3 high tech stocks to buy right now

Tech stocks took it on the chin earlier this year. Once upon a time, tech-heavy Nasdaq Integrated It’s down 32 percent.

The market has recently recovered, and investors are cautiously dipping their toes into the tech waters. However, if you are a long-term investor, there are still deals to be had no matter which way the market moves in the short term.

Many tech stocks remain well below where they started the year and are ripe for those looking to buy and hold. So here are my top three picks for tech stocks to buy right now.

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1. Alphabet

It’s the first tech stock I’m buying right now. Alphabet (GOOG -0.55%). When considering top stocks, alphabet cannot be ignored. The company generates high profits with impressive operating margins. Moreover, the stock remains cheap on a historical basis.

And while the company reported somewhat disappointing earnings results in late July, much of that was due to negative foreign exchange fluctuations due to the strengthening dollar.

Overall, Google Search remains the dominant Internet search provider, and YouTube continues to generate billions in ad revenue each quarter.

Google Cloud is working to gain market share in the lucrative cloud infrastructure market and, according to Synergy Research Group, Alphabet now has a 10% market share. Considering how fast the cloud market is growing, the segment represents a huge growth opportunity for the company.

For investors looking to play it safe with tech megacaps, Alphabet is a smart choice.

2. Spotify

It is now the second technology stock to buy. Spotify technology (Spot -3.00%). While the business press is fixed on Video In the “streaming wars”, the audio streaming market is often overlooked.

And that’s too bad, because it’s an audio stream. on fire right now. In particular, podcasts have become sensational. Spotify is capitalizing on this trend. The company has more than 4 million podcasts available for streaming, and has exclusive rights to Joe Rogan’s podcast, the most popular podcast to date.

Moreover, the company is growing its subscribers even in the global economic recession. On the latest crash report, Spotify reported a 19% year-over-year increase in daily average users (DAUs) and a 14% increase in paid subscribers. Advertising revenue jumped 31 percent, and subscriber revenue increased 23 percent.

Spotify has seen stronger-than-expected growth in the Gen Z demographic, particularly in Latin America, demonstrating the company’s appeal beyond its traditional strongholds in Europe and North America.

Meanwhile, CEO Daniel Eck recently bought $50 million worth of Spotify stock. It shows the CEO’s confidence that the company is on the right track. I agree, and I think investors would be wise to jump on the Spotify train before it leaves the station.

3. Roblox

The third and final piece of tech stock I’m buying now is a long-standing personal favorite.: Roblox (RBLX 2.67%). Shares tumbled earlier in the year, hitting a 52-week low of $21.65 on May 10. Since then, shares have bounced back and more than doubled in value.

I love Roblox because it’s a game on the web 3.. In short, Web3 is the next phase of the Internet’s evolution, where ordinary people begin to “own” the Internet – or at least parts of it.

Roblox runs a digital platform that brings together digital gamers and digital creators. Both use virtual currency (Robux) as exchange. When a player spends Robux, the sale of Robix is ​​ultimately converted into the company’s revenue.

Players buy Robix with fiat currency, then trade it for power-ups, pets, and various types of gear for their avatars. Creators receive a discount of Robux for their created items or “experiences”.

Because the creators of Roblox are constantly competing against each other for players’ Robux, the “experiences” are frequently updated to include new challenges and items that keep players coming back.

The long-term potential is limitless, bounded only by the number of players on the platform and the imagination of the creators. The company continues to increase daily average users (DAUs) at a steady clip. As of its May update, the company reported 50.4 million DAUs, a 17 percent year-over-year increase.

Looking ahead, Roblox plans to engage advertisers to expand its revenue stream. The company has announced some partnerships, including an agreement with Spotify. For investors willing to take on a static reputation, buying Roblox is one smart way to bet on Web3.