The technology sector has driven gains in the Nasdaq Composite (COMP.IND) so far 2023, with the benchmark index climbing more than 20% since the close of last year. With AI the hot topic, Nvidia (NVDA) represented the latest tech player to see a bump, with shares of the semiconductor giant surging earlier this week on earnings news.
Given these recent gains, where do opportunities still exist in the tech sector? Seeking Alpha has constructed a list of the top 10 tech stocks according to its Quant Ratings. This system grades stocks based on their relative performance on several key quantitative measures, including such things as valuation, growth, profitability and momentum.
Top 10 Tech Stocks with YTD Price Action & Quant Grades
No. 10: Palantir Technologies Inc. (PLTR): +100.9% YTD and quant grade 4.94.
No. 9: First Solar (FSLR): +37.6% YTD and quant grade 4.94.
No. 8: Arlo Technologies (ARLO): +153.83% YTD and quant grade 4.95.
No. 7: Coda Octopus Group (CODA): +43.3% YTD and quant grade 4.95.
No. 6: Axcelis Technologies (ACLS): +94.2% YTD and quant grade 4.96.
No. 5: Bel Fuse Inc. (BELFB): +46.4% YTD and quant grade 4.96.
No. 4: Salesforce (CRM): +55.7% YTD and quant grade 4.97.
No. 3: Super Micro Computer (NASDAQ:SMCI): +146.7% YTD and quant grade 4.97.
No. 2: Opera Limited (NASDAQ:OPRA): +182.6% YTD and quant grade 4.99.
No. 1: Tingo Group Inc. (NASDAQ:TIO): +368.5% YTD and quant grade 4.99.
For investors who are looking for a more diversified approach to the tech sector see below a list of popular technology focused exchange traded funds:
- Vanguard Information Technology ETF (VGT)
- Technology Select Sector SPDR Fund (XLK)
- Fidelity MSCI Information Technology Index ETF (FTEC)
- VanEck Semiconductor ETF (SMH)
- First Trust NASDAQ Cybersecurity ETF (CIBR)
- First Trust Cloud Computing ETF (SKYY)
More on the Tech Space: