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5 Innovative Tech Stocks for Growth Investors

Last Updated on September 7, 2020 by Henry John

Tech Companies that are leading the development of innovative technologies are most likely to see exponential growth in the nearest future.

Think of Amazon (NASDAQ:AMZN), Apple (NASDAQ:APPL), Facebook (NASDAQ:FB), Alphabet (NASDAQ:GOOG) and Tesla (NASDAQ:TSLA). Think of their stock’s exponential growth. And among few other things, the one thing they have in common is an ‘innovative technology’.

For Amazon it is was an ecommerce platform; Alphabet, a search engine; and Tesla, smart electric vehicles.

Tech stocks are the most promising for growth seeking investors, however, they are the most risky. Nonetheless, the growth potential is perhaps worth the risk.

Self-driving stocks, 5g stocks, and artificial intelligence stocks are among the most innovative of stocks that have great growth potentials. Take the self-driving market for instance, it is expected to grow at a CAGR of 63.1% from 2021 to 2030.

63.1% CAGR through 10 years, that’s a market with a mind-blowing growth rate. Imagine putting your money in the companies that dominate this market.

If you are looking for innovative tech stocks with great growth potential, here are five stocks to consider:

1. Zoom

Zoom Video Communications, Inc. provides a video-first communications platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

The company’s product portfolio includes Zoom Meetings that offers HD video, voice, chat, and content sharing through mobile devices, desktops, laptops, telephones, and conference room systems; Zoom Phone, an enterprise cloud phone system that provides secure call routing, call queuing, call detail reports, call recording, call quality monitoring, voicemail, switch to video, and other services, as well as inbound and outbound calling services; and Zoom Chat enables sharing messages, images, audio files, and content in desktop, laptop, tablet, and mobile devices for meeting and phone customers.

It also offers Zoom Rooms, a software-based conference room system; Zoom Conference Room Connector, a gateway for SIP/H.323 endpoints to join Zoom meetings; and Zoom Video Webinars enables users to conduct large-scale online events, such as town hall meetings, workshops, and marketing presentations.

In addition, the company provides Zoom for Developers that allows developers to integrate its video, phone, chat, and content sharing into other applications, as well as manages Zoom accounts; and Zoom App Marketplace enhance developers to publish their apps.

It serves education, entertainment/media, enterprise infrastructure, finance, government, healthcare, manufacturing, non-profit/not for profit and social impact, retail/consumer products, and software/Internet industries, as well as individuals.

Zoom Video Communications, Inc. has partnership with ServiceNow.

The company was formerly known as Zoom Communications, Inc. and changed its name to Zoom Video Communications, Inc. in May 2012. Zoom Video Communications, Inc. was founded in 2011 and is headquartered in San Jose, California.

2. Tesla

Tesla is the top electric car company in the world, a leading battery technology stock, one of the top two self-driving car companies in the world. This company has innovation written all over it.

Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally.

The company operates in two segments, Automotive; and Energy Generation and Storage.

The Automotive segment offers sedans and sport utility vehicles. It also provides electric powertrain components and systems; and services for electric vehicles through its company-owned service locations, and Tesla mobile service technicians, as well as sells used vehicles.

This segment markets and sells its products through a network of company-owned stores and galleries, as well as through its own Website.

The Energy Generation and Storage segment offers energy storage products, such as rechargeable lithium-ion battery systems for use in homes, industrial, commercial facilities, and utility grids; and designs, manufactures, installs, maintains, leases, and sells solar energy generation and energy storage products to residential and commercial customers. It also provides vehicle insurance services, as well as renewable energy.

The company was formerly known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017. Tesla, Inc. was founded in 2003 and is headquartered in Palo Alto, California.

3. Nvidia

NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, GPU and Tegra Processor.

The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based gaming; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for artificial intelligence (AI) utilizing deep learning, accelerated computing, and general purpose computing; GRID, which provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and EGX for accelerated AI computing at the edge.

The Tegra Processor segment provides processors comprising SHIELD devices and services designed to harness the power of mobile-cloud to revolutionize home entertainment, AI, and gaming; AGX, a power-efficient AI computing platform for intelligent edge devices; DRIVE AGX for self-driving vehicles; Clara AGX for medical instruments; and Jetson AGX for robotics and other embedded use.

The company’s products are used in gaming, professional visualization, datacenter, and automotive markets.

NVIDIA Corporation sells its products to original equipment manufacturers, original device manufacturers, system builders, add-in board manufacturers, retailers/distributors, Internet and cloud service providers, automotive manufacturers and tier-1 automotive suppliers, mapping companies, start-ups, and other ecosystem participants.

NVIDIA Corporation was founded in 1993 and is headquartered in Santa Clara, California.

4.  Alphabet

Alphabet’s Waymo is one of the top two self-driving car companies in 2020.

Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services.

The company operates through Google and Other Bets segments.

The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

It also offers digital content, cloud services, hardware devices, and other miscellaneous products and services.

The Other Bets segment includes businesses, including Access, Calico, CapitalG, GV, Verily, Waymo, and X, as well as Internet and television services.

Alphabet Inc. was founded in 1998 and is headquartered in Mountain View, California.

5. Slack

Slack’s stock is one of the next big stock that is ripe for purchase.

Slack Technologies, Inc. operates Slack, a business technology software platform in the United States and internationally.

Its platform brings together people, applications, and data, as well as sells its offering under a software-as-a-service model.

The company was formerly known as Tiny Speck, Inc. and changed its name to Slack Technologies, Inc. in 2014.

Slack Technologies, Inc. was founded in 2009 and is headquartered in San Francisco, California.

By Henry John

I'm a Tech Stock Analyst, with focus on companies developing cutting-edge techs. Keeping track of cutting-edge techs, companies and stocks is what I do almost everyday. And I love it. Whether it's artificial intelligence, 5g, or autonomous vehicles; I'm all in.

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