Snatch Up These 3 Tech Stocks Poised for Holiday Season Profits

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Despite the macroeconomic challenges, the tech hardware industry is well poised for growth thanks to widespread tech adoption, increased investments in digitization, and the embracement of new technologies. These factors are fueling the demand for advanced hardware solutions.

With the holiday season soon to get underway, investors could look to buy fundamentally strong tech stocks Apple Inc. (AAPL), Canon Inc. (CAJPY), and Dell Technologies Inc. (DELL) for profits.

Before diving deeper into the fundamentals of these stocks, let’s discuss why the tech hardware industry is well-positioned to grow.

The tech hardware sector is evolving as businesses adopt technology for customer engagement, innovation, and efficiency. Advanced hardware complements software, ensuring smooth operations. Rapid digital transformation initiatives and emerging tech adoption are driving the industry growth. The transition to a hybrid work culture is necessitating the need for advanced hardware for smooth operations.

Investing in advanced hardware and equipment by enterprises leads to enhanced productivity and efficiency. Gartner predicts global IT spending will reach $4.69 trillion in 2023, reflecting a 3.5% year-over-year increase. Spending on devices is anticipated to decrease by 10% over the prior-year quarter in 2023, but it is projected to grow by 4.8% year-over-year to $722.47 billion next year.

The Internet of Things (IoT) technology is actively contributing to the digital transformation of businesses, leading to a significant increase in the demand for interconnected hardware, such as sensors, processors, and wireless solutions. According to Mordor Intelligence, the IoT devices market is expected to grow at a CAGR of 23.3% to reach $336.64 billion by 2028.

Notably, the industry’s growth is primarily fueled by the increasing adoption of cutting-edge technologies, particularly Artificial Intelligence (AI) and machine learning. These innovations are driving a substantial demand for highly specialized tech components. The IT hardware market is projected to grow at a CAGR of 7.9% to reach $177.11 billion in 2028.

Considering these conducive trends, let’s analyze the fundamental aspects of the three Technology – Hardware picks, beginning with the third choice.

This article was originally published on this site