If you’re looking to outperform the market in June – and face it, all of us are – then you should be looking at A-rated tech stocks to buy. These are the tech stocks that get the highest possible ranking in the Portfolio Grader, and therefore are positioned to do well as we close out the second quarter of the year.
A-rated tech stocks to buy are valued because of their sterling performance and massive growth potential. Tech stocks have been outperforming the market over the last several quarters, driven by advances in generative artificial intelligence, large language models, the Internet of Things and machine learning. Each of these advances expands the role of technology in everyday life and makes the products these companies develop more valued by consumers.
The tech-heavy Nasdaq composite is up 15% this year, outpacing both the S&P 500 and the Dow Jones Industrial Average. I expect that trend to continue through the rest of the year, making it even more important that investors look for A-rated tech stocks to buy.
The Portfolio Grader evaluates stocks based on momentum, earnings performance, analyst sentiment and growth history to assign grades of “A” through “F.” If you’re looking for the best A-rated tech stocks to buy for your portfolio, then look no further.
Nvidia (NVDA)
Nvidia (NASDAQ:NVDA) is an obvious choice to continue to outperform the market. The semiconductor company has a market capitalization approaching $3 trillion, and the stock is up by more than 200% over the last 12 months.
Nvidia makes the powerful H100 graphics processing units that are needed to power generative AI applications. And it’s H200 is even more powerful.
This year Nvidia will be launching its Blackwell platform, which will allow customers to build and run real-time generative AI on trillion-parameter large language models at up to 25 times less cost and energy consumption.
The market for generative AI and top-performing semiconductors isn’t going away – in fact, it will just get stronger. Nvidia has as much as 90% of the addressable market, putting it in a prime position to continue to profit.
The company also just executive at 10-for-1 stock split, which makes the stock even more affordable to retail investors and will help drive the price higher still.
NVDA stock is up 144% this year and gets an “A” rating in the Portfolio Grader.
Super Micro Computer (SMCI)
Super Micro Computer (NASDAQ:SMCI) is actually in a slump right now, with the stock price falling below $800 after flirting with $1,200 in March.
Personally, I think it’s a huge overreaction by the market, and I’m betting on SMCI to reverse course and return to its winning ways. Getting SMCI stock at $770 looks like a bargain.
The company’s earnings report was solid. Sales tripled from a year ago and earnings per share were up by a factor of four. Supermicro increased its guidance from $14.3 billion to $14.7 billion previously, to $14.7 billion to $15.1 billion currently.
Supermicro makes the server architecture that is needed to bundle Nvidia’s high-performing products so they can work together to run AI applications. That need is going to be there, particularly as Nvidia continues to improve its platforms and sell its products.
Supermicro’s stock is still on a tremendous run. Remember, this is a company that started with a stock price of less than $300 at the beginning of the year. Shares are up 170% so far in 2024 despite the pullback over the last two months.
SMCI stock gets an “A” rating in the Portfolio Grader.
Dell Technologies (DELL)
Dell Technologies (NYSE:DELL) is a tried-and-true technology stock. It’s been around long enough that it trades on the New York Stock Exchange rather than the Nasdaq, which is where you’ll find most of the top tech stocks these days.
While Dell is known as a manufacturer of computers, laptops and mobile devices, its highly valued today because of its work with AI. Dell has a large server business that allows companies to upgrade their hardware to better run AI applications.
Dell also got a plug from Nvidia’s CEO, Jensen Huang, who says Dell makes it easy for companies to get into AI. He also touting his company’s partnership with Dell that he says will allow companies and government organizations to deploy their own AI “factories” for AI development.
Dell stock is up 72% in 2024 and gets an “A” rating in the Portfolio Grader.
Coinbase Global (COIN)
Coinbase Global (NASDAQ:COIN) is a great way to invest in cryptocurrency if you don’t actually want to bother buying products like Bitcoin (BTC-USD) or Ethereum (ETH-USD).
Instead, Coinbase operates a cryptocurrency trading platform that makes nearly 250 different assets available for buying, selling or trading. Investing in COIN stock gives you access to the crypto space and the evolution of blockchain technology.
Coinbase posed strong revenue in the first quarter of $1.58 billion, up from $736 million a year ago. The company also turned a profit of $1.17 billion after losing $79 million in the first quarter of 2023.
Coinbase recorded more than $312 billion in quarterly volume traded on its platform in the first quarter and has customers in over 100 countries. As cryptocurrencies continue to mature, it will continue to be one of the top trading platforms.
COIN stock is up 40% this year and gets an “A” rating in the Portfolio Grader.
CleanSpark (CLSK)
CleanSpark (NASDAQ:CLSK) is another way to invest in Bitcoin without actually buying the coin yourself. The company is a Bitcoin miner with data centers and New York and Georgia.
CleanSpark currently has a fleet of 134,464 Bitcoin miners with a hashrate of 17.95 exahashes (an exahash is 1 quintillion hashes per second). It mined 417 Bitcoin in May alone, and 3,169 in the first five months of the year.
The company is also expanding, agreeing in May to buy 75 megawatts of Bitcoin mining sites in Wyoming, and is currently expanding its operations in Dalton, Georgia.
As the price of Bitcoin is around $69,000, Bitcoin mining is a highly profitable venture, making CleanSpark one of the top crypto and tech stocks to buy today.
CLSK stock is up 44% in 2024 and gets an “A” rating in the Portfolio Grader.
Paymentus Holdings (PAY)
Paymentus Holdings (NYSE:PAY) is a North Carolina-based financial services company that helps its clients get paid.
With its cloud-based payment platform, the company serves as an electronic billing and payment vendor that provides customer-friendly options to pay everything from utility to health care bills.
The company also works with banks to provide services that allow customers to move their money efficiently and provide real-time payment solutions. It processed 135.3 million transactions in the first quarter of the year, up 24.7% from the first quarter of 2023.
Earnings for the first quarter included revenue of $184.9 million, up 24.6% from a year ago. Profits of $52.7 million was an increase of 31.6%.
PAY stock is up 8% this year and gets an “A” rating in the Portfolio Grader.
AppLovin (APP)
AppLovin (NASDAQ:APP) is a California-based mobile tech company that helps people distribute and monetize online content. It provides end-to-end software and AI solutions for businesses to reach, monetize and grow their global audiences.
Its Axon platform helps advertisers achieve better targeted results across the company’s AppLovin network.
Revenue for the first quarter was $1.06 billion, up 48% from a year ago. That followed a massive 91% increase in software platform revenue, which grew to $678 million for the quarter.
The company reported net income of $236 million versus a loss of $4.5 million in the same quarter a year ago.
APP stock is up 92% this year and gets an “A” rating in the Portfolio Grader.
On the date of publication, Louis Navellier had long positions in NVDA, SCMI and PAY. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article.
On the date of publication, the InvestorPlace Research Staff member primarily responsible for this article had long positions in NVDA, SCMI, BTC and ETH. The staff member did not hold (either directly or indirectly) any other positions in the securities mentioned in this article.
