No doubt you’ve heard: Apple (NASDAQ:AAPL) has become the world’s first $1 trillion company thanks to the success of the iPhone X and the growing importance of its services/subscriptions ecosystem.
The move is having a positive effect on the rest of the market, dragging shares up and out of negative territory at the open as investors forget about their China trade war worries and embrace the new technology bubble. Valuations are extended. Sentiment is red hot. And headwinds are coming in the guise of higher interest rates and a possible breakdown in trade relations between the United States and China.
Yet, for now, there is still upside to be found, especially in smaller, less-well-known names set to benefit as the herd piles into technology-focused ETFs and funds chasing AAPL’s rise. Here are seven non-Apple tech stocks to buy:
Tech Stocks to Buy: Taiwan Semiconductor (TSM)
Taiwan Semiconductor (NYSE:TSM) shares have burst up and over their 200-day moving average, returning to levels last seen in April and up nearly 20% from the lows set in late June. Investors have rallied into the stock on improving Chinese demand for Apple’s iPhones, which the company helps supply components for.
The company will next report results on Oct. 18 before the bell. Analysts are looking for earnings of 57 cents per share on revenues of $8.5 billion. When the company last reported on July 19, earnings of 47 cents met estimates.
Tech Stocks to Buy: Teradyne (TER)
Teradyne (NYSE:TER) shares are rising above their 200-day moving average and breaking out of a four-month consolidation range to cap a near-40% rally off of the lows set back in April. Watch for a run at the highs set earlier this year , which would be worth more than a 10% gain from current levels.
The company will next report results on Oct. 23 after the close. Analysts are looking for earnings of 63 cents per share on revenues of $554.1 million.
When the company last reported on July 24, earnings of 59 cents per share beat estimates by 10 cents on a 24% decline in revenues.
Tech Stocks to Buy: Cerner (CERN)
Cerner (NASDAQ:CERN) shares are threatening to rise up and out of a trading range going back to March, setting up a move up and over its 200-day moving average. The company is a provider of healthcare IT solutions, which is an area Apple is showing increased interest in, with its Apple Watch wearable being the first step in accumulating health-related data en masse.
The company reported results on Aug. 2 after the close. Earnings came in at 62 cents, 2 cents better than estimates, on $1.37 billion in revenues.
Tech Stocks to Buy: Electro Scientific Industries (ESIO)
Electro Scientific Industries (NASDAQ:ESIO) shares are surging, up over 1% this morning and about 20% yesterday, after reporting better-than-expected quarterly results. ESIO reported its latest numbers on Wednesday, with earnings of 96 cents per share beating estimates by 11 cents, on a 52% rise in revenues. The company will next report results on Oct. 31 after the close.
The company focuses on laser-based semiconductor manufacturing. Watch for a move back to double-top highs near $28, which would be worth nearly a 30% gain from here.
Tech Stocks to Buy: Tesla (TSLA)
Tesla (NASDAQ:TSLA) shares are popping higher, up over 15% yesterday to return to the highs seen back in June — though they are giving some of it back today. The big move came after reporting eagerly anticipated numbers on Wednesday. A loss of $3.06 missed estimates by 24 cents on a 43.5% rise in revenues. But optimism over Model 3 output and forward guidance filled the bulls with the buying spirit.
The company will next report results on Oct. 31 after the close. Watch for ongoing interest in the company’s cash burn rate, which declined last quarter.
Tech Stocks to Buy: Qorvo (QRVO)
Qorvo (NASDAQ:QRVO) shares are rising up and out of a trading range going back to 2015 with a high bounded by resistance near $85 a share. The company manufactures radio frequency (RF) solutions and technologies for mobile devices. The company reported results on Aug. 1, with earnings of 96 cents per share beating estimates by 20 cents on a 8.3% rise in revenues.
The company will next report results on Oct. 31 after the close. Analysts at Needham raised their price target on Thursday citing strong results drive by smartphone sales in China.
Tech Stocks to Buy: Advanced Micro Devices (AMD)
Advanced Micro Devices (NASDAQ:AMD) shares have been on a tear lately, doubling off of the lows set back in April, and have gained roughly a third just over the past couple of weeks. Investors have been spurred by general demand for semiconductors in more and more products (self-driving cars, etc.) but also by the launch of a new processor architecture and troubles suffered by arch rival Intel (NASDAQ:INTC).
The company will next report results on Oct. 23 after the close. Analysts are looking for earnings of 12 cents per share on revenues of $1.7 billion. When the company last reported on July 25, earnings of 14 cents per share beat estimates by a penny on a 53% rise in revenues.