1 Top Tech Stock Ready for a Bull Run

Wow! What a difference a year makes. For that matter, what a difference a few weeks make. In 2022, investors stormed the exits of the stock market, even though many pointed out that it's best to invest in terrific companies when everyone else is running away. Then in 2023, the talk of inflation and recession did a 180-degree turn to artificial intelligence (AI) and a new bull market. The latest gross domestic product (GDP) report topped estimates, inflation fell to 3% (the lowest since 2021), and the unemployment rate is just 3.6%. 

But it's not time to break out the party hats just yet. The economy still has serious concerns. Interest rates continue to rise to stamp out inflation, and JPMorgan Chase CEO Jamie Dimon warns that stimulus savings are drying up. Couple that with over 50% of Americans living paycheck-to-paycheck, and it isn't hard to imagine some difficult times ahead. That is why it is imperative to invest in excellent companies in desirable industries with a long-term mindset. Payment processing giant (NYSE: V) perfectly fits the bill.

The world is increasingly moving cashless. The pandemic, online retail, and technology like self-service kiosks have accelerated the trend. Even when a kiosk accepts cash, studies show that most customers use a debit or credit card. According to Forbes, only 9% of U.S. transactions are cash. This means that Visa's business has a massive, secular tailwind: consumer spending.

Continue reading

Source Fool.com