Last year wasn’t the best year for tech stocks. Some of the biggest names on Wall Street stumbled through the year as companies that were flush with growth during the Covid-19 pandemic adjusted to leaner times.
But that was then, and this is now. So far, 2023 has been a banner year for many tech stocks, as the tech-heavy Nasdaq composite is up 22%. The S&P 500 rose by only 9% since January 1.
Tech stocks are excellent choices for a growth portfolio because we live in a world driven by technology. The industry is rapidly growing and innovating, leading to great opportunities for investors.
Tech companies are working to introduce cutting-edge solutions that improve people’s lives and business operations. They can’t afford to stand still. This urgency to innovate and survive often leads to breakout products in services in emerging technologies like artificial intelligence, blockchain, and cloud computing.
By investing in tech stocks, investors can capitalize on these technological advancements and be a part of the future.
I’m using the Portfolio Grader today to evaluate some of the best tech stocks to buy in November. Each of these companies gets top grades based on their overall scores that account for earnings history, growth, momentum, analyst sentiment and more.
Nvidia (NVDA)
Nvidia (NASDAQ:NVDA) has long been on my list of top tech stocks to buy in 2023. The chip-maker’s products power the technology behind generative artificial intelligence, arguably the most significant tech breakthrough in the last 12 months.
That’s helped NVDA stock to post a 179% gain this year, although a recent slump pushed the company ever so briefly out of the trillion-dollar club for market capitalization.
We can attribute some headwinds to political tensions between the U.S. and China. New export controls levied by Washington could affect $5 billion in orders from top Chinese companies. The U.S. is concerned that they could use AI chips supplied by American companies for nefarious means, such as cyberwarfare.
Nvidia would be a supplier to those companies, so it could see orders canceled. While I see the potential threat, I also recognize that the demand for Nvidia’s chips will keep profits rolling in, even if this Beijing-Washington conflict continues. Nvidia supplies the vast majority of chips needed for generative AI.
Keep an eye on Nvidia’s next earnings call, scheduled for Nov. 21. However, NVDA holds onto its “A” rating in the Portfolio Grader.
Meta Platforms (META)
Meta Platforms (NASDAQ:META), the owner of Facebook and Instagram, is one of those companies that suffered in 2022 and now is booming in 2023.
The stock fell 64% last year as growth slowed and the company seemed more interested in growing out the metaverse than focusing on its social media platforms.
But this year is a different story. The stock rebounded 150%, and daily active users increased to 2.09 billion, up 5% from a year ago.
Meanwhile, the company returned to its winning ways by posting $34.15 billion in revenue in the third quarter, up 23% from a year ago.
Meta also took on X (the company formerly known as Twitter) by launching Threads as an alternative platform just as Elon Musk abandoned the Twitter name and logo. (Facebook CEO Mark Zuckerberg also won a war of words when Musk backed out of a cage match between the billionaire CEOs.)
Look for Meta to keep winning. The stock gets an “A” rating in the Portfolio Grader.
Comcast (CMCSA)
Comcast (NASDAQ:CMCSA) may not be the name you think about when you consider the top tech stocks to buy. After all, legacy cable continues to struggle as people turn to streaming services.
But Comcast is much more than a cable company. It’s diversified to own Xfinity cable and Peacock streaming services, broadcast companies with Telemundo and NBC, Europe’s Sky network, and Universal movie studios and theme parks.
Comcast is a global company with penetration in the U.S., Europe and Asia, earning more than $30.1 billion in revenue in the third quarter. It saw paid subscribers to its Peacock streaming service increase almost 80% to 28 million. And its hit film Oppenheimer brought in more than $900 million in the third quarter.
On top of that, Comcast pays a solid dividend yield of 2.9%. The stock is up 18% this year and gets an “A” rating in the Portfolio Grader.
Eli Lilly (LLY)
Eli Lilly (NYSE:LLY) shareholders eagerly await the Food & Drug Administration to sign off on the company’s obesity drug, Mounjaro.
Estimates are that the drug, which is already a success in treating diabetes, could bring in as much as $25 billion a year when the FDA signs off on it to help people who are obese.
And that’s a huge market. In the U.S., nearly 42% of people are considered clinically obese, with even higher rates in rural communities.
The FDA is expected to make a decision as early as December. If Mounjaro proves effective in helping obese patients lose as much as 15% of their body fat, then Lilly could have a big winner on its hands. And even with competition from the next stock on this list, Lilly will see plenty of profit.
LLY stock is up 51% this year. It gets an “A” rating in the Portfolio Grader.
Novo Nordisk (NVO)
Like Lilly, Novo Nordisk (NYSE:NVO) has an obesity treatment. But it has a leg up on Eli Lilly because its Wegovy treatment won approval from the FDA in 2021.
Novo Nordisk expanded Wegovy to the U.K. in September, and its diabetes drug, Ozempic, also shows effectiveness as a weight-loss drug. There’s a lot of investor enthusiasm, so it’s no surprise that both stocks are up.
And it’s a good sign that Novo Nordisk, expected to issue third-quarter earnings results on Nov. 3, has already announced its raising guidance for the full year based on strong sales growth.
The company now is expecting growth of 32% to 38%, up from a range of 27% to 33%. Operating profit growth is expected to be in the range of 40% to 46%, an increase from a range of 31% to 37%.
NVO stock is up 42% this year. It gets an “A” rating in the Portfolio Grader.
Li Auto (LI)
Based in Beijing, Li Auto (NASDAQ:LI) is an electric vehicle manufacturer making plenty of noise. It’s getting ready to launch its first battery electric vehicle, the Li Mega, next month.
The company believes the Mega will be China’s top-selling vehicle priced at more than 500,000 yuan, or nearly $70,000.
The Mega will add to Li’s lineup that includes the Li L9, a six-seat family SUV; Li L8, a six-seat premium family SUV; and Li L7, a five-seat family SUV.
Deliveries in October totaled 40,422 – the first time Li hit the 40,000 mark in a month. The total was an increase of 302% from a year ago for the fast-growing EV company.
So far in October, Li has delivered 284,647 vehicles, increasing its velocity every month in 2023. The company is set to report earnings on Nov. 9.
LI stock is up 65% this year, and it gets an “A” rating in the Portfolio Grader.
Symbotic (SYM)
You may think that warehouses have nothing to do with technology. If so, perhaps you’ve been watching too many reruns of The Office and thinking about warehousing through the eyes of Michael Scott and the gang.
But Symbotic (NASDAQ:SYM) takes warehousing to the next level through its technology and machine learning. The company provides a state-of-the-art robotic system that allows companies to manage their warehouses quickly and accurately.
Its GreenBox Systems venture, launched this summer along with Softbank Group (OTCMKTS:SFTBY), operates as a warehouse-as-a-service product.
GreenBox uses advanced AI and automation technology for customers in single and multi-tenant facilities. GreenBox will be the exclusive provider of Symbotic systems in the warehouse-as-a-service marketplace, which the company believes is a $500 billion market.
SYM stock is up 185% this year, getting an “A” rating in the Portfolio Grader.
On the date of publication, Louis Navellier had long positions in NVDA, LLY and NVO. He did not hold (either directly or indirectly) any other positions in the securities mentioned in this article.
The InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.
