When researching a list of top stocks that are trending on social media, I realised that most of them are technology stocks, and (by sheer coincidence) most of them begin with the letter ‘A’. Here I share my A-list of the top 5 technology-based Reddit stocks I’ve read about this month.
If you were watching the markets in January of this year, you will have become aware of the meme stocks such as GameStop and AMC Entertainment that were pumped up by writers and readers of Reddit’s r/wallstreets subreddit, who were attempting to short-squeeze professional investors out of their positions.
I’ve referred back to see which Reddit stocks are trending this month. It’s mainly tech stocks, and they mostly begin with the letter “A”, so here is my list of Reddit’s top 5 A-list tech stocks.
The Reddit Top 5 Tech Stocks A-List
1. Advanced Micro Devices (AMD)
Advanced Micro Devices Inc is a semiconductor company that designs and manufactures the computer chips inside your computing devices. Unless you have "Intel inside", that is, because AMD and Intel are direct competitors.
AMD shares have surged since 2018, even before you might have read about them on Reddit. Having fallen back between mid-August and mid-September, there may still be an opportunity to “buy on the dip” before the next big ramp-up.
2. Alibaba (BABA)
Alibaba Group Holding Limited is often referred to as China’s answer to Amazon (which is number #4 in my alphabetical list). Just like Amazon, it is involved with both e-commerce and cloud computing.
Chinese companies are facing challenges this year, and this is reflected in Alibaba’s one-year falling share price. With a previous high of higher than 300 and a current price of about 150, you could make a 100% profit if this stock returns to its previous form.
3. Alphabet (GOOG)
Alphabet Inc is the company you’ll know better as Google, hence the ‘GOOG’ ticker symbol. As well as running the world’s go-to search engine, Alphabet is also the originator of the Android mobile operating system and the Google Cloud Platform (GCP) for commercial cloud computing.
About five years ago, Alphabet’s share price started going exponential, and the coronavirus pandemic — which forced us all to go online at home — accelerated this trend. You’d be buying this momentum stock on the basis that “the trend is your friend” (at least until it ends).
4. Amazon (AMZN)
Amazon has had an amazing journey from an online bookseller to an international e-commerce and technology company that made its founder, Jeff Bezos, the richest man in the world. Like Alphabet, Amazon has several arms and is also big in cloud computing thanks to Amazon Web Services (AWS).
Amazon’s five-year stock price rise has been nothing short of amazing, which is not surprising for another technology titan. The price appears to have plateaued recently, which some traders would treat as a period of consolidation before the next bounce upwards.
5. Apple (AAPL)
Apple Inc needs little introduction as one of the world’s most popular technology companies that became the world’s most valuable company in January 2021 when it overtook Amazon. You may have heard of its co-founder, Steve Jobs, who turned Apple into the company it is today after re-joining its board as CEO in 1997 and revealing the iPhone to the world in 2007.
Apple’s share price rise has also been astronomical, and — at the time of writing — it’s still close to its all-time high price. You might think that what goes up must come down, and you might be right, but you would have been wrong at any time over the past three years when the same bearish argument could have been made.
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The Bottom Line on the Reddit Tech Stocks A-List
Today, I’ve presented my top 5 list of the trending tech stocks I read about on Reddit. And you read it here first.
If these A-list stocks are not enough for you, you could still consider one of the original meme stocks: AMC Entertainment (AMC). Or, how about A-lister AudioEye (AEYE), also inspired by Reddit? You might even move on to the letter ‘B’ and beyond.