2 Best Tech Stocks to Buy in November

If you’re looking for future winning investors, the technology sector is one of the best places to start. There have been plenty of stock releases here over the past decades that have stunned the market, and artificial intelligence (AI) represents a huge opportunity that could bring investors enormous wealth in the coming years.

Here are two tech stocks to buy in November.

1. Micron technology

Shares Micron Technology (M.J. -0.12%) rose to a high of $157 earlier this year and then fell back to around $100 as of this writing. The drop made the stock’s valuation even more attractive as the latest earnings report continues to show growing demand from data centers for the company’s high-capacity memory products.

Micron has seen sharp revenue growth over the past year. In the fourth quarter of fiscal 2024, which ended Aug. 29, revenue jumped 93% year-over-year, indicating the company’s growth is accelerating. Robust demand trends are driving improved profitability, causing Micron’s earnings per share to more than double compared to the year-ago quarter.

Earnings should continue to rise as Micron refocuses production on higher-margin products such as high-bandwidth memory, for which demand is expected to rise in the new year. Management sees demand from AI and traditional servers, indicating broad strength in the data center market.

Micron is ramping up production to meet demand as supply is the main factor limiting sales. This will significantly increase the company’s profitability. On average, Wall Street analysts now expect Micron’s adjusted earnings per share to rise from $1.30 in fiscal 2024 to $8.93 in fiscal 2025, according to Yahoo Finance.

In light of these trends, the stock’s valuation looks attractive at just 11 times next year’s earnings. Compared to expected fiscal 2026 results, the stock has an even cheaper forward price-to-earnings (P/E) ratio of 8. Micron shareholders expect potentially significant growth over the next few years.

2. HubSpot

HubSpot (HUBS 3.14%) offers an easy-to-use platform that helps small businesses manage services, marketing and sales. It has shown steady growth in recent years and has delivered phenomenal returns to its investors. Shares are up 18% since the company reported third-quarter results in early November.

In the third quarter, revenue grew 20% year-over-year in constant currency, driven by a net addition of 10,000 customers, bringing the total to 238,000, as well as continued spending by loyal customers. The company reported strong customer interest in new AI features, such as the new Copilot assistant, which is currently in beta testing.

These were strong results during a relatively weak year of growth for leading software providers. Companies are hesitant to spend money on software, but HubSpot is up to the challenge. While the company expects revenue growth to slow again to about 16% year over year in the fourth quarter, Wall Street is starting to give the company credit for its long-term opportunities and ability to improve earnings.

HubSpot is showing signs of building a strong competitive moat. Adjusted operating margin increased from 16.5% in the third quarter of 2023 to 18.7% in the third quarter of 2024. These were excellent results following management’s decision to lower prices to attract more customers. This demonstrates the ability to be competitive on pricing while growing profits, which helps explain why the stock is rising.

From a price-to-sales perspective, the stock still looks attractive at a multiple of 14. The stock has soared more than 2,000% since its IPO in 2014, but its average P/S ratio over the past decade has been just over 12. Since HubSpot is still is still in growth mode, investors can expect returns commensurate with the company’s long-term earnings growth.