The 7 Best Tech Stocks to Buy Now

  • While tech stocks have been hammered hard in 2022, some are still worth buying now.
  • Alibaba (BABA): New Retail Vision and cloud computing will usher in the next era of growth for the business.
  • Zendesk (ZEN): The company's products and services are part of some of the fastest-growing tech verticals.
  • Meta Platforms (META): Betting on its ability to commercialize the metaverse isn't as risky as you would think.
  • Advanced Micro Devices (AMD): Xilinx will continue adding long-term value to AMD's robust business.
  • CrowdStrike Holdings (CRWD): The addition of new cloud modules will continue expanding its annual recurring revenues.
  • FleetCor Technologies (FLT): Post-pandemic recovery is in full swing.
  • Amazon (AMZN): The stock split only adds to its long-term bull case.
Tech Stocks to Buy - The 7 Best Tech Stocks to Buy Now

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The tech industry is amid its biggest romp in over a decade at the stock market, making the best tech stocks to buy now hard to identify. For years, tech stocks have propelled the stock market to new highs, pushing top indices to dozens of records. The excitement surrounding everything from social media to cloud computing and the metaverse has driven an amazing run-up across multiple corners of the market.

Additionally, the Federal Reserve’s policies fueled the appetite for risky bets during the pandemic. However, all that has changed now, with tech stocks retreating at a pace that hasn’t been seen in years.

Nevertheless, several top tech stocks’ outlook and fundamentals haven’t changed much. If anything, the selloff in the broader equity market has helped clear out their frothiness, which had investors in two minds for years. With the correction, several tech stocks are trading below 52-week highs. With that in mind, here are seven of best tech stocks to buy.

Ticker Company Current Price
BABA Alibaba $115.28
ZEN Zendesk $74.53
META Meta Platforms $162.17
AMD Advanced Micro Devices $77.38
CRWD CrowdStrike Holdings $174.94
FLT FleetCor Technologies $207.68
AMZN Amazon $108.68

Alibaba (BABA)

A photo of the Alibaba (BABA) app on a smartphone.
Source: BigTunaOnline /

Chinese ecommerce giant Alibaba (NYSE:BABA) has had a rough couple of years on the stock market amid a myriad of controversies. Of late, though, things seem to be looking upward, with BABA stock gaining over 40% in the past three months. I feel the emphasis is more on its fundamentals and long-term outlook, which had escaped the mind of investors over the past couple of years.

Alibaba has done an incredible job of executing its “New Retail vision,” which looks to blur the lines between offline and online retail. New retail revenue grew a remarkable 43% on a year-over-year basis in the fiscal year 2022, making up 30% of total commerce sales. Moreover, it continues to incorporate new brands, including Tmall Supermarket, Freshippo and Sun Art, to add value to its ecommerce platforms.

Moreover, there’s also its Cloud business, which completed its first profitable fiscal year in 2021. It has established itself as a leader in the cloud sector and is likely to grow at a cumulative growth rate of 33.3% through 2025.

Zendesk (ZEN)

The outside of a Zendesk (ZEN) office building.
Source: Ken Wolter / Shutterstock

Zendesk (NYSE:ZEN) develops customer engagement solutions software and has established itself as a leader in the niche. CRM, or customer relationship management, is a field that has been growing at an impressive pace, and Zendesk’s solutions have attained top billing. Top and bottom-line growth has been remarkable, with its sales averaging over 34% over the past five years.

Perhaps the biggest growth catalyst for Zendesk is that its products are part of fast-growing industries poised for monster growth ahead. For instance, you have Zendesk Guide, a customer self-service product that operates in a market that could grow at roughly 24.2% from 2021 to 2026. Zendesk Chat and Zendesk Talk are also popular products from the company that offers live chat and cloud-based call center services. The market for call center software is expected to grow at 14.4% from 2022 to 2029.

Meta Platforms (FB)

META stock logo is shown on a device screen. Meta is the new corporate name of Facebook.
Source: Blue Planet Studio /

Meta Platforms (NASDAQ:META) is social networking behemoth, with brands such as Facebook and Instagram in its repertoire. It has been at the forefront of multiple technological trends and hasn’t been afraid to test the waters and invest in new areas. The metaverse bet is perhaps a by-product of that philosophy, and investors who believe in its innovation DNA are willing to buckle up for the ride.

Meta’s platforms boast over 3.64 billion monthly active users across all platforms, and the level of consumer penetration is unmatched. That’s a 45% penetration rate in a world where 3 billion still don’t have access to the internet. The company can effectively leverage its colossal customer base to commercialize its metaverse dream successfully. Estimates suggest that the nascent sector could swing from $100 billion in 2022 to a dumbfounding $1,527.5 billion by 2029.

Advanced Micro Devices (AMD)

Sign of AMD office in Markham, Ontario, Canada. Advanced Micro Devices, Inc. (AMD) is an American multinational semiconductor company.
Source: JHVEPhoto /

Advanced Micro Devices (NASDAQ:AMD) is flying high after reporting its first-quarter results. It bumped its guidance for a 60% increase in sales to $26.3 billion. The positive results had plenty to do with its Xilinx acquisition in February, which contributed $559 million in sales during the quarter.

Xilinx is a semiconductor company whose chips are deployed in some of the fastest tech verticals, including 5G infrastructure, defense, automotive and others. AMD believes that the Xilinx acquisition could take its total addressable market to $110 billion in the long run. Hence, Xilinx could move the needle in a major way for AMD this year and beyond.

Moreover, during AMD’s Financial Analyst Day presentation, it revealed a series of new, cutting-edge updates to its product line driven by AI opportunities. Therefore, there’s a lot on AMD and its investor’s plates at this time. 

CrowdStrike Holdings (CRWD)

CrowdStrike sign and logo at headquarters in Silicon Valley. CRWD stock.
Source: Michael Vi / Shutterstock

CrowdStrike Holdings (NASDAQ:CRWD) is a leading cloud-based cyber security enterprise with an impressive performance in its sector. Its cloud-native platform, Falcon, has been a game-changer for users looking for robust online data security. From fiscal 2019 to 2022, it expanded its annual recurring revenues (ARR) from $313 million to $1.7 billion.

CrowdStrike plans to increase Falcon’s cloud-based modules in the coming years significantly. It is already 22, compared to just 10 at the time of its IPO. Moreover, It expects to increase its TAM from $58 billion in 2022 to $71 billion in 2024 with the roll-out of new services.

FleetCor Technologies (FLT)

a pile of credit cards
Source: Teerasak Ladnongkhun/

FleetCor Technologies (NYSE:FLT) operates an expense automation business, acting as a cost manager for corporations. It effectively manages business-to-business payments and helps them spend less by limiting what companies and their employees can buy. After its IPO in 2010, its earnings-per-share grew from $1.66 to $13.21 last year. It manages over 100,000 business clients that generate over $2.5 billion in sales for the company.

Its business took a hit during the pandemic, as it generated the lion’s share of its sales through fuel cards, which were used less frequently for obvious reasons. However, we have seen that revenue has bounced back of late, with 12% growth last year, and it expects another 9% to 11% organic growth in 2022. Moreover, the bulk of its product offerings is shielded from inflationary effects.

Amazon (AMZN)

Closeup of the Amazon (AMZN) logo at Amazon campus in Palo Alto, California. The Palo Alto location hosts A9 Search, Amazon Web Services, and Amazon Game Studios teams.
Source: Tada Images /

Amazon (NASDAQ:AMZN) has been in the news after its 20-for-1 stock split. Most experts are bullish on this development, as splits have proven to be proven sources of generating alpha over time. Stock prices of businesses with fundamentals as strong as Amazon will rise to elevated levels again while also improving liquidity.

Amazon has been a leader in the U.S. ecommerce scene, a market that is likely to reach a trillion-dollar in sales this year. Moreover, Amazon represents 40% of U.S. ecommerce sales. The company’s Prime subscription alone has over 200 million members and continues to attract millions each quarter. Its biggest profit driver, though, is Amazon Web Services (AWS). AWS has dominated the cloud computing space and represents nearly 70% of its operating income. It holds 33% cloud market share and will continue to grow at a healthy pace.

On the date of publication, Muslim Farooque 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 Publishing Guidelines.

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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