3 Tech Stocks to Buy in June

3 Tech Stocks to Buy in June

Posted On June 12, 2023 11:19 am

Despite the cyclicality causing ups and downs, tech stocks are set to thrive due to their exposure to strong trends like Artificial Intelligence (AI) and electrification.

Therefore, it could be an excellent time to bolster your portfolio with solid tech stocks such as Teledyne Technologies Incorporated (TDY – Get Rating), Arrow Electronics, Inc. (ARW – Get Rating), and Bel Fuse Inc. (BELFB – Get Rating) that have compelling growth prospects.

U.S. tech giant stocks have enjoyed a stellar rally so far this year, fueled by the companies’ strong first-quarter earnings that beat Wall Street estimates even as U.S. GDP growth slowed. With the growing demand and adoption of cloud computing, augmented reality, and AI, several tech companies have made a solid comeback.

Investors are also betting on further rallies as the central bank begins to slow and eventually reverse the aggressive monetary policy tightening. As per the CME FedWatch Tool, markets have priced in a 74.8% chance that the Fed pauses rate hikes at its June policy meeting, a move that would likely benefit stocks.

Moreover, the strongly emerging tech bubble of AI is the significant leg of the current rally. According to the IBM Global AI Adoption Index 2022, a survey conducted on over 7500 businesses reveals that 35% of companies already use AI in their everyday work, indicating a four-point increase from 2021.

Moreover, the funding for AI reached $9.3 billion in the fourth quarter of 2022, reflecting an increase of 15% sequentially.

Additionally, the global revenue in the consumer electronics market is estimated to amount to $1.2 trillion in 2028. Also, the consumer products-electrical and electronics market is expected to reach $35.9 billion by 2027, growing at a CAGR of more than 5%.

Amid these trends, investors’ confidence seems bright for technology stocks, despite recessionary fears. With that being said, the featured tech stocks look like…

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