AMD (NASDAQ: AMD) has gone from one of the most unpopular stocks on the market, to one of the fastest growers. After the short Labor Weekend break, AMD continued its rise, closing at $28.06 on Tuesday, an increase of 11.48%.
When some analysts predicted a $30 target for AMD in September, there were doubters in the market. Now that we’re in the first week of trade, the microprocessor company looks set to prove them wrong.
Investor confidence in the company is being driven by rapidly increasing revenue and a well-received lineup of new processors and graphics cards for consumers, enterprise, and OEM.
The best could be yet to come for AMD shareholders, as the company’s growth is expected to continue into 2019.
More Tech Stocks Present Strong Prospects
AMD’s growth this year has been staggering and well documented in recent weeks, but it’s not the only company that is finding strong investor favor.
Amazon (NASDAQ: AMZN) has become the fourth largest stock by market capitalization in 2018, and while many see Amazon as a retail company, it also has a strong presence in the tech industry. Amazon’s AWS service is one of the largest in the world, providing enterprise-class storage and cloud computing solutions. On Tuesday, Amazon’s stock was up 1.33%. Growth is currently at 110.74% for the year so far.
Nvidia Corp. (NASDAQ: NVDA) is still a strong buy. At the close on Tuesday it was up 1.08%. Healthy growth of 46.41% in 2018 shows that investors still have plenty of confidence in the graphics technology company. The recent reveal of a new product lineup has helped Nvidia stock grow almost 10% in the last 30 days.
Pure Storage (NYSE: PSTG) is another example of how well the technology companies are performing. Pure Storage was up 2.79% at close on Tuesday, contributing to 22.19% growth in the last 30 days. This company is a smaller player in the wider industry, but its flash storage business is growing rapidly. Revenue grew by 40.53% when figures were reported at the turnover of the 2018 fiscal year.
No Tech Bubble to Worry About?
The tech industry of 2018 is very different to what we have seen in the past. The prevalence of technology almost everywhere in both society and industry means that companies like the ones listed above have massive potential for increased revenue and market penetration. Tech has also been extremely resilient to trade tariffs and geopolitics.
If you want the smart growth stocks for your portfolio, tech is one of the best places to look.
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