(September 2020)

As a whole, the tech sector has performed splendidly during COVID. It is not just FAAMG either, numerous names across the board have seen big jumps. Investors are nervous about such high valuations, but some of the stocks’ underlying businesses justify the growth and even deserve more investment. One place to look is in advertising, which KeyBanc Capital Markets considers a “second derivative” to e-commerce growth. Accordingly, Facebook, Pinterest, and Snap seem like good buys and continued 20-30% growth looks likely. Content plays also look promising, for example Roku, which has under-appreciated monetization channels.


FINSUM + Magnifi: Digital advertising is going to benefit hugely from COVID. As a higher percentage of consumer spending moves to internet channels, digital advertising is an automatic beneficiary as service providers need advertising to find customers. There should be strong revenue growth across the board.


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