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Top Technology Stocks Billionaires are Buying Right Now

top technology stocks billionaires are buying

Welcome to our post about the technology stocks. 

By the end of this release, our readers will be able to know the top technology stocks billionaires are buying right now. 

What has to magnificent increase in technology stocks in 2023? Why tech giant aren’t performing in 2024 (YTD)? Have these stocks peaked? Or is there more upside potential in these stocks? Let’s cover these one-by-one!

It goes with saying that global equity markets have seen a slow start to 2024, with investors just sitting and analysing the possible decisions of the US Fed regarding the possible rate cuts in 2024. 

Even the NASDAQ index has seen a decline in the initial few days of 2024 and some traders are dicey about the Magnificent Seven’s ability to maintain the gains which were seen in 2023, long-term analysts and billionaires expect that tech stocks have some room to run in the current year. 

Why are these analysts so optimistic about the expected performance of the technology giants?

Well, we believe that renowned and notable analysts are bullish on tech stocks due to the power of AI and generative AI software’s benefits which can actually make lives of common people quite easy. 

Global hedge fund managers have unveiled the true reason behind the decline in technology stocks! Alphabet Inc has risen by ~55% in the previous one year, while Apple Inc. increased by ~39% in the same period. Finally, NASDAQ-100 Technology Sector index saw an increase of ~53.8% in the previous 1 year. 

Fund managers view that there is significant amount of profit-taking activity which is going on currently as investors saw strong returns from overall technology sector in 2023, primarily in 4Q of 2023. 

With this backdrop, we will now have a look at top technology stocks billionaires are buying right now.

1. Uber Technologies, Inc.

The company is the technology provider which matches riders with drivers, foodies with restaurants and food delivery service providers along with shippers with carriers.

It announced financial results for the quarter ended September 30, 2023 (3Q23), with gross bookings increasing 21% year-over-year to touch $35.3 billion, or 20% on constant currency basis, and mobility gross bookings of $17.9 billion and delivery gross bookings of $16.1 billion. 

Trips during 3Q23 went up by 25% year-over-year to 2.4 billion, or ~27 million trips per day on average. Revenues of the company went up by 11% year-over-year to $9.3 billion, or 10% on constant currency basis. Combined Mobility and Delivery revenue saw an increase of 21% YoY to $8.0 billion, or 20% on constant currency basis.

Relentless focus on betterment of product experience for both consumers and drivers supported profitable growth, with trip growth ramping to 25%. Strong revenue trends and solid profitability exhibit durability of the company’s growth and strong earnings power underlying its platform. 

For 4Q23, the company expects gross bookings in the range of $36.5 billion – $37.5 billion and adjusted EBITDA of between $1.18 billion – $1.24 billion. 

Raleigh Capital Management Inc. increased its position in the company’s stock by ~66.5% during 2Q. Investment firm now owns ~651 shares of the company’s stock worth $28,000 post purchasing additional 260 shares during the period. 

JPMorgan Chase & Co. increased its price target on the company’s shares from $56.00 to $62.00, giving the an “overweight” rating in a report dated November 8th. 

2. Dell Technologies Inc.

Dell Technologies is the leading provider of servers, storage, and networking products through ISG segment and PCs, monitors, and peripherals via CSG division. 

The company has announced its financial results for its fiscal 3Q24. Revenue came at $22.3 billion, exhibiting a fall of 10% year-over-year and its operating income came at $1.5 billion and non-GAAP operating income of $2 billion, a fall of 16% and 17% year-over-year, respectively. 

Cash flow from operations of the company for 3Q came in at $2.2 billion as a result of profitability and strong working capital performance. It generated $9.9 billion of cash flow from operations over the previous 12 months. 

The company has ability to generate solid cash flow with the help of profitability and working capital efficiency. Long-term financial framework and capital allocation plans are delivering strong results as the company returned $1 billion to the shareholders in 3Q in the form of share repurchases and dividends. 

Daiwa Capital Markets, an investment firm, increased its rating on the company from “neutral” rating to “outperform” rating. It has increased its price objective from $50.00 to $80.00 on September 18th. Morgan Stanley upped its price objective on the company’s shares from $70.00 to $87.00, giving the stock an “overweight” rating in the report dated October 3rd. 

Coming to the institutional ownership, Anchor Investment Management LLC bought new position in the company in 4Q valued at ~$26,000. Another investment manager, Brown Brothers Harriman & Co. took a new position in the company’s shares in 1Q worth ~$27,000. 

3. Palo Alto Networks, Inc.

The company is a pure-play cybersecurity vendor, selling security appliances, subscriptions, and support to enterprises, government entities along with service providers.

It has released its financial results for fiscal 1Q24 ended October 31, 2023. Total revenue for quarter went up by ~20% year-over-year to $1.9 billion in comparison to total revenue of $1.6 billion for fiscal 1Q23. 

GAAP net income of the company came in at $194.2 million, or $0.56 per diluted share in comparison to GAAP net income of $20.0 million, or $0.06 per diluted share, for the fiscal 1Q23. Unprecedented levels of attacks has been fueling solid demand in cybersecurity market. 

The company continues to execute on platformization, with customers recognising benefits it can offer in simplifying security architectures and delivering better security outcomes. 


While above are some of the top technology stocks billionaires are buying right now, there are several other tech scrips which are on the wishlist of billionaires. 

How rally will be supported by AI? What’s in store for AI now that we have started 2024? 

Fund managers believe that 2024 has been a year in which AI should go from “concept to product.” Alphabet and Amazon are other stocks which should see strong growth because of AI catalysts.

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CEO & Editor
I'm Ved Prakash, Founder & Editor @Newsblare Media, specialised in Business and Finance niches who writes content for reputed publication such as,, Motley Fool Singapore, etc. I'm the contributor of different... news sites that have widened my views on the current happenings in the world.

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