In this article we will take a look at the some notable tech stocks that trended this week. You can skip our detailed analysis of these stocks and go to read This Week in Technology: Why These 5 Stocks Were in the Spotlight.
It was a good week for the broader tech market as the NASDAQ 100 index had risen 2.81% over the last five trading days. Among the tech stocks that trended include Twilio Inc. (NYSE:TWLO), PayPal Holdings, Inc. (NASDAQ:PYPL), Meta Platforms, Inc. (NASDAQ:FB), Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG), and Spotify Technology S.A. (NYSE:SPOT). Let’s analyze why each stock was in the spotlight this week and how elite funds were positioned among them.
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10. Meta Platforms, Inc. (NASDAQ:FB) trended this week due to CEO Mark Zuckerberg deciding to focus the social media company more on the metaverse, which is a shared virtual environment. With the metaverse platform, users can use augmented and virtual reality technology to potentially realize a better experience than the company’s existing apps. To make the metaverse a reality, Meta Platforms, Inc. (NASDAQ:FB) is expected to increase its capital spending in 2022 to $29 billion to $34 billion from an estimated $19 billion this year. Billionaire Mark Zuckerberg owns substantial shares of Meta Platforms, Inc. (NASDAQ:FB).
9. Amazon.com, Inc. (NASDAQ:AMZN) was in the spotlight this week after it disclosed it owned a 20% stake in Rivian. Amazon.com, Inc. (NASDAQ:AMZN) was trended due to the company reporting strong results for its cloud division. For the third quarter, Amazon Web Services grew its sales 39% to $16.1 billion and is now at an annualized sales run rate of $64.44 billion. Amazon.com, Inc. (NASDAQ:AMZN) CFO Brian Olsavsky said, “AWS has seen a reacceleration of revenue growth as customers have expanded their commitment to the cloud and selected AWS as the cloud partner.” Billionaire Jeff Bezos owns substantial shares in Amazon.com, Inc. (NASDAQ:AMZN).
8. Microsoft Corporation (NASDAQ:MSFT) was in the spotlight this week after the company reclaimed the title of the world’s most valuable tech company. Microsoft Corporation (NASDAQ:MSFT) did so with the help of strong cloud growth. For its fiscal Q1 earnings, the company’s intelligent cloud sales were $16.98 billion, versus the expected $16.58 billion. Sales of Azure grew 48% year over year