Worldwide Winners: The Top 3 International Tech Stocks to Watch


  • These international tech stocks returned more than the S&P 500 over the past year.
  • Group Ltd (TCOM): Chinese tourism is rebounding post-pandemic.
  • Jumia Technologies (JMIA): The African e-commerce shop is inching toward profitability.
  • MercadoLibre (MELI): MELI’s prudent cash management and rising profits point to strength in 2024.

international tech stocks - Worldwide Winners: The Top 3 International Tech Stocks to Watch

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International tech stocks tend to go overlooked, but they may be this year’s biggest moneymakers as global economic conditions rebound and investors become nervous about high-flying US tech stocks like Nvidia (NASDAQ:NVDA). Though it didn’t hit the wider news cycle, the iShares Global Tech ETF (NYSEARCA:IXN) returned nearly 50% over the past year, far outpacing even the S&P 500’s solid 25% increase over the same period.

But just because the wider asset class is on a bull run doesn’t mean you’ve missed the boat. These three international tech stocks still offer plenty of upside and are (relatively) under the radar, meaning that building a position today could pay off massively tomorrow. Group Ltd (TCOM) Group logo on a smartphone. TCOM stock.
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Tourism is a major slice of China’s economy, and Group Ltd (NASDAQ:TCOM) stands out as one of the few international tech stocks best positioned to capture long-term upside in the sector. What’s particularly unique about the international tech stock at this point is that is set to capture a massive upswing as China’s Zero-Covid policies fully twilight. In other words, per Citi’s 2024 outlook, the “aggregate economic impact of the policies of 2023 is likely to produce a mild cyclical recovery in 2024” for China.

TCOM is a single-shop source for ticketing, hotel reservations, and travel planning for 50%+ of China’s tourism market. Before the pandemic, Chinese tourism was rapidly increasing, hitting 154.63 million international outbound tourists in 2019 before collapsing to just 20.33 million in 2020. Since then, though, tourism has more than doubled. As of 2023’s first half, more than 40 million tourists left the mainland. While it remains far below pre-pandemic levels, the rapid increase on the heels of the Zero-Covid regime ending alongside a projected economic reversal could make TCOM this year’s top international tech stock.

Jumia Technologies (JMIA)

The Jumia logo on a laptop.
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Africa’s eCommerce and digital retail solutions are increasingly part of the continent’s daily life. Jumia Technologies (NYSE:JMIA) is one of the few international tech stocks able to seize the $36 billion market. Jumia exuberance hit markets a few years ago when investors called the stock the “Amazon (NASDAQ:AMZN) of Africa.” Since then, shares currently trade at a fraction of past highs, though the small-cap stock is up more than 20% since the start of the year. And, though over-enthusiasm inflated Jumia’s prospects, there’s real potential behind its operational plan.

As macroeconomic headwinds slacken and fall, eCommerce will likely see a resurgence globally, particularly in emerging markets like Africa that are more sensitive to those conditions than developed nations. That assumption seems to be bearing out already, as the company just posted its narrowest net loss since its 2019 listing. Better yet, on a constant currency basis, both revenue and gross merchandise value are up year-over-year, at 28% and 21%, respectively.

MercadoLibre (MELI)

MercadoLibre (MELI) homepage on a smartphone
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Like Jumia, Argentinian company and international tech stock MercadoLibre (NASDAQ:MELI) focuses its operational efforts on eCommerce. Unlike Jumia, MELI is tried-and-true, with a solid $90 billion market cap and consistent income. MELI posted a net income increase over the past five quarters, starting with $123 million in Q2 2022 and hitting $359 million in its last (Q3 2023) report. The company will post its Q4 results later this week, but all signs point to continued strength.

In its judicious debt utilization, MELI is unique among most e-commerce companies, let alone international tech stocks. In Q3 2023, MELI held just under $2.4 billion in current debt, handily outweighed by $3.62 billion in cash – and that trend held true for each of the preceding five quarters. Healthy cash reserves and limited debt help MELI manage LATAM’s economic volatility, which is especially notorious in Argentina.

Note that, compared to many smaller international tech stocks, MELI trades at a premium. Still, analyst consensus expects per-share pricing to rise as much as 7% by next year, offering continued upside for international investors.

On the date of publication, Jeremy Flint held no positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Jeremy Flint, an MBA graduate and skilled finance writer, excels in content strategy for wealth managers and investment funds. Passionate about simplifying complex market concepts, he focuses on fixed-income investing, alternative investments, economic analysis, and the oil, gas, and utilities sectors. Jeremy’s work can also be found at

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