The year 2023 has been a roller-coaster ride for the stock market. While U.S. equities began the year with a strong rally, there had been a lot of selling off in August, September, and October as valuations started to get out of control. Of course, that does not mean equities won’t rally again as 2023 approaches. This means there are still great tech stocks to buy.
The tech sector, for its part, has had a great year, and as the market rebounds, technology companies could see their shares rise again to new heights.
Below are three tech stocks investors should not miss out on.
Advanced Micro Devices (AMD)
Advanced Micro Devices (NASDAQ:AMD) is a semiconductor company that designs and produces CPUs, GPUs, and chipsets for various applications, such as personal computers, servers, gaming consoles, and data centers. After successfully gaining market share from its main rival, Intel (NASDAQ:INTC), the semiconductor may be ready to come after Nvidia (NASDAQ:NVDA) in the AI chip market.
There has been a lot of speculation about how AMD will challenge Nvidia in providing the graphics card needed to power language learning models (LLMs). Thankfully, the company provided some clarity in the quarter earnings report. AMD expects to sell $2 billion in AI chips next year, marking the chipmaker’s major break into the burgeoning sector.
AMD’s shares have since then rallied more than 19%, and eager investors should buy in before shares rise even further.
CrowdStrike (CRWD)
CrowdStrike (NASDAQ:CRWD) is a cybersecurity company that provides cloud-based solutions for endpoint protection, threat intelligence, and incident response. The company has experienced substantial growth in recent years, aided by strong digital transformation trends.
Last year, a research report by IDC found CrowdStrike had taken 17.7% of the $8.8 billion Modern Endpoint Security market, which was higher than Microsoft’s 16.4%.
In recent months, CrowdStrike has rolled out new AI tools, including their Charlotte AI, to detect and prevent sophisticated cyberattacks from various sources. Innovative solutions will help expand the cybersecurity firm’s market share while propelling its stock to new heights. Shares have risen more than 86% since the start of the year, and investors who don’t allocate soon could miss out on hefty returns.
Descartes Systems Group (DSGX)
Descartes Systems Group (NYSE:DSGX) provides cloud-based logistics and supply chain management solutions. In particular, the company’s platform helps businesses optimize their transportation, inventory, customs, compliance, and e-commerce operations.
The Descartes Systems Global Logistics Network, for example, manages the real-time commercial, logistics, customers, and product data flow while enabling businesses, suppliers, and distributors to share this data with each other.
Despite supply chain bottlenecks largely being behind us now, businesses, their suppliers, and distributors have continued to seek to improve their efficiency, agility, and customer satisfaction. As a result, Descartes has delivered double-digit growth in recent quarters and is on the way to generating more than half a billion in revenue by the end of 2023. This makes it one of those tech stocks to buy.
As businesses across various sectors employ technology to transform their supply chain processes, Descartes will stand to benefit.
On the date of publication, Tyrik Torres did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
