(The Yorkshire Analysis) — In the realm of technology investments, the top “7 Technology Giants” comprising Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon.com (AMZN), Nvidia (NVDA), Meta Platforms (META), and Tesla (TSLA) have undeniably lived up to their grandiose title in 2023.
With the year approaching its close, several of these tech titans are poised for a potentially spectacular finish.
Here, we’ll analyze their performance, prospects, and key considerations for investors looking to capitalize on this market.
A Glimpse At The Top 7
Artificial Intelligence Pioneers
The majority of these companies, barring Apple, are pivotal players in the field of artificial intelligence. Noteworthy leaders include Nvidia and Microsoft, exemplifying the pivotal role AI plays in their operations. The year 2023 has witnessed remarkable surges in stock value:
– Nvidia, Meta Platforms, and Tesla have more than doubled in value.
– Amazon and Google have marked over a 50% increase.
– Microsoft and Apple have seen a commendable one-third surge.
Evaluating Individual Performance
1. Apple Inc. (AAPL)
Performance: AAPL stock has exhibited an impressive 37.3% growth in 2023. While it has slightly receded from its peak, it shows resilience above crucial support levels.
Key Levels: With a double-bottom buy point at 189.98, investors might consider utilizing a downward-sloping trendline, approximately at 182, as an early entry.
Considerations: Despite solid performance, Apple’s fundamentals warrant scrutiny.
The 50-day line could present a potential shorting opportunity if market conditions change.
2. Microsoft Corporation (MSFT)
Performance: Microsoft has shown substantial growth of 36.9% in 2023. Although off its peak, it’s made significant strides.
Key Levels: The stock, currently engaging a downward-sloping trendline, might offer an early entry point. Alternatively, investors could consider 340.86 as an entry.
Earnings Alert: Microsoft’s fiscal Q1 2024 earnings are scheduled for October 25.
3. Alphabet Inc. (GOOGL)
Performance: Google has been a standout performer with a remarkable 56.4% surge in 2023.
Achieving an 18-month closing high, it remains actionable from the 50-day line.
Earnings Alert: Google’s Q3 earnings announcement is due on October 24.
4. Amazon.com Inc. (AMZN)
Performance: Amazon has witnessed a robust 54.1% increase this year.
Although off its yearly high, it shows potential for recovery.
Key Levels: The need to reclaim the 50-day line is crucial for Amazon’s resurgence.
Earnings Alert: Amazon’s earnings release is scheduled for October 26.
5. Nvidia Corporation (NVDA)
Performance: Nvidia stands as the frontrunner among the Seven and the S&P 500, boasting an astounding 213.4% surge in 2023.
Key Levels: With a new consolidation pattern offering a 502.66 buy point, the stock presents early entry opportunities near the 50-day line.
6. Tesla Inc. (TSLA)
Performance: Tesla has surged by a staggering 114% in 2023, marking it as a standout S&P 500 performer.
Key Levels: An official buy point at 278.98, combined with actionable movements above the 50-day line, positions Tesla for continued growth.
Earnings Alert: Tesla’s third-quarter earnings are due on October 18.
7. Meta Platforms Inc. (META)
Performance: Meta Platforms has seen an extraordinary surge of 167.4% in 2023, securing its position as the second-best S&P 500 performer.
Key Levels: Still actionable from a cup-with-handle buy point at 310.64, META also offers an entry at 312.87.
Earnings Alert: Third-quarter earnings for Meta Platforms are scheduled for October 25.
A Promising Future Outlook
These 7 technology giants are poised to conclude 2023 on an impressive note, offering investors a diverse range of opportunities.
While each company has demonstrated exceptional growth, prudent evaluation of their specific performance and potential entry points is crucial.
With the technology market in an upward trajectory, astute investors stand to benefit from the promising prospects these industry giants present.