The tech-heavy NASDAQ index is currently in the midst of correction. The index has fallen over 10% since hitting its year-to-date high of $12,074 on September 2nd. The NASDAQ’s recent weakness is viewed as a result of excessive bullishness around technology and growth stocks over the last few months. The key reasons behind the tech-led sell-off is profit taking and sector rotation.
Despite the index’s recent sell-off, there are still some technology stocks that have been significantly outperforming. These technology stocks are being driven up by the strength of their fundamentals and positive business trends. There is still significant upside left in these stocks due to a continued rise in demand for their products and services. These stocks have been constantly innovating, and their leadership positions in their respective fields bodes well for their future performance.
Zoom Video Communications (ZM), Snap, Inc. (SNAP), Pinterest, Inc. (PINS), and Digital Turbine, Inc.