Over the years, tech stocks have proven to be some of the best bets for investors, and even though the market is in turmoil now, it could still prove to be a sector worth tracking. The coronavirus pandemic has sent the markets into a tailspin, and stocks across the board have recorded steep declines over the past few weeks.
While the uncertainty and volatility in the markets are expected to affect stocks, it is also true that it could be an opportunity for long-term buyers. This could well prove to be a rare opportunity for investors to pick up some tech stocks that might be trading at steep discounts at this point.
There is no doubt that the coronavirus pandemic is one of the biggest healthcare crises in human history, but at the same time, investors need to keep in mind that the crisis is temporary. Experts believe that the crisis will peak this month and the next before finally tapering out. Now is the time when it could be worthwhile for investors to considering having a look at some of the tech stocks in the market. Here is a quick look at three of those.
Popular Tech Stocks to Watch: Microsoft (NASDAQ:MSFT)
One tech stock that could be tracked by investors at this point is tech behemoth Microsoft. The coronavirus pandemic has resulted in lockdowns across the globe, forcing hundreds of thousands of people to work from home. This has resulted in a massive spike in the usage of virtual calling applications and messaging services.
Microsoft owns the telecommunication application, Skype, which has seen a massive rise in usage. To put it into perspective, the average daily users of Skype has soared by 70% from one month to the next. The calling minutes on Skype have climbed by 220% during the same period. In addition to that, Microsoft also launched a Meet Now feature recently that allows users to start calling instantly without sign-ups or downloads. Then, there’s the company’s Microsoft Teams, which has managed to garner as many as 44 million users. Such developments can only be positive for MSFT stock.
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The tech giant acquired Skype back in 2011 for $8.5 billion, and the surge in the number of users now should provide a significant boost to the valuation.
Popular Tech Stocks to Watch: Netflix (NASDAQ:NFLX)
Video streaming giant Netflix has been one of the most consistent growth stocks in recent years, and there is a chance of the stock hitting fresh highs in the next few years. The company has grown at a breakneck pace and is now available in 190 countries.
The potential for growth is immense, even with the growing competition in the streaming space. Netflix ended 2019 with 167 million subscribers across the world, and with the number of global households expected to hit 2 billion in 20 years, the company could be looking at immense growth.
Netflix is also moving into emerging markets aggressively. Recently, Chief Executive Officer Reed Hastings revealed that Netflix is all set to spend 30 billion rupees on content in India in 2019 and 2020. India’s market has 281 million households at this time and could trigger the next spurt of growth for the company. This definitely makes Netflix one of the tech stocks that investors could add to their watch lists.
Popular Tech Stocks to Watch: Amazon (NASDAQ:AMZN)
The e-commerce giant is another tech stock that has experienced declines due to the coronavirus pandemic, but those losses could be reversed fairly quickly. With thousands of people staying home, many are now flocking to Amazon to purchase basics like food, toilet paper, and water.
The company has hired more workers and also offered to raise hourly wages in order to take care of the increased demand. The company is spending $350 million globally in order to ensure that fulfillment, transportation, and delivery of items are completed as smoothly as possible until the end of April. Additionally, 1,00,000 part-time and full-time jobs have been opened up in the United States to handle the present situation.
The simple fact that Amazon is investing heavily at this point indicates that it expects a significant return on its investment. It could well prove to be an opportune time to acquire AMZN stock. That being said, it should be noted that its revenue might fall short of Wall Street expectations and that demand from consumers might also fall if the panic over coronavirus recedes.
Featured image: Pixabay
Author Ankit Singhania 
