Alphabet (NASDAQ:) (GOOG) and Tesla (NASDAQ:) are two of the top tech stocks. Tech stocks have underperformed for a couple of months as economic growth surprises to the upside. Taylor Dart explains why you should consider buying now.Thus far, it’s been a turbulent year for the , with the index starting 2021 with a 15% gain, before wiping out all of its year-to-date gains with inflation and the prospect of higher rates spooking the market. Currently, the Nasdaq is trying to find its footing near its 100-day moving average, but with minimal fear out there and still a significant amount of complacency, it’s unclear whether the bottom is in yet. While many stocks remain expensive after being bid up relentlessly last year, two QQQ constituents are reasonably valued after blowout Q1 earnings reports. So, if the market weakness continues, they look like two potential ideas to buy on dips.
Alphabet (GOOG) and Tesla (TSLA) have little in common other than being neighbors in the Nasdaq-100 Index, focusing on making self-driving a reality over the long run, and delivering solid results in their Q1 reports. In Alphabet’s case, the company smashed revenue estimates and reported $ 55.3BB in revenue, a massive beat vs. consensus of ~$ 52BB. This translated to 34% growth year-over-year and the company’s strongest quarter for sales growth in over two years. In Tesla’s case, the company beat revenue by more than $ 110MM with revenue of $ 10.4BB while also posting a massive beat on automotive gross margins of more than 200 basis points. Let’s take a look at Alphabet below:
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