Nvidia, Peloton, Microsoft, Amazon and Alphabet were among the top 10 most bought stocks on Syfe Trade last week. It seems that investors are viewing the current slump in tech stocks as a buying opportunity.
Shares of Nvidia (NVDA) are currently down by around 20% from their all-time high back in November 2021. Nvidia will release its fourth quarter earnings report today, 16 February. Investors in the company, which makes chips used by gamers and data centers, will likely be eager to hear about its future plans after it terminated a planned $40 billion acquisition of Arm, a UK-based chip design company.
Peloton’s (PTON) share price has fallen more than 80% in the past year. The company is famous for its at-home exercise bikes and became a stock-market favourite during the pandemic. But as gyms reopened, demand for their exercise equipment has dwindled. Peloton’s shares surged last week after Amazon and Nike were reportedly considering an offer, but tumbled again after new CEO Barry McCarthy dismissed suggestions that the company will be sold.
Microsoft (MSFT) experienced choppy trading last week, which provided buying opportunities for investors. The company recently announced a deal to buy video game publisher Activision Blizzard to grow its gaming segment and pave the way for its metaverse developments.
Amazon (AMZN) continued to attract buying interest over the past week after posting blockbuster earnings for its fourth quarter. Cloud revenue surged 40% while advertising sales grew 32% year over year. In fact, Amazon’s advertising business made more than YouTube, and more than double what Twitter, Snapchat and Pinterest made combined.
Alphabet (GOOG) stock pulled back slightly last week, drawing buy interest from Syfe Trade clients. The company saw its share price jump in late January after it reported full-year revenue of $257.6 billion in 2021, a significant jump from $182.5 billion in 2020. It also announced a 20-for-1 stock split that will make its shares more accessible for investors.
Syfe Trade clients also bought these other popular stocks last week: Tesla, Apple, and Meta Platforms.
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