Amidst the relative calm on Wall Street, including the S&P 500 inching forward, the potential bubble in tech stocks poses a challenge for investors. The cooler-than-expected jobs report and a retreating bond market indicate that the Fed’s hawkish stance may soften. Hence, it becomes imperative for savvy investors to look at tech stocks to sell to optimize their portfolios.
Therefore, before the market writes its next chapter, a discerning look at your tech holdings could prove to be imperative. Hence, in this nuanced shift in market dynamics, let’s explore three tech stocks to offload from your portfolio.
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Wipro (NYSE:WIT) straddles a relatively fine line in the tech sphere, boasting AI offerings and a powerful strategic base in India’s growing economy. The company’s forte lies in staffing IT talent adept in the programming of AI language models.
However, the swift pace of AI evolution threatens to outmode Wipro’s services. Though the firm exhibits stable sales and earnings, actual growth in these realms is stagnant.
Wipro’s latest financials hardly exude any confidence, with its Q2 GAAP EPS of six cents falling short by a penny. Furthermore, the company’s top-line declined in value to $2.71 billion, missing by $40 million estimates, painting a somber picture. Forward-looking into the third quarter, Wipro projects a downturn. The IT Services business segment revenue may potentially dip by 1.5% to 3.5% in constant currency terms.
Coinbase Global (COIN)
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Coinbase Global’s (NASDAQ:COIN) recent performance, with a sharp uptick surpassing 151% year to date (YTD), has many on Wall Street taking notice. However, the glow of its rapid bump in…
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