital’s strong fundamentals, it should not be a surprise that investors are eyeing WDC stock. During its first fiscal quarter, the company posted revenue of $5.1 billion, an increase of 29% year-over-year. Out of which, cloud revenue increased by 72%. Meanwhile, its GAAP net income turned from a loss of $60 million to a positive $610 million. All in all…
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