20 hottest tech stocks: week ended 23 October 2026

Picture credit: SpaceX via Flickr.

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SpaceX

Space Exploration Technologies Corp Class A (NASDAQ:SPCX) shares skyrocketed on Wednesday on the back of strong quarterly earnings and hopes of a tie-up with Tesla Inc (NASDAQ:TSLA).

Third-quarter revenue soared 161% to $14.6 billion (£11 billion), beating analyst expectations thanks to a strong performance at Starlink, its satellite-internet business, and impressive AI revenues which hit $7.6 billion from renting out data-centre computing capacity to AI developers. AI accounts for 52% of the group’s total revenue versus connectivity at 36%. Starlink hit 13.6 million subscribers in the third quarter, topping expectations.

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SpaceX also reported its first profit since its closely watched stock market flotation this summer. Net income hit $4.4 billion compared to a net loss of $1.1 billion year-on-year, beating expectations for earnings of $1.57 billion.

SpaceX expects capital expenditure of between $35 billion and $40 billion in the fourth quarter, jumping from $19.6 billion in the third quarter, with the majority on AI and super-intelligence infrastructure.

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Also in focus, CEO Elon Musk said a merger with Tesla would be a “good idea”. He confirmed a tie-up is under consideration with special committees on both boards assessing a possible deal. The combined group would create the fifth-most valuable company in the world with Musk arguing that there is “a lot of merit”. in bringing the two together. There are notable overlaps between the businesses in terms of AI, computing infrastructure, robotics and manufacturing.

SpaceX is the most bought tech stock on the ii platform this week. 

20 most-bought tech stocks on the ii platform

Source: interactive investor, 19-21 October 2026.

Tesla

Shares in Tesla Inc (NASDAQ:TSLA) initially rallied after-hours on Wednesday before reversing course as investors digested a mixed set of third-quarter results.

Overall gross margin hit 19.6%, beating analyst expectations thanks to growing fully self-driving (FSD) subscription revenue and stronger autos profitability. Earnings performed well, with adjusted earnings per share (EPS) hitting $0.48, ahead of forecasts for $0.43. After a long period of weak sales, auto revenue has been regaining ground, hitting $20.6 billion thanks to strong deliveries. 

However, total revenue was flat at $28.05 billion, roughly in line with expectations, while energy sales disappointed, falling 16% to $2.88 billion, partly due to tariff related refunds.

Tesla’s bullish investment case is built around its strong ambitions in AI, robotics, and autonomous driving. While progress is clearly being made, timelines were arguably longer than many hoped. Musk said there is still “a lot of work to do” around the Optimus humanoid robot and the Robotaxi will only start to positively impact Tesla’s financials in the second half of next year.

Investors also focused on its Q3 capital expenditure figure which came in sharply below expectations, hitting $4.7 billion, and Tesla lowered its 2026 capex forecast to around $20 billion. While this could point to improved efficiencies, it could also suggest the company is slowing the pace of AI investment.

Shares had already been under pressure this year, down 14% until Wednesday’s close.

According to Refinitiv data, there are 24 buy recommendations on the stock, versus 20 holds and 4 sells, suggesting analysts remain divided.

Tesla is one of the most-bought tech stocks on the ii platform this week.

Netflix

Netflix Inc (NASDAQ:NFLX) delivered third-quarter earnings per share of 87 cents, surpassing expectations for 82 cents. However, revenue only met expectations, coming in at $12.87 billion and it expects 2026 revenue to rise 13% year-on-year to $51.1 billion, slightly below forecasts. Netflix also said it expects recent layoffs to have a negative impact on its operating margin in the fourth quarter, and the streamer reduced its full-year advertising revenue forecast to around $2.7 billion from an estimated $3 billion.

Netflix has long been the dominant winner in the streaming wars. However, competition is intense, not just from the raft of streamers like Apple TV, Prime Video and Disney+, but also from other platforms like TikTok and YouTube. On top of that, Netflix has struggled to deliver new blockbuster hits for its customers.

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It is an uncertain time for its investors after Netflix recently announced major layoffs and carried out a significant C-suite shake-up. The company is still reeling from its failed bid for Warner Bros. Discovery Inc Ordinary Shares - Class A (NASDAQ:WBD) which caused major gyrations in Netflix’s share price earlier this year. Since the deal fell through in February, shares have been on a downward trajectory and the stock closed lower by over 5% on Wednesday.

Several analyst teams downgraded their price targets on the stock this week including Barclays, UBS, Morgan Stanley, Goldman Sachs and JP Morgan. According to Refinitiv however, Netflix remains a consensus buy among analysts.

Netflix is the fifth most-popular tech stock on the ii platform this week.

South Korean IPO/Neocloud turmoil

The flotation of Elice Group in South Korea raised more than $100 million but was viewed as a major flop this week. The AI cloud company fell 32% in Seoul on Tuesday, in the worst stock market debut in the country on record. 

Neocloud businesses have been caught up in the recent AI storm, with shares in CoreWeave Inc Ordinary Shares - Class A (NASDAQ:CRWV) at the epicentre, down 15% in the last week and almost 50% in the past six months.

Companies like Elice Group and CoreWeave buy large quantities of AI chips and rent AI computing power to companies like Microsoft and OpenAI that run and develop AI systems.

However, the neocloud sector relies heavily on debt financing, making it particularly sensitive to concerns about AI demand and profitability. Higher leverage can amplify gains but can also increase losses, making investors more exposed if AI spending slows.

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The Kospi has also been under pressure lately, hitting six-month lows in October amid worries about the heavy levels of AI spending and sharp declines in major technology stocks like SK hynix Inc ADR (NASDAQ:SKHY) and Samsung Electronics Co Ltd DR (LSE:SMSN).

Market volatility has prompted several AI infrastructure and data centre companies to delay their IPOs, including AirTrunk which postponed its Singapore flotation, while Vitro REIT deferred its flotation to 2027. Meanwhile, UK AI cloud provider Nscale is facing resistance on valuation from its investors.

CoreWeave is the eighth most-traded tech stock on the ii platform this week.

Meta Platforms

Meta Platforms Inc Class A (NASDAQ:META) reported solid quarterly earnings that initially boosted shares, although gains later faded. Third-quarter revenue rose 26% to $64.6 billion, beating analysts’ expectations, thanks to robust advertising pricing, and it issued upbeat fourth-quarter revenue guidance.

Earnings after a one-off legal charge hit $22.9 billion, beating expectations while operating margin also topped forecasts.

Meta said its consumer AI agent app Muse attracted more than 10 million users in its first six weeks in the US and Canada. Meta continues to spend heavily in the AI arms race, forecasting annual capital expenditure of between $135 billion and $145 billion. However, its free cash flow turned negative for the first time in a decade. Highlighting the unease over the scale of these investments, Meta’s five-year credit default swaps (CDS) hit a record high this week.

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Elsewhere, Meta issued a new share class, creating the equivalent of a 2-for-1 stock split.

In the same week, Meta landed a $25 billion penalty in a data-privacy ruling in New Mexico relating to the Cambridge Analytica scandal.

Several analysts raised their target price on Meta in light of strong earnings. But despite this, Meta has lagged other tech giants like Apple Inc (NASDAQ:AAPL), NVIDIA Corp (NASDAQ:NVDA) and Amazon.com Inc (NASDAQ:AMZN) so far this year in terms of percentage gains.