YEREVAN (CoinChapter.com) — These stocks look ready to continue their upside gains in February 2023.
#1 Alphabet (NASDAQ: GOOGL) is not going anywhere
Like many other companies in the tech sector, Alphabet also went through financial restructuring, including double-digit staff cuts. After restructuring, Alphabet owns two categories of companies: Google and “other bets.”
Google is the reliable cash cow, while other bets can be riskier and don’t always bring revenue. Thus, GOOGL might be the best stock to buy in the current market conditions. On Feb 8, the stock traded at $99.3 after a 17% year-to-date uptick.
Notably, GOOGL still traded 34% below its Nov 2021 peak, making it an undervalued stock.
Moreover, Google is a titan in the industry. The company’s overall strategy is risk-evasive, with a market cap of over $1.1 trillion. This can be a plus for long-term investment. However, it also means that investors will not see high returns.
Many experts expect this growth to continue, leading to further price appreciation in the years to come. Thus, the potential investment target’s overall market dominance should also be considered.
#2 Amazon (NASDAQ: AMZN) – another giant to consider
Amazon, much like Google, was heavily affected by the market downturn. The latter resulted in massive layoffs, contributing to the AMZN stock depreciation. On Jan 4, Amazon CEO Andy Jassy announced it would lose more than 18,000 employees in 2023. The retail giant cited the economic uncertainty and the fact that Amazon was on a hiring spree during the pandemic.
However, when it comes to buying the best stocks in a bear market, Amazon could give traders higher chances for risk-evasive investing. Notably, the AMZN stock traded at $100 on Feb 8, over 45% lower than its Nov 2021 all-time high, making it an attractive, undervalued option.
Amazon’s rise is likely to continue
Additionally, the company has a dominant position in the US e-commerce market. In detail, Amazon’s net sales increased by 9% to $514.0 billion in 2022, compared with $469.8 billion in 2021. Additionally, its Amazon Web Services cloud platform is also a market leader.
Another factor of Amazon’s potential growth is the active use of artificial intelligence (AI) technologies. The e-commerce giant was among the first to utilize complex algorithms to attempt to predict what an online shopper may want.
Even though some investors could find the method invasive, Amazon has found a way to boost sales and increase its growth over time. In conclusion, AMZN could be considered the best stock to invest in during a bear market, being an undervalued asset. However, like GOOGL, Amazon stock will NOT bring high rewards in the short term.
#3 ExxonMobil (NASDAQ: XOM) was going strong throughout 2022
ExxonMobil is a Liquified Natural Gas (LNG) giant based in Texas, US. True, an LNG corporation might not be a popular investment option in the age of sustainable energy. But XOM might be the best stock to invest in during the market downturn.
Russia’s invasion of Ukraine and the ongoing war resulted in a plunge of Russian Gazprom stocks, paving the way for its American counterpart to take the lead. ExxonMobil saw a 270% uptrend in its XOM stock price per share since hitting the local bottom in late Oct 2020, sparking much controversy.
XOM counts record profits amid the global turmoil
ExxonMobil announced record profits for 2022, reporting it made $55.7 billion over the past year. Exxon Mobil CEO Darren Woods said in a statement in early Feb that the company “clearly benefited from a favorable market” in 2022.
“Our plan for 2023 calls for further progress on our strategic objectives, which include leading the industry in safety, operating, and financial performance,” Woods said. White House spokesperson Abdullah Hasan called the profits “outrageous.“
It’s outrageous that Exxon has posted a new record for Western oil company profits after the American people were forced to pay such high prices at the pump amidst Putin’s invasion. The latest earnings reports make clear that oil companies have everything they need, including record profits.
said the spokesperson.
In conclusion, regardless of the moral issue, many investors might have with Exxon, XOM will likely continue to rise in 2023, making it one of the best stocks to buy this February. Moreover, considering the high cost of sustainable energy solutions in the ongoing crisis, Exxon stock XOM is primed for more price appreciation.
#4 Nvidia (NASDAQ: NVDA) is a promising stock amid AI frenzy
Nvidia is a company specializing in manufacturing graphics processing units (GPU) and AI technologies. The corporation stock NVDA has doubled since bottoming out in Nov 2022. On Feb 8, NVDA reclaimed its April 2022 value at over $220 per share, and many experts singled the asset as the best stock to invest in during the current bear market.
Notably, Nvidia isn’t directly involved in AI by producing products or services that utilize AI technology. Rather, the company produces specialized semiconductors used by such companies in producing said AI programs. Thus, an argument can be made that Nvidia’s chips serve as the backbone of the AI sector.
2023 might be a year of impressive growth in Nvidia’s data center and higher-end chip-making division. Moreover, the global AI market size was estimated at approximately $120 billion in 2022 and is expected to hit nearly $1,6 trillion by 2030.
Considering the booming potential in the sector, NVDA stock is one of the stocks to buy in 2023.
The long-term prognosis favors the sector as a whole, but it’s important to remember the possible short-term ramifications of another market downturn. Much like Alphabet and Amazon, Nvidia largely depends on the overall market incentive in the technology stocks sector.
#5 SAP SE (NYSE: SAP) is another AI giant with $13 billion in market cap
SAP SE operates as an enterprise application software company worldwide. The corporation had a market cap of over 13 billion as of Dec 2022. Its stock SAP traded at $118 on Feb 8 and registered a 53% uptrend since bottoming out in Sep 2022.
On December 7, the firm announced that UST, a leading digital transformation solutions company, in collaboration with SAP, had signed a partnership with Intel, an American multinational corporation and technology company, and a top AI firm, to assess and enable the digital transformation journey for small and medium-sized enterprises in northern Malaysia.
According to the SAP SE 2022 report, “cloud revenue was up 33% in 2022,” while the overall revenue came in at over 30.8 billion euros.
SAP is more resilient than ever. We end 2022 with continued strong cloud momentum and a return to operating profit growth in the fourth quarter, marking an important inflection point. Heading into 2023, this gives us great confidence in delivering on our promise of accelerating topline and double-digit non-IFRS operating profit growth․
asserted the CEO Christian Klein in the report.
Considering the strong bullish incentive in 2022, the company’s success streak could extend into 2023, ensuring more returns to investors. As a result, the real prospects make SAP one of the best stocks to buy this February.
