20 hottest tech stocks of the week: IBM, SK Hynix, SpaceX, Alphabet

SK Hynix memory chip. Photo: VCG/VCG via Getty Images.

IBM

International Business Machines Corp (NYSE:IBM) is a new addition to the list of most-bought technology stocks so far this week, shooting straight up to second position only behind Space Exploration Technologies Corp Class A (NASDAQ:SPCX). It appears interactive investor customers have been buying the dip in hope of a recovery after recent losses.

The company suffered a brutal sell-off on Tuesday when shares tumbled by a quarter, wiping almost $70 billion (£52 billion) from its market cap and dragging other names in the sector like ServiceNow Inc (NYSE:NOW), Salesforce Inc (NYSE:CRM), Intuit Inc (NASDAQ:INTU) and Atlassian Corp Class A (NASDAQ:TEAM) into the red.

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IBM issued weak guidance for second-quarter revenue and earnings that both fell short of expectations and said “numerous large deals” failed to close. It has struggled as businesses redirect spending away from software towards AI infrastructure and cybersecurity instead. IBM’s investments in quantum computing and its AI partnerships did little to ease investor concerns.

Software has already faced a lot of volatility this year amid the growing threat from AI that looks set to reshape the sector.

According to Refinitiv, analysts still have a consensus ‘buy’ recommendation on IBM with an average price target of $281.09, around a third higher than the current share price.

SK Hynix 

SK hynix Inc ADR (NASDAQ:SKHY) is another highly popular stock on the ii platform this week after its Nasdaq stock market debut on Friday. The American Depositary Receipts (ADRs) closed higher by 13% on its first trading day, raising $26.5 billion (£19.6 billion).

It has been a volatile week for the South Korea chipmaker with the ADRs dropping over 9% on Monday before surging 27% on Tuesday, fuelled by strong AI memory demand and the swings exacerbated by leveraged trading.

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There is an unusual divergence to highlight between SK Hynix’s US listed ADRs and its Seoul-listed equivalent that should in theory converge towards a similar price, thanks to arbitrage traders which capitalise on any discrepancies. However, as Bloomberg and the Financial Times point out, frictions in the market have made it difficult to carry out this arbitrage trade, building a massive premium into the ADRs since they are easier for hedge funds to trade and borrow than the South Korean version. That is likely to change on 29 July when it becomes possible to exchange ADRs for Korean stock.

SpaceX

SpaceX replaced Micron Technology Inc (NASDAQ:MU) as the most-bought tech stock on the ii platform so far this week amid a bumpy ride for investors. On Wednesday, the stock dipped below its IPO price of $135 before closing at $135.27 and has fallen by around a third from its post-IPO highs. 

As staggered lock-up restrictions ease in the months ahead, extra supply of shares will become available, a potential headwind for its share price if the balance between supply and demand moves in an unfavourable direction.

20 most-bought tech stocks on the ii platform

Source: interactive investor, 13-15 July 2026.

Week Ahead

Alphabet

With US earnings season in full swing, Alphabet Inc Class A (NASDAQ:GOOGL) takes centre stage on Wednesday with second-quarter results due after the market close. According to Refinitiv, Q2 revenue is expected to hit $118.6 billion, up from $109.9 billion last quarter, with $94.4 billion coming from Google services, mostly advertising, and $22.3 billion from Google Cloud. Earnings per share is forecast to rise to $2.89 from $2.62 last quarter.

Focus will be on the performance of its rapidly expanding Google Cloud, which enjoyed a 63% revenue surge last period, fuelled by its enterprise AI solutions.

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Investors will also be paying attention to its lofty AI spending plans. The company has already warned investors that capex could reach $190 billion this year and “significantly increase” in 2027.  To fund these expensive plans, Alphabet last month announced an equity raise worth $80 billion before increasing the total by nearly $5 billion amid strong demand. This was an historic moment for the company, marking its first stock offering in over 20 years.

Shares have performed very well over the last 12 months, rallying around 100% versus the Nasdaq 100, which is up almost 30%. According to Refinitiv, analysts have a consensus ‘buy’ recommendation on the stock with an average target price of $417.92, representing around 12% upside from the current share price.