Tech is the strongest S&P segment in 2023, see the top 10 performing stocks in the sector
Andrei Askirka
The information technology sector has been the strongest performing S&P segment of the 2023 trading year as the space is +37% year-to-date. With strong support from an artificial intelligence push the tech sector has been able to advance further than any the other area in the market.
While the tech space continues to push higher, some Seeking Alpha analysts warn that the ride up is a risky decision as a large selloff can be around the corner.
Analyst James Foord hinted that the 1999 hype cycle may be back. Foord stated: âTech stocks keep rallying, and I believe they will continue to do so for now.â He also added: âHowever, I expect this tech bubble, like in 1999 will eventually burst.â
Moreover, analyst Stuart Allsopp stated: âI believe the US Information Technology sector is more overvalued relative to the broader US market than at any time since the tech bubble in 2000, driven by euphoria over Artificial Intelligence.â
At the same time not all have a bearish view, analyst Michael James McDonald said: "Both sentiment and speculation indicators in the technology sector continue to point to even higher prices."
See below the top 10 S&P info tech stocks on Wall Street in 2023 along with their year-to-date returns:
Top 10 Performing Tech Stocks of 2023
No. 10:
Adobe (ADBE) +43.8%.
No. 9: Apple (AAPL) +44.3%.
No. 8: Applied Materials (AMAT) +46.9%.
No. 7: Monolithic Power Systems (MPWR) +48.1%.
No. 6: Fortinet (FTNT) +48.7%.
No. 5: Broadcom Inc. (AVGO) +50.1%.
No. 4: Lam Research Corporation (LRCX) +51.1%.
No. 3: Salesforce (CRM) +54.5%.
No. 2: Advanced Micro Devices (AMD) +67.3%.
No. 1: NVIDIA Corporation (NVDA) +181.9%.
For a more diversified view on the tech sector, investors also have access to exchange traded funds that provide the financial community with a broader stance to the S&P sector. See below some of Wall Street's most prominent tech ETFs along with their 2023 returns:

Invesco QQQ Trust (NASDAQ:QQQ) +35%.
Technology Select Sector SPDR Fund (NYSEARCA:XLK) +36.8%.
Vanguard Information Technology ETF (NYSEARCA:VGT) +35.4%.
iShares U.S. Technology ETF (IYW) +42.9%.
ARK Innovation ETF (NYSEARCA:ARKK) +39.9%.

Tech has been the strong space for investors for the first half of the trading year but what is in store for the second half? Seeking Alpha analyst Steve Cress highlights the top 10 tech stocks for 2H2023.
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