Large-cap tech stocks have been bucking the strong momentum trend recently…
And this earnings season is reinforcing the idea that investors and traders are finally starting to like technology stocks again.
While I’m still cautious about the overall market being overbought, there are some large-cap tech stocks breaking out I want my subscribers to know about. Both of these names are trading above their 50-day moving averages, and to the upside.
They’re also popular among retail investors, ranking among the top 100 most widely held stocks on the Robinhood trading platform. They draw traders like moths to a flame, and both look set for long-term success in the post-pandemic economy.
2 Large-Cap Tech Stocks Breaking Out Now
The first large-cap tech stock breaking out is Paypal Holdings Inc. (Nasdaq: PYPL).
You should’ve heard about this stock before since I also mentioned it in this video on crypto investing back in December. But for those of you who missed it, PayPal is an American company that supports online money transfers. It’s an electric substitute to traditional paper methods like cash and checks.
The world is going digital, and this mobile payment platform is set to benefit from the trend.
PayPal’s revenue surged 21-plus percent, or about $21.5 billion, this past year as the COVID-19 pandemic boosted demand for e-commerce and online payment platforms.
And just this past March, PayPal launched its “check out crypto” service, which lets its customers in the U.S. check out with cryptocurrencies and other payment methods in the PayPal Wallet. This is HUGE, and takes advantage of PayPal’s widespread acceptance to create an integrated cryptocurrency platform — something competitors like Coinbase will struggle to do.
But I don’t want any of you to miss out on these names, so check out my short video below to get the next large-cap tech stock breaking out on my list, and be sure to share your thoughts in the comments section.
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