Tech stocks, especially those trading at high valuations, have plunged significantly this year amid a challenging macro environment. Recent remarks by Federal Reserve Chair Jerome Powell about slowing down the pace of rate hikes provided some relief to investors. However, Powell cautioned that the monetary policy could stay restrictive until there are signs of inflation coming under control.
Tech stocks and the broader stock market might continue to be volatile due to macro uncertainty, Russia’s invasion of Ukraine, trade tensions between the U.S. and China, and demand concerns due to the Covid-19 resurgence in China. However, the dip in some tech stocks provides an opportunity to buy them at attractive valuation levels.
Bearing that in mind, I used TipRanks’ Stock Comparison Tool to pit the following prominent tech companies against each other and select the stock that Wall Street finds most promising at current levels.
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