Tech stocks in focus: Nasdaq 100 and the best digital companies in November

Tech stocks in focus: Nasdaq 100 and the best digital companies in November

According to a report by www.faz.net, digital stocks rose sharply again in November, especially those from platform companies. Xometry, Block and PDD Holdings are at the top of the best digital stocks in November, driving the Nasdaq 100 technology index by around 10 percent and thus close to the all-time high from autumn 2021.

Many digital companies have used this year to increase their efficiency and have now grown a little more slowly, but more profitably. For example, the streaming service Spotify has announced that it will cut 1,700 employees in order to become more efficient.

Platforms that make money through transaction fees and curated services are at the forefront of share price gains. The Xometry platform operates a digital platform for industrial orders and achieved record sales and gross profit results in the third quarter.

Block, the parent company of Square and Cash App, also reported strong third-quarter results, beating expectations with revenue growth of 24.4 percent.

PDD Holdings, a Chinese company that has seen a massive increase in revenue this year, grew 94 percent to $9.4 billion in the third quarter of 2023 compared to a year ago.

Shares of Travelzoo and Expedia also posted good gains in November on positive quarterly results.

Overall, the price gains of digital stocks in November show that platform companies with efficient business models and positive quarterly results are becoming more attractive and are being well received on the stock exchanges. This is reflected in the gains of the Nasdaq 100 technology index.