Due to the market’s transition from growth to value investment, the tech sector has taken a beating this year. Some investors are shifting their stock market wagers away from the IT industry and toward recovering industries. Even in the midst of the coronavirus outbreak, tech stocks thrived. In the last seven years, the NYSE FANG+ index has outperformed other major US indexes. Facebook, Apple, Amazon, Netflix, and Google parent Alphabet are among the five FAANG stocks. In their respective fields, each of these businesses is a market leader. The world’s leading IT businesses’ combined income increased by 34% as a result of the increasing adoption of cloud computing and the need for internet advertising. Facebook, Inc. reported $29.08 billion in sales for the second quarter.
Here is Insider Monkey’s list of the 10 best FAANG stocks to buy now. Tesla, Inc. saw its stock climb 5.3 percent after CEO Elon Musk stated that the business is moving to lithium-iron-phosphate cells on a long-term basis. Self-driving cars and solar panels are sold by the California-based electric vehicle manufacturer. The 9th greatest FAANG stock to purchase right now is NVIDIA Corporation. Graphic cards for gaming and bitcoin mining are sold by the company. NVIDIA Corporation confirmed its $40 billion acquisition of UK-based semiconductor company Arm Holdings in September 2020. Adobe Inc. is the eighth best FAANG stock to purchase right now. The software company, situated in California, creates multimedia creative tools and solutions. Adobe is likely to benefit from the expanding trend of digitization. Twitter, Inc. is ranked 7th among the top FAANG stocks to purchase right now. The company’s revenue in the second quarter increased by 75% year over year to $1.19 billion, exceeding revenue projections by $126.56 million. Netflix, Inc. is ranked sixth among the top ten FAANG stocks to purchase right now. A subscription-based video streaming service is available from the California-based internet corporation. In 190 countries, it has over 209 million paid subscribers. For more details, click 10 Best FAANG Stocks to Buy Now.