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Investors’ renewed interest in tech stocks is evidenced by the Technology Select Sector SPDR ETF’s (XLK) 6.6% returns over the past month versus the SPDR S&P 500 Trust ETF’s (SPY) 3% gains. Furthermore, an ongoing digital transformation, and increasing use of cloud computing, artificial intelligence (AI), and other advanced technologies, should keep driving the technology industry’s growth. According to GoRemotely, the tech industry is expected to hit a $5 trillion market value by year’s end.
Given the industry’s solid growth potential, analysts are optimistic about the performance of Uber Technologies, Inc. (UBER), Verint Systems Inc. (VRNT), and Zix Corporation (ZIXI). We think these stocks are well positioned to withstand any short-term market volatility and deliver solid returns.
