3 Top Tech Stocks Pushing the Market Higher

While the domestic economy has yet to show a measurable improvement, the stock markets are continuously moving higher. The S&P 500 has been on a rally and hit another fresh high of $3481.07 yesterday, surpassing its previous record last week. In addition to fiscal and monetary policies, the accelerated pace of digital transformation is a major reason behind the market’s continued rally. So, undoubtedly, tech stocks have been the major beneficiaries…

Since the virus-led market crash in mid-March, the tech-heavy Nasdaq composite gained close to 70% versus the S&P 500’s 50% gain. This performance clearly demonstrates the fact that we’re seeing tech-oriented momentum. The technology sector has been driven up by a select group of stocks.

The following stocks have contributed to the skyrocketing performance of the tech sector: NVIDIA Corporation (NVDA), DocuSign, Inc. (DOCU), and Sunrun Inc. (RUN).

NVIDIA Corporation (NVDA)

NVDA’s products and services are visual computing platforms that deal with four markets — Gaming, Enterprise, High Performance Computing & Cloud, and Automotive. The stock has gained about 160% since its March lows, and has gained 25% over the past month.

According to founder and CEO Jensen Huang, “Adoption of NVIDIA computing is accelerating, driving record revenue and exceptional growth. Growth in GeForce gaming accelerated as gamers increasingly immerse themselves in realistic virtual worlds created by NVIDIA RTX ray tracing and AI. Our new Ampere GPU architecture is sprinting out of the blocks, with the world’s top cloud service providers and server makers moving quickly to offer NVIDIA accelerated computing. Mellanox grew sharply, driven by the need for high-speed networking in cloud data centers to scale-out AI services. And Mercedes-Benz’s partnership with NVIDIA to power its next-generation fleet of luxury cars — from the computer to the AI software, and from the cloud to the car — is transformative.”

For the second quarter ending July 2020, revenue increased 50%, net income increased 79% and earnings per share were up 76% year-over-year. Voyage’s third-generation robotaxi, the G3, used NVDA DRIVE AGX Pegasus for autonomous transportation. Furthermore, NVDA plans to collaborate with the University of Florida to build the world’s fastest AI supercomputer in academia.

The consensus EPS estimate of $2.57 for the quarter ending October indicates a year-over-year increase of…

Continue reading at STOCKNEWS.com



You May Also Like

About the Author: admin