Technology businesses account for roughly 46% of the overall market capitalization of the S&P 500. According to Bailard, sales are expanding at twice the rate of non-tech enterprises. In this period, the sector’s earnings growth rate grew to 32.1 percent from 28.6 percent. Practically all major tech businesses have adopted artificial intelligence due to the 5G deployment in the United States. Many businesses are also using cloud migration, particularly in the aftermath of the Covid-19 outbreak. The cloud will improve the speed and efficiency of operations even more.
Insider Monkey picked some cheap tech stocks with long-term growth potential. AmpliTech Group, Inc. is a technology business based in the United States that creates unique, cutting-edge RF components for the commercial, space, and military markets. The company’s quarterly sales was $1.02 million, up 54.5 percent over the previous quarter. In the aftermath of the pandemic in 2020, Future FinTech Group Inc. experienced a lot of losses, but the stock recovered in 2021. The firm recently revealed ambitions to construct a bitcoin mining farm in Paraguay. Exela Technologies, Inc. saw its stock rise 23% on October 28 when the business announced that it had provided its cloud-based worldwide platform to CareSource, a healthcare firm. The company reported a GAAP EPS of -$0.33, which was $0.12 higher than expected. Pixelworks, Inc. has been added to Needham’s coverage with a Buy rating and a $7 price target. Since the business began developing co-processor chips, Needham sees a tremendous upside. In addition, the company’s revenue increased by 51% year over year to $14.05 million. trivago N.V. is a Dutch technology business that focuses on hotel and accommodation internet-related services. On November 1, the company announced its third-quarter results, reporting revenue of £138.6 million, which was £2.3 million higher than expected. For more details, click 10 Best Cheap Technology Stocks To Invest In.