🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 156 (from laksa033)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa156.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.forbes.com/sites/bethkindig/2023/01/06/top-5-stocks-of-2022/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.forbes.com/sites/bethkindig/2023/01/06/top-5-stocks-of-2022/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.forbes.com\/sites\/bethkindig\/2023\/01\/06\/top-5-stocks-of-2022\/","crawl_time":1774357926,"first_indexed_time":1673014117,"http_code":200,"src_unparsed":"com,forbes!www,\/sites\/bethkindig\/2023\/01\/06\/top-5-stocks-of-2022\/ s443","src_root_hash":"7074450602188365556","history_drop_reason":null,"meta_title":"Top 5 Stocks Of 2022: Year In Review","meta_descriptions":["It's productive for investors to review the 2022 stocks that performed well rather than prognosticate for 2023. Investors can reasonably assume 2023 will look more similar to 2022 than the preceding years and this excercise preps tech portfolios for 2023. These top 5 stocks ... READ MORE"],"attrs_boilerpipe_text":"In this analysis, rather than prognosticate on the top stocks of 2023, we think it’s more productive to go back and review the stocks that performed well under new macro conditions in 2022. This exercise helps to inform tech portfolios for the upcoming year as investors can reasonably assume 2023 will look more similar to 2022 than the preceding years.\n2022 was a very volatile year for the stock market with rising rates, inflation, and geopolitical tensions leading to sudden sell-offs. All three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S&P 500 index down 18.11%, and Nasdaq down 32.54%. Despite the indexes being in the red, some stocks greatly outperformed the broad market.\nWe think it’s important to pause and draw some parallels around the stocks that performed well in 2022 to form an opinion on what might perform well in 2023. This is assuming macro will be more similar to 2022 than the preceding years, which is a reasonable assumption to make at this time.\nNEW YORK, NY - JULY 30: People are reflected in the window of the Nasdaq MarketSite in Times Square on July 30, 2018 in New York City. As technology stocks continued their slide on Monday, the Nasdaq Composite dropped 1.1 percent in afternoon trading with shares of Facebook, Netflix, Amazon and Google-parent Alphabet all declining. (Photo by Spencer Platt\/Getty Images)\nGetty Images\nBelow, we review the top five stocks of 2022. These stocks were chosen based on their price action and strong fundamentals. Choosing a top 5 means many great stocks were left off this list, yet this sample helps to form conclusions around how 2022 was a different trading environment from years past.\nAll three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S&P 500 index down 18.11%, and Nasdaq down 32.54%.\nYCharts\nMORE FROM\nFORBES ADVISOR\nSuper Micro Computer (SMCI)\nSuper Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak.\nThe company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the S&P MidCap 400 Index and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel.\nYCharts\nPictured above is SMCI’s Qly revenue YoY growth.\nThe company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the\nS&P MidCap 400 Index\nand enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel.\nIn the recent earnings call, the founder and CEO of the company, Charles Liang\nsaid\n, “\nFor Intel, we are engaged with many large opportunities with Intel’s upcoming Gen 4 scalable Xeon CPU codenamed Sapphire Rapids. We now have hundreds of early seeding engagements including several dozen early shipments. Similar programs have been executing with AMD, and we have seen very strong demand for our upcoming Genoa CPU based platforms.”\n“\nWith respect to NVIDIA, not only do we have the most complete portfolio of systems supporting H100 GPUs, but we have also developed many brand new architectures for the leading Metaverse and Omniverse partners.”\nThe company’s revenue in the recent quarter, Q1 FY23,\ngrew by\n79% YoY to $1.85 billion. The gross margin improved to 18.8% in Q1 FY23 up from 13.4% in the same period last year. The company’s profits have grown steadily with net income of $184 million compared to $25 million in the same period last year. The stock is currently trading at a P\/E ratio of 10.3 and a fwd P\/E ratio of 8.1.\nSuper Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak.\nYCharts\nMicrosoft (MSFT)\nMicrosoft was one of the best performing tech mega cap stocks last year ending the year down (28%), compared to Meta and Tesla, which ended the year down (64%) and (65%), respectively. Notably, Microsoft narrowly beat the Nasdaq in 2022.\nThe company is positioned for outsized growth due to its exposure to secular tailwinds such as Artificial Intelligence (AI), Machine Learning (ML), and the build out of the 5G edge network. Microsoft could take a substantial share of these markets at the infrastructure level due to its relationships with the Fortune 500 and Global Fortune 2000.\nIn addition to top-down enterprise penetration across the Fortune 500, Microsoft is also focused on developers to help complete Microsoft’s customer cloud strategy. Microsoft addressed its previously poor reputation in open-source communities by acquiring GitHub for $7.5 billion in 2018. Developers help determine the cloud IaaS service an enterprise or SMB customer will choose, so in-roads into this community could help Microsoft hedge the developer favorite, Amazon Web Services.\nThe company’s Q1 FY23\nrevenue\ngrew by 11% YoY and down 3.4% QoQ to $50.1 billion.\nOperating income increased by 6% YoY to $21.5 billion. Net income was $17.6 billion compared to an adjusted net income of $17.2 billion in the same period last year (adjusted net income in the previous year as the company received income tax benefit last year).\nThe net profit margin was 35% in the recent quarter.\nMicrosoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin.\nMicrosoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin.\nYCharts\nDue to Microsoft being a leading tech stock that the I\/O Fund plans to buy on any weakness, we have included a\nYouTube clip\nfrom Portfolio Manger Knox Ridley of the 2023 price action we are expecting for Microsoft including sample entries.\nASML Holding (ASML)\nASML Holding is benefitting from strong semiconductor equipment demand from the leading foundry companies. As new fabs are built, these companies will need equipment in the coming years. The company’s fiscal year 2022 revenue analysts estimate rose 12% in the last 2 months. The company\nraised\nthe 2025 revenue guidance to be between €30 billion and €40 billion, up from the previous guidance of €24 billion to €30 billion. The company in its press release\nacknowledged\n,\n“While the current macro environment creates near-term uncertainties, we expect longer-term demand and capacity showing healthy growth.”\nThe company’s Q3 revenue\nwas\n€5.8 billion compared to €5.2 billion in the same\nperiod\nlast year. The management expects Q4 revenue to be between €6.1 billion to €6.6 billion. The gross margin was 51.8% compared to 51.7% in the same period last year. Net income was €1.7 billion (net profit margin of 29.4%) compared to a net income of €1.7 billion (net profit margin of 33.2%) in the same period last year.\nThe company has a strong backlog of over €38 billion. The company’s CEO Peter Wennick\nsaid\nin the earnings call,\n“And as a matter of fact, our 2023 shipment demand is still significantly above our build and shipment capacity for next year. And this is supported by the record bookings this quarter, of €8.9 billion and our largest backlog ever of over €38 billion. Almost 85% of this backlog is for EUV and immersion, which is used for advanced nodes and related wafer capacity expansions.”\nPalo Alto Networks (PANW)\nLeading cybersecurity company Palo Alto Networks has a strong free cash flow margin, which is rare in the cloud and cybersecurity category. The company has been GAAP profitable for the last two quarters. The company’s\nrevenue\nin the Q1 FY23 grew by 25% YoY to $1.6 billion, which was above the management guidance of $1.535 billion to $1.555 billion.\nThe company’s margins are improving. The company reported a GAAP net income of $20 million compared to a GAAP net loss of ($103.6) million in the same period last year. The adjusted net income was $266.4 million compared to $170.3 million in the same period last year. Consistent GAAP profitability is key in this macro environment.\nThe company reported free cash flow of $1.2 billion (76.6% of revenue) compared to $554 million in the same period last year (44.4% of revenue). Dipak Golechha, CFO of the company, said in the\nearnings call\n, “\nThis cash flow performance was largely driven by strong collections in the quarter, that we expected based on the strength of our business in Q4.”\nThe management has guided an adjusted free cash flow margin in the range of 34.5% to 35.5% for the FY23.\nDipak Golechha said,\n\"We exceeded our top-line guidance while generating $1.2 billion in free cash flow and expanding our operating margins,\"\nHe further added,\n\"We will continue to balance growth with profitability and cash generation to further strengthen our position in the market.\"\nThe company reported a free cash flow of $1.2 billion (76.6% of revenue) compared to $554 million in the same period last year (44.4% of revenue).\nYCharts\nFirst Solar (FSLR)\nSolar stocks were the leading sector in tech last year. First Solar ended the year on fire with a return of 72% compared to the (33%) return of the Nasdaq. The sector got a boost from the Inflation Reduction Act of 2022, which we covered last year\nin our free newsletter\nwhen we said:\n“The solar industry will benefit since Inflation Reduction Act\nincludes\nthe extension of Production Tax Credits (PTCs) and Investment Tax Credits (ITCs) for the construction of wind and solar projects beginning before January 1, 2025. It means a three-year extension for PTCs and a one-year extension for ITCs.\nIt also\nextends\nthe 30% federal tax credits for installing solar panels on rooftops by another 10 years, from 2022 to 2032. Solar installations are eligible for 26% tax credit for installations in 2020 and 2021. It now extends till 2032 for 30% tax credits, and in 2033 the tax credit\nwill be\nreduced to 26% and 22% in 2034. There will be no tax credit after this period unless Congress renews it. Home battery systems that store energy\ngenerated\nby solar systems for later use will also be eligible for a 30% tax credit.”\nFirst Solar is a leading provider of photovoltaic (PV) energy solutions. It is one of the major beneficiaries of the IRA in the form of solar manufacturing tax credits. The company was also\nrecently\nadded to the S&P 500 index.\nThe company\nannounced\nlast year its plan to invest $1.2 billion to expand its solar module manufacturing in the U.S. It includes a $1 billion investment for a new manufacturing facility in the Southeast U.S. and $185 million for the upgradation of the existing Ohio facility.\nMark Widmar, CEO of the company,\nsaid\nin the Q3 earnings call, “\nIn our view, by passing and enacting the Inflation Reduction Act of 2022, Congress and the Biden-Harris administration has entrusted our industry with responsibility of enabling and securing America's clean energy future, and we recognize the need to meet the moment in a manner that is both timely and sustainable.”\nThe company’s Q3 2022\nrevenue\nwas up 7.8% YoY to $628.9 million. It reported a net loss of ($49.2 million) compared to a net income of $55.8 million in Q2 2022 and $45.2 million in the same period last year. The company benefitted from the gain from the sale of the Japan project development platform in the Q2 2022 and also experienced higher logistics charges in the recent quarter.\nMark Widmar, CEO of First Solar said,\n“Our focus continues to be on setting the stage for long-term growth, and from this point of view, 2022 has so far proven to be foundational,”\nHe further added\n, “This year we have developed the potential for our CdTe semiconductor technology by progressing our next-generation Series 7 and bifacial platforms, set in motion plans to scale our global manufacturing capacity to over 20 GWDC by 2025, and secured record year-to-date bookings of 43.7 GWDC with deliveries extending into 2027.”\nConclusion:\nThe I\/O fund is an actively managed tech portfolio that is audited and we carefully choose our positions to reflect the current macro environment for tech. Therefore, our analysis is very actionable and I strongly feel that looking back at 2022 is providing clues for tech investors as we move forward into 2023.\nThis week, I recently stated on our\nresearch site’s\nprivate forum:\n“My concern for retailers is that the underlying tone is that macro will clear up quickly and tech darlings will return. It's more likely macro will be throwing curveballs for some time. To put it another way, it's obvious that 2022 was terribly bad for investors, but what if the real issue is that the previous years were so terribly good\/easy. Will those good\/easy conditions return?\nPart of the good\/easy conditions was fueled by the venture capital cycle. When every tech company going public has high growth rates yet is losing on the bottom line, and it's clear the market is still awarding the poor bottom lines with sky high valuations, what you get is a runaway train of a bull market.”\nThe stocks above have proven they do not need good or easy conditions to perform well. It can be hard to have a repeat year as often investors will take gains, and there’s certainly gains to take in the names listed above. Therefore, we are looking for a pattern rather than attempting to exactly repeat 2022. This pattern is expanding margins, strong free cash flows, and any hint or sign of accelerating revenue.\nRoyston Roche, Equity Analyst at the I\/O Fund, contributed to this article.\nPlease note: The I\/O Fund conducts research and draws conclusions for the company’s portfolio. We then share that information with our readers and offer real-time trade notifications. This is not a guarantee of a stock’s performance and it is not financial advice. Please consult your personal financial advisor before buying any stock in the companies mentioned in this analysis. Of the 5 companies highlighted, Beth Kindig and the I\/O Fund own Microsoft at the time of writing.\nIf you would like notifications when my new articles are published, please hit the button below to \"Follow\" me.","attrs_markdown":"[Sign Up For Newsletters](https:\/\/account.forbes.com\/newsletters\/)[Games](https:\/\/www.forbes.com\/games)[Share a News Tip](https:\/\/www.forbes.com\/sites\/forbesstaff\/article\/tips-and-confidential-sources\/)\n\n- Featured\n  Featured\n  \n  - [Breaking News](https:\/\/www.forbes.com\/news\/)\n  - [White House Watch](https:\/\/www.forbes.com\/trump\/)\n  - [Daily Cover Stories](https:\/\/www.forbes.com\/daily-cover-stories\/)\n  - [A Money Windfall Guide For Millennials And Gen X](https:\/\/www.forbes.com\/sites\/cicelyjones\/2026\/03\/02\/a-money-windfall-guide-for-millennials-and-gen-x\/)\n  - [The Toughest Problems Are Never Solved Alone \\| Paid Program](https:\/\/www.forbes.com\/sites\/american-cancer-society\/2026\/02\/23\/the-toughest-problems-are-never-solved-alone\/)\n  - [How Chief Marketing Officers Are Scaling AI At Speed — While Preserving Brand Trust](https:\/\/www.forbes.com\/sites\/forbesliveteam\/2026\/02\/23\/how-chief-marketing-officers-are-scaling-ai-at-speed---while-preserving-brand-trust\/)\n  - [New Era, New Icons: The Creators Redefining High-Quality Storytelling on TikTok \\| Paid Program](https:\/\/www.forbes.com\/sites\/tiktok\/2025\/12\/15\/new-era-new-icons-the-creators-redefining-high-quality-storytelling-on-tiktok\/)\n  - [2026 America's Top Women Wealth Advisors List](https:\/\/www.forbes.com\/lists\/top-women-advisors\/)\n  - [2026 Top Women Wealth Advisors Best in State List](https:\/\/www.forbes.com\/lists\/best-in-state-women-advisors\/)\n  - [Best-In-State Top Next-Gen Wealth Advisors 2025](https:\/\/www.forbes.com\/lists\/best-in-state-next-gen-advisors\/)\n  - [AI’s Nuanced Impact And A Quest To Quantify It](https:\/\/www.forbes.com\/sites\/forbes-research\/2023\/10\/26\/c-suite-data-reveals-ais-nuanced-impact--a-quest-to-quantify-it\/)\n  - [Embracing And Bracing For AI](https:\/\/www.forbes.com\/sites\/forbes-research\/2023\/10\/26\/new-forbes-survey-reveals-how-executives-are-embracing---and-bracing-for---ai\/)\n  - [Facing A Volatile Market, C-Suites Look To The CFO For Strategic Guidance](https:\/\/www.forbes.com\/sites\/forbes-research\/2023\/11\/01\/facing-a-volatile-market-c-suites-look-to-the-cfo-for-strategic-guidance\/)\n  - [By The Numbers: Meet The Forbes 30 Under 30 Europe Class Of 2025](https:\/\/www.forbes.com\/30-under-30\/2025\/europe\/)\n  - [Next Billion-Dollar Startups 2025](https:\/\/www.forbes.com\/sites\/amyfeldman\/2025\/08\/12\/next-billion-dollar-startups-2025\/)\n  - [America's Most Powerful Women In Sports](https:\/\/www.forbes.com\/sites\/maggiemcgrath\/2025\/10\/22\/americas-most-powerful-women-in-sports-2025\/)\n  - [CMO Unscripted: Vulnerability Is The New Superpower For Leaders In The AI Era](https:\/\/www.forbes.com\/sites\/forbesvideo\/2026\/01\/28\/cmo-unscripted\/)\n  - [Rocky Mountaineer Connoisseur: Unwind And Behold](https:\/\/www.forbes.com\/sites\/rocky-mountaineer\/2026\/03\/03\/unwind-and-behold\/)\n  - [Clé de Peau Beauté BrandVoice: She’s Shown 80,000 Girls & Non-Binary People They Belong In STEAM \\| Paid Program](https:\/\/www.forbes.com\/sites\/cle-de-peau-beaute\/2026\/03\/11\/shes-shown-80000-girls--non-binary-people-they-belong-in-steam\/)\n- [Billionaires](https:\/\/www.forbes.com\/billionaires\/)\n  Billionaires\n  \n  [See All](https:\/\/www.forbes.com\/billionaires\/)\n  \n  - [World's Billionaires](https:\/\/www.forbes.com\/billionaires\/)\n  - [Forbes 400](https:\/\/www.forbes.com\/forbes-400\/)\n  - [America's Richest Self-Made Women](https:\/\/www.forbes.com\/self-made-women\/)\n  - [China's Richest](https:\/\/www.forbes.com\/lists\/china-billionaires\/)\n  - [India's Richest](https:\/\/www.forbes.com\/lists\/india-billionaires\/)\n  - [Indonesia's Richest](https:\/\/www.forbes.com\/lists\/indonesia-billionaires\/)\n  - [Korea's Richest](https:\/\/www.forbes.com\/lists\/korea-billionaires\/)\n  - [Thailand's Richest](https:\/\/www.forbes.com\/lists\/thailand-billionaires\/)\n  - [Japan's Richest](https:\/\/www.forbes.com\/lists\/japan-billionaires\/)\n  - [Australia's Richest](https:\/\/www.forbes.com\/lists\/australia-billionaires\/)\n  - [Taiwan's Richest](https:\/\/www.forbes.com\/lists\/taiwan-billionaires\/)\n  - [Singapore's Richest](https:\/\/www.forbes.com\/lists\/singapore-billionaires\/)\n  - [Philippines' Richest](ttps:\/\/www.forbes.com\/lists\/philippines-billionaires\/)\n  - [Hong Kong's Richest](ttps:\/\/www.forbes.com\/lists\/hong-kong-billionaires\/)\n  - [Malaysia's Richest](https:\/\/www.forbes.com\/lists\/malaysia-billionaires\/)\n  - [Money & Politics](https:\/\/www.forbes.com\/money-politics\/)\n- [Innovation](https:\/\/www.forbes.com\/innovation\/)\n  Innovation\n  \n  [See All](https:\/\/www.forbes.com\/innovation\/)\n  \n  - [AI-Powered Cybersecurity](https:\/\/www.forbes.com\/topics\/ai-cybersecurity\/)\n  - [Employee and Customer Experience](https:\/\/www.forbes.com\/topics\/employee-and-customer-experience\/)\n  - [Enterprise AI](https:\/\/www.forbes.com\/topics\/enterprise-ai\/)\n    - [How AI Hungry Companies Can Use PCs To Supercharge Workforce Intelligence](https:\/\/www.forbes.com\/sites\/amd\/2026\/03\/02\/how-ai-hungry-companies-can-use-pcs-to-supercharge-workforce-intelligence\/)\n  - [AI](https:\/\/www.forbes.com\/ai\/)\n  - [Agentic AI](https:\/\/www.forbes.com\/topics\/agentic-ai\/)\n  - [Big Data](https:\/\/www.forbes.com\/big-data\/)\n  - [Cloud](https:\/\/www.forbes.com\/cloud\/)\n  - [Cloud 100](https:\/\/www.forbes.com\/lists\/cloud100\/)\n  - [Consumer Tech](https:\/\/www.forbes.com\/consumer-tech\/)\n  - [Creator Economy](https:\/\/www.forbes.com\/creator-economy\/)\n    - [New Era, New Icons: The Creators Redefining High-Quality Storytelling On TikTok](https:\/\/www.forbes.com\/sites\/tiktok\/2025\/12\/15\/new-era-new-icons-the-creators-redefining-high-quality-storytelling-on-tiktok\/)\n  - [Cybersecurity](https:\/\/www.forbes.com\/cybersecurity\/)\n  - [Digital Transformation](https:\/\/www.forbes.com\/digital-transformation\/)\n  - [Enterprise Tech](https:\/\/www.forbes.com\/enterprise-tech\/)\n  - [Future Of Work](https:\/\/www.forbes.com\/future-of-work\/)\n  - [Gaming](https:\/\/www.forbes.com\/gaming\/)\n  - [Healthcare](https:\/\/www.forbes.com\/healthcare\/)\n  - [Innovation Rules](https:\/\/www.forbes.com\/sites\/forbesvideo\/article\/innovation-rules\/)\n  - [Retail Industry](https:\/\/www.forbes.com\/topics\/retail-industry\/)\n  - [Science](https:\/\/www.forbes.com\/science\/)\n  - [Social Media](https:\/\/www.forbes.com\/social-media\/)\n  - [Sustainability & Climate](https:\/\/www.forbes.com\/sustainability\/)\n  - [Transportation](https:\/\/www.forbes.com\/transportation\/)\n  - [Venture Capital](https:\/\/www.forbes.com\/venture-capital\/)\n  - [Technology](https:\/\/www.forbes.com\/sites\/technology\/)\n  - [TikTok BrandVoice \\| Paid Program](https:\/\/www.forbes.com\/sites\/tiktok\/)\n  - [Metronome BrandVoice \\| Paid Program](https:\/\/www.forbes.com\/sites\/metronome\/)\n- [Leadership](https:\/\/www.forbes.com\/leadership\/)\n  Leadership\n  \n  [See All](https:\/\/www.forbes.com\/leadership\/)\n  \n  - [Under 30](https:\/\/www.forbes.com\/under30\/)\n  - [C-Suite](https:\/\/www.forbes.com\/cxo\/)\n    - [CEO Network](https:\/\/www.forbes.com\/ceo-network\/)\n    - [CFO Network](https:\/\/www.forbes.com\/cfo-network\/)\n    - [CHRO Network](https:\/\/www.forbes.com\/chro-network\/)\n    - [CIO Network](https:\/\/www.forbes.com\/cio-network\/)\n    - [CMO Network](https:\/\/www.forbes.com\/cmo-network\/)\n    - [Leadership Strategies](https:\/\/www.forbes.com\/leadership-strategy\/)\n  - [Careers](https:\/\/www.forbes.com\/careers\/)\n  - [Education](https:\/\/www.forbes.com\/education\/)\n  - [Forbes EQ \\| Paid Program](https:\/\/www.forbes.com\/sites\/forbeseq\/)\n  - [ForbesBLK](https:\/\/www.forbes.com\/blk-leadership\/)\n  - [Forbes Research](https:\/\/www.forbes.com\/leadership\/forbes-research\/)\n  - [ForbesWomen](https:\/\/www.forbes.com\/forbeswomen\/)\n  - [Dell Technologies BrandVoice \\| Paid Program](https:\/\/www.forbes.com\/sites\/delltechnologies\/)\n- [Money](https:\/\/www.forbes.com\/money\/)\n  Money\n  \n  [See All](https:\/\/www.forbes.com\/money\/)\n  \n  - [ETF Investing Trends](https:\/\/www.forbes.com\/topics\/etf-investing-trends\/)\n  - [Banking & Insurance](https:\/\/www.forbes.com\/banking-insurance\/)\n  - [ETFs & Mutual Funds](https:\/\/www.forbes.com\/etfs-mutual-funds\/)\n  - [Fintech](https:\/\/www.forbes.com\/fintech\/)\n  - [Hedge Funds & Private Equity](https:\/\/www.forbes.com\/hedge-funds-private-equity\/)\n  - [Investing](https:\/\/www.forbes.com\/investing\/)\n  - [Investor Hub](https:\/\/www.forbes.com\/sites\/investor-hub\/)\n  - [Markets](https:\/\/www.forbes.com\/markets\/)\n  - [Personal Finance](https:\/\/www.forbes.com\/personal-finance\/)\n  - [Retirement](https:\/\/www.forbes.com\/retirement\/)\n  - [Taxes](https:\/\/www.forbes.com\/taxes\/)\n  - [Top Advisor \\| SHOOK](https:\/\/www.forbes.com\/top-advisor-shook\/%20)\n  - [Wealth Management](https:\/\/www.forbes.com\/wealth-management\/%20)\n- [Forbes Digital Assets](https:\/\/www.forbes.com\/digital-assets\/)\n  Forbes Digital Assets\n  \n  [See All](https:\/\/www.forbes.com\/digital-assets\/)\n  \n  - [News](https:\/\/www.forbes.com\/digital-assets\/news\/)\n  - [Crypto Prices](https:\/\/www.forbes.com\/digital-assets\/crypto-prices\/)\n  - [NFT Prices](https:\/\/www.forbes.com\/digital-assets\/nft-prices\/)\n  - [Research](https:\/\/www.forbes.com\/digital-assets\/research\/)\n  - [Learn](https:\/\/www.forbes.com\/digital-assets\/learn\/)\n    - [Crypto Basics](https:\/\/www.forbes.com\/digital-assets\/learn\/crypto-basics\/)\n    - [BTC](https:\/\/www.forbes.com\/digital-assets\/learn\/btc\/)\n    - [DeFi](https:\/\/www.forbes.com\/digital-assets\/learn\/defi\/)\n    - [Web3 Education](https:\/\/www.forbes.com\/digital-assets\/learn\/web3-education\/)\n    - [NFTs](https:\/\/www.forbes.com\/digital-assets\/learn\/nfts\/)\n    - [Crypto Investments](https:\/\/www.forbes.com\/digital-assets\/learn\/crypto-investments\/)\n  - [Events](https:\/\/www.forbes.com\/digital-assets\/events\/)\n  - [Crypto Portfolios](https:\/\/www.forbes.com\/digital-assets\/crypto-advisor-portfolio\/)\n- [Business](https:\/\/www.forbes.com\/business\/)\n  Business\n  \n  [See All](https:\/\/www.forbes.com\/business\/)\n  \n  - [Aerospace & Defense](https:\/\/www.forbes.com\/aerospace-defense\/)\n  - [Energy](https:\/\/www.forbes.com\/energy\/)\n  - [Food & Drink](https:\/\/www.forbes.com\/food-drink\/)\n  - [Hollywood & Entertainment](https:\/\/www.forbes.com\/hollywood-entertainment\/)\n  - [Law](https:\/\/www.forbes.com\/law\/)\n  - [Manufacturing](https:\/\/www.forbes.com\/manufacturing\/)\n  - [Media](https:\/\/www.forbes.com\/media\/)\n  - [Policy](https:\/\/www.forbes.com\/policy\/)\n  - [Retail](https:\/\/www.forbes.com\/retail\/)\n  - [SportsMoney](https:\/\/www.forbes.com\/sportsmoney\/)\n    - [2026 Election](https:\/\/www.forbes.com\/2026-election\/)\n  - [Entertainment Digest](https:\/\/www.forbes.com\/sites\/entertainment\/)\n  - [Enterprise Growth](https:\/\/www.forbes.com\/topics\/enterprise-growth\/)\n- [Small Business](https:\/\/www.forbes.com\/small-business\/)\n  Small Business\n  \n  [See All](https:\/\/www.forbes.com\/small-business\/)\n  \n  - [Entrepreneurs](https:\/\/www.forbes.com\/entrepreneurs\/)\n  - [Small Business Strategy](https:\/\/www.forbes.com\/small-business-strategy\/)\n  - [Small Business Taxes](https:\/\/www.forbes.com\/topics\/small-business-taxes\/)\n- [Lifestyle](https:\/\/www.forbes.com\/lifestyle\/)\n  Lifestyle\n  \n  [See All](https:\/\/www.forbes.com\/lifestyle\/)\n  \n  - [Luxury Travel](https:\/\/www.forbes.com\/topics\/luxury-travel\/)\n  - [Arts](https:\/\/www.forbes.com\/arts\/)\n  - [Boats & Planes](https:\/\/www.forbes.com\/boats-planes\/)\n  - [Cars & Bikes](https:\/\/www.forbes.com\/cars-bikes\/)\n  - [Dining](https:\/\/www.forbes.com\/dining\/)\n  - [ForbesLife](https:\/\/www.forbes.com\/forbeslife\/)\n  - [Forbes Travel Guide](https:\/\/www.forbes.com\/forbes-travel-guide\/)\n  - [Spirits](https:\/\/www.forbes.com\/spirits\/)\n  - [Style & Beauty](https:\/\/www.forbes.com\/style-beauty\/)\n  - [Travel](https:\/\/www.forbes.com\/travel\/)\n  - [Vices](https:\/\/www.forbes.com\/vices\/)\n  - [Watches](https:\/\/www.forbes.com\/watches-jewelry\/)\n- [Real Estate](https:\/\/www.forbes.com\/real-estate\/)\n  Real Estate\n  \n  [See All](https:\/\/www.forbes.com\/real-estate\/)\n  \n  - [Commercial Real Estate](https:\/\/www.forbes.com\/commercial-real-estate\/)\n  - [Forbes Global Properties](https:\/\/www.forbes.com\/forbes-global-properties\/)\n  - [Residential Real Estate](https:\/\/www.forbes.com\/residential-real-estate\/)\n- [Forbes Vetted](https:\/\/www.forbes.com\/vetted\/)\n  Forbes Vetted\n  \n  [See All](https:\/\/www.forbes.com\/vetted\/)\n  \n  - [Mattress & Sleep](https:\/\/www.forbes.com\/vetted\/mattress-sleep\/)\n    - [Bed Frames](https:\/\/www.forbes.com\/vetted\/mattress-sleep\/bed-frames\/)\n    - [Mattresses](https:\/\/www.forbes.com\/vetted\/mattress-sleep\/mattresses\/)\n    - [Mattress Toppers](https:\/\/www.forbes.com\/vetted\/mattress-sleep\/mattress-toppers\/)\n    - [Pillows](https:\/\/www.forbes.com\/vetted\/mattress-sleep\/pillows\/)\n    - [Sheets & Bedding](https:\/\/www.forbes.com\/vetted\/mattress-sleep\/sheets-bedding\/)\n    - [Sleep Products](https:\/\/www.forbes.com\/vetted\/mattress-sleep\/sleep-products\/)\n  - [Home](https:\/\/www.forbes.com\/vetted\/home\/)\n    - [Bathroom](https:\/\/www.forbes.com\/vetted\/home\/bathroom\/)\n    - [Cleaning & Laundry](https:\/\/www.forbes.com\/vetted\/home\/cleaning-laundry\/)\n    - [Decor](https:\/\/www.forbes.com\/vetted\/home\/decor\/)\n    - [Furniture](https:\/\/www.forbes.com\/vetted\/home\/furniture\/)\n    - [Heating & Cooling](https:\/\/www.forbes.com\/vetted\/home\/heating-cooling\/)\n    - [Hobbies](https:\/\/www.forbes.com\/vetted\/home\/hobbies\/)\n    - [Home Office](https:\/\/www.forbes.com\/vetted\/home-office\/)\n    - [Kitchen & Dining](https:\/\/www.forbes.com\/vetted\/home\/kitchen-dining\/)\n    - [Outdoor](https:\/\/www.forbes.com\/vetted\/home\/outdoor\/)\n    - [Pets](https:\/\/www.forbes.com\/vetted\/home\/pets\/)\n    - [Storage & Organization](https:\/\/www.forbes.com\/vetted\/home\/storage-organization\/)\n    - [Tools](https:\/\/www.forbes.com\/vetted\/home\/tools\/)\n    - [Wine & Bar](https:\/\/www.forbes.com\/vetted\/home\/wine-bar\/)\n  - [Fashion](https:\/\/www.forbes.com\/vetted\/fashion\/)\n    - [Accessories](https:\/\/www.forbes.com\/vetted\/fashion\/accessories\/)\n    - [Clothing](https:\/\/www.forbes.com\/vetted\/fashion\/clothing\/)\n    - [Eyewear](https:\/\/www.forbes.com\/vetted\/fashion\/eyewear\/)\n    - [Footwear](https:\/\/www.forbes.com\/vetted\/fashion\/footwear\/)\n    - [Jewelry](https:\/\/www.forbes.com\/vetted\/fashion\/jewelry\/)\n    - [Handbags & Purses](https:\/\/www.forbes.com\/vetted\/fashion\/handbags-purses\/)\n    - [Lingerie & Sleepwear](https:\/\/www.forbes.com\/vetted\/fashion\/lingerie-sleepwear\/)\n    - [Outdoor & Fitness Apparel](https:\/\/www.forbes.com\/vetted\/fashion\/outdoor-fitness-apparel\/)\n    - [Outerwear](https:\/\/www.forbes.com\/vetted\/fashion\/outerwear\/)\n    - [Watches](https:\/\/www.forbes.com\/vetted\/fashion\/watches\/)\n  - [Kids & Baby Gear](https:\/\/www.forbes.com\/vetted\/kids-baby-gear\/)\n    - [Baby Gear](https:\/\/www.forbes.com\/vetted\/kids-baby-gear\/baby-gear\/)\n    - [Kids Clothes & Accessories](https:\/\/www.forbes.com\/vetted\/kids-baby-gear\/kids-clothes-accessories\/)\n    - [Nursery](https:\/\/www.forbes.com\/vetted\/kids-baby-gear\/nursery\/)\n    - [Pregnancy & Postpartum](https:\/\/www.forbes.com\/vetted\/kids-baby-gear\/pregnancy-postpartum\/)\n    - [Toys & Books](https:\/\/www.forbes.com\/vetted\/kids-baby-gear\/toys-books\/)\n  - [Gear](https:\/\/www.forbes.com\/vetted\/gear\/)\n    - [Apparel & Accessories](https:\/\/www.forbes.com\/vetted\/gear\/apparel-accessories\/)\n    - [Bikes](https:\/\/www.forbes.com\/vetted\/gear\/bikes\/)\n    - [Camping & Hiking](https:\/\/www.forbes.com\/vetted\/gear\/camping-hiking\/)\n    - [Climbing](https:\/\/www.forbes.com\/vetted\/gear\/climbing\/)\n    - [Fishing & Hunting](https:\/\/www.forbes.com\/vetted\/gear\/fishing-hunting\/)\n    - [Fitness](https:\/\/www.forbes.com\/vetted\/gear\/fitness\/)\n    - [Golf](https:\/\/www.forbes.com\/vetted\/gear\/golf\/)\n    - [Running](https:\/\/www.forbes.com\/vetted\/gear\/running\/)\n    - [Tennis & Racket Sports](https:\/\/www.forbes.com\/vetted\/gear\/tennis-racket-sports\/)\n    - [Tools & Tech](https:\/\/www.forbes.com\/vetted\/gear\/tools-tech\/)\n    - [Training & Recovery](https:\/\/www.forbes.com\/vetted\/gear\/training-recovery\/)\n    - [Water Sports](https:\/\/www.forbes.com\/vetted\/gear\/water-sports\/)\n    - [Wellness](https:\/\/www.forbes.com\/vetted\/gear\/wellness\/)\n    - [Winter Sports](https:\/\/www.forbes.com\/vetted\/gear\/winter-sports\/)\n  - [Beauty & Grooming](https:\/\/www.forbes.com\/vetted\/beauty-grooming\/)\n    - [Haircare](https:\/\/www.forbes.com\/vetted\/beauty-grooming\/haircare\/)\n    - [Makeup](https:\/\/www.forbes.com\/vetted\/beauty-grooming\/makeup\/)\n    - [Nailcare](https:\/\/www.forbes.com\/vetted\/beauty-grooming\/nailcare\/)\n    - [Shaving](https:\/\/www.forbes.com\/vetted\/beauty-grooming\/shaving\/)\n    - [Skincare](https:\/\/www.forbes.com\/vetted\/beauty-grooming\/skincare\/)\n    - [Personal Products](https:\/\/www.forbes.com\/vetted\/beauty-grooming\/personal-products\/)\n    - [Wellness & Self Care](https:\/\/www.forbes.com\/vetted\/beauty-grooming\/wellness-self-care\/)\n  - [Tech & Electronics](https:\/\/www.forbes.com\/vetted\/tech-electronics\/)\n    - [Audio](https:\/\/www.forbes.com\/vetted\/tech-electronics\/audio\/)\n    - [Cameras](https:\/\/www.forbes.com\/vetted\/tech-electronics\/cameras\/)\n    - [Computers, Tablets & Accessories](https:\/\/www.forbes.com\/vetted\/tech-electronics\/computers-tablets-accessories\/)\n    - [Gaming](https:\/\/www.forbes.com\/vetted\/tech-electronics\/gaming\/)\n    - [Home Office](https:\/\/www.forbes.com\/vetted\/tech-electronics\/home-office\/)\n    - [Online Tools](https:\/\/www.forbes.com\/vetted\/tech-electronics\/online-tools\/)\n    - [Smart Home Devices](https:\/\/www.forbes.com\/vetted\/tech-electronics\/smart-home-devices\/)\n    - [Smartphones, Smartwatches & Accessories](https:\/\/www.forbes.com\/vetted\/tech-electronics\/smartphones-smartwatches-accessories\/)\n    - [Streaming](https:\/\/www.forbes.com\/vetted\/tech-electronics\/streaming\/)\n    - [TVs](https:\/\/www.forbes.com\/vetted\/tech-electronics\/tvs\/)\n  - [Travel](https:\/\/www.forbes.com\/vetted\/travel\/)\n    - [Cruises](https:\/\/www.forbes.com\/vetted\/travel\/cruises\/)\n    - [Hotels & Lodging](https:\/\/www.forbes.com\/vetted\/travel\/hotels-lodging\/)\n    - [Luggage](https:\/\/www.forbes.com\/vetted\/travel\/luggage\/)\n    - [Travel Products](https:\/\/www.forbes.com\/vetted\/travel\/travel-products\/)\n  - [Gifts](https:\/\/www.forbes.com\/vetted\/gifts\/)\n    - [Father's Day](https:\/\/www.forbes.com\/vetted\/gifts\/fathers-day\/)\n    - [Holiday](https:\/\/www.forbes.com\/vetted\/gifts\/holiday\/)\n    - [Mother's Day](https:\/\/www.forbes.com\/vetted\/gifts\/mothers-day\/)\n    - [Valentine's Day](https:\/\/www.forbes.com\/vetted\/gifts\/valentines-day\/)\n    - [Wedding](https:\/\/www.forbes.com\/vetted\/gifts\/wedding\/)\n  - [Deals](https:\/\/www.forbes.com\/vetted\/deals\/)\n    - [Black Friday](https:\/\/www.forbes.com\/vetted\/deals\/black-friday\/)\n    - [Cyber Monday](https:\/\/www.forbes.com\/vetted\/deals\/cyber-monday\/)\n    - [Amazon Prime Day](https:\/\/www.forbes.com\/vetted\/deals\/amazon-prime-day\/)\n    - [Beauty & Grooming](https:\/\/www.forbes.com\/vetted\/deals\/beauty-grooming\/)\n    - [Big Sales](https:\/\/www.forbes.com\/vetted\/deals\/big-sales\/)\n    - [Fashion](https:\/\/www.forbes.com\/vetted\/deals\/fashion\/)\n    - [Gear](https:\/\/www.forbes.com\/vetted\/deals\/gear\/)\n    - [Home](https:\/\/www.forbes.com\/vetted\/deals\/home\/)\n    - [Tech & Electronics](https:\/\/www.forbes.com\/vetted\/deals\/tech-electronics\/)\n    - [Travel Deals](https:\/\/www.forbes.com\/vetted\/deals\/travel-deals\/)\n    - [Mattress & Sleep](https:\/\/www.forbes.com\/vetted\/deals\/mattress-sleep\/)\n- [Deals](https:\/\/www.forbes.com\/vetted\/deals\/)\n  Deals\n  \n  [See All](https:\/\/www.forbes.com\/vetted\/deals\/)\n  \n  - [Fashion]()\n    - [Nordstrom](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/nordstrom-promo-codes\/)\n    - [HOKA](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/hoka-coupons\/)\n    - [Quince](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/quince-discount-codes\/)\n  - [Electronics]()\n    - [Dell](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/dell-promo-codes\/)\n    - [TopResume](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/topresume-discount-codes\/)\n  - [Sportswear & Gear]()\n    - [Dick's Sporting Goods](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/dicks-sporting-goods-coupons\/)\n    - [REI](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/rei-promo-codes\/)\n  - [Mattress & Sleep]()\n    - [Nectar](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/nectar-coupons\/)\n    - [Saatva](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/saatva-promo-codes\/)\n    - [Brooklinen](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/brooklinen-promo-codes\/)\n    - [Avocado](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/avocado-mattress-discount-codes\/)\n    - [DreamCloud](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/dreamcloud-coupons\/)\n    - [Helix Sleep](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/helix-discount-codes\/)\n    - [Bear](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/bear-mattress-coupons\/)\n    - [Leesa](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/leesa-mattress-discount-codes\/)\n    - [Brooklyn Bedding](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/brooklyn-bedding-promo-codes\/)\n  - [Travel]()\n    - [SeatGeek](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/seatgeek-promo-codes\/)\n    - [Vivid Seats](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/vivid-seats-coupons\/)\n  - [Home & Garden]()\n    - [Frontgate](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/frontgate-promo-codes\/)\n    - [Wayfair](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/wayfair-promo-codes\/)\n    - [Chewy](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/chewy-promo-codes\/)\n    - [Walmart](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/walmart-promo-codes\/)\n    - [West Elm](https:\/\/www.forbes.com\/sites\/forbes-personal-shopper\/article\/west-elm-coupons\/)\n- [Lists](https:\/\/www.forbes.com\/lists\/list-directory\/)\n  Lists\n  \n  [See All](https:\/\/www.forbes.com\/lists\/list-directory\/)\n  \n  - [30 Under 30](https:\/\/www.forbes.com\/under30\/)\n  - [50 Over 50](https:\/\/www.forbes.com\/over-50\/)\n  - [Top Colleges](https:\/\/www.forbes.com\/top-colleges\/)\n- [Advisor](https:\/\/www.forbes.com\/advisor\/)\n  Advisor\n  \n  [See All](https:\/\/www.forbes.com\/advisor\/)\n  \n  - [Credit Cards](https:\/\/www.forbes.com\/advisor\/credit-cards\/)\n    - [Best Credit Cards](https:\/\/www.forbes.com\/advisor\/credit-cards\/best-credit-cards\/)\n    - [Travel Credit Cards](https:\/\/www.forbes.com\/advisor\/credit-cards\/best-travel-credit-cards\/)\n    - [0% APR Credit Cards](https:\/\/www.forbes.com\/advisor\/credit-cards\/best-0-apr-credit-cards\/)\n    - [Balance Transfer Credit Cards](https:\/\/www.forbes.com\/advisor\/credit-cards\/best\/balance-transfer\/)\n    - [Business Credit Cards](https:\/\/www.forbes.com\/advisor\/credit-cards\/best\/business\/)\n    - [Best First Credit Card](https:\/\/www.forbes.com\/advisor\/credit-cards\/best\/first-credit-card\/)\n  - [Mortgages & Loans](https:\/\/www.forbes.com\/advisor\/mortgages\/)\n    - [Best Mortgage Lenders](https:\/\/www.forbes.com\/advisor\/mortgages\/best-mortgage-lenders\/)\n    - [Mortgage Refinance Lenders](https:\/\/www.forbes.com\/advisor\/mortgages\/refinance\/best-mortgage-refinance-lenders\/)\n    - [Personal Loans](https:\/\/www.forbes.com\/advisor\/personal-loans\/best-personal-loans\/)\n    - [Business Loans](https:\/\/www.forbes.com\/advisor\/business-loans\/best-small-business-loans\/)\n    - [Bad Credit Loans](https:\/\/www.forbes.com\/advisor\/personal-loans\/bad-credit-loans\/)\n    - [Debt Consolidation Loans](https:\/\/www.forbes.com\/advisor\/personal-loans\/debt-consolidation-loans\/)\n    - [Debt Relief Companies](https:\/\/www.forbes.com\/advisor\/debt-relief\/best-debt-relief-companies\/)\n    - [Student Loans Refinance](https:\/\/www.forbes.com\/advisor\/student-loans\/best-student-loan-refinance-lenders\/)\n    - [Private Student Loans](https:\/\/www.forbes.com\/advisor\/student-loans\/best-private-student-loans\/)\n  - [Banking](https:\/\/www.forbes.com\/advisor\/banking\/)\n    - [Best CD Rates](https:\/\/www.forbes.com\/advisor\/banking\/cds\/best-cd-rates\/)\n    - [High Yield Savings Accounts](https:\/\/www.forbes.com\/advisor\/banking\/savings\/best-high-yield-savings-accounts\/)\n    - [Money Market Accounts](https:\/\/www.forbes.com\/advisor\/banking\/best-money-market-accounts\/)\n    - [Checking Accounts](https:\/\/www.forbes.com\/advisor\/banking\/checking\/best-checking-accounts\/)\n    - [Business Checking Accounts](https:\/\/www.forbes.com\/advisor\/banking\/checking\/best-business-checking-accounts\/)\n    - [Budgeting Apps](https:\/\/www.forbes.com\/advisor\/banking\/best-budgeting-apps\/)\n    - [Best Online Banks](https:\/\/www.forbes.com\/advisor\/banking\/best-online-banks\/)\n  - [Insurance](https:\/\/www.forbes.com\/advisor\/insurance\/)\n    - [Health Insurance Companies](https:\/\/www.forbes.com\/advisor\/health-insurance\/best-health-insurance-companies\/)\n    - [Medicare](https:\/\/www.forbes.com\/advisor\/health-insurance\/medicare\/)\n    - [Life Insurance Companies](https:\/\/www.forbes.com\/advisor\/life-insurance\/best-life-insurance-companies\/)\n    - [Best Car Insurance Companies](https:\/\/www.forbes.com\/advisor\/car-insurance\/best-car-insurance-companies\/)\n    - [Cheapest Car Insurance Companies](https:\/\/www.forbes.com\/advisor\/car-insurance\/cheapest-car-insurance\/)\n    - [Pet Insurance Companies](https:\/\/www.forbes.com\/advisor\/pet-insurance\/best-pet-insurance\/)\n    - [Travel Insurance Companies](https:\/\/www.forbes.com\/advisor\/travel-insurance\/best-travel-insurance\/)\n    - [Homeowners Insurance Companies](https:\/\/www.forbes.com\/advisor\/homeowners-insurance\/best-homeowners-insurance-companies\/)\n  - [Business Services](https:\/\/www.forbes.com\/advisor\/business\/)\n    - [How to Start a Business](https:\/\/www.forbes.com\/advisor\/business\/how-to-start-a-business\/)\n    - [LLC Services](https:\/\/www.forbes.com\/advisor\/business\/best-llc-service\/)\n    - [Payroll Services](https:\/\/www.forbes.com\/advisor\/business\/software\/best-payroll-services\/)\n    - [HR Software](https:\/\/www.forbes.com\/advisor\/business\/software\/best-human-resource-management-systems\/)\n    - [HRIS Systems](https:\/\/www.forbes.com\/advisor\/business\/software\/hris-systems\/)\n    - [PEO Services](https:\/\/www.forbes.com\/advisor\/business\/software\/best-peo-services\/)\n    - [Applicant tracking Systems](https:\/\/www.forbes.com\/advisor\/business\/best-applicant-tracking-systems\/)\n    - [Domain Registrars](https:\/\/www.forbes.com\/advisor\/business\/software\/best-domain-registrar\/)\n    - [Hosting Services](https:\/\/www.forbes.com\/advisor\/business\/software\/best-web-hosting-services\/)\n    - [Website Builders](https:\/\/www.forbes.com\/advisor\/business\/software\/best-website-builders\/)\n    - [Ecomm Platforms](https:\/\/www.forbes.com\/advisor\/business\/software\/best-ecommerce-platform\/)\n    - [Landing Page Builders](https:\/\/www.forbes.com\/advisor\/business\/software\/best-landing-page-builder\/)\n    - [VOIP Services](https:\/\/www.forbes.com\/advisor\/business\/software\/best-voip-service\/)\n    - [Answering Services](https:\/\/www.forbes.com\/advisor\/business\/software\/best-answering-services\/)\n    - [Project Management Software](https:\/\/www.forbes.com\/advisor\/business\/software\/best-project-management-software\/)\n    - [Task Management Software](https:\/\/www.forbes.com\/advisor\/business\/software\/best-task-management-software\/)\n    - [Gantt Chart Software](https:\/\/www.forbes.com\/advisor\/business\/software\/best-gantt-chart-software\/)\n    - [VPNs](https:\/\/www.forbes.com\/advisor\/business\/software\/best-vpn\/)\n    - [Anti Virus Software](https:\/\/www.forbes.com\/advisor\/business\/software\/best-antivirus-software\/)\n    - [Password Managers](https:\/\/www.forbes.com\/advisor\/business\/software\/best-password-managers\/)\n  - [Home Services](https:\/\/www.forbes.com\/home-improvement\/)\n    - [Moving Companies](https:\/\/www.forbes.com\/home-improvement\/moving-services\/best-moving-companies\/)\n    - [Long Distance Moving Companies](https:\/\/www.forbes.com\/home-improvement\/moving-services\/best-long-distance-moving-companies\/)\n    - [Car Shipping Companies](https:\/\/www.forbes.com\/home-improvement\/moving-services\/best-car-shipping-companies\/)\n    - [Home Warranty Companies](https:\/\/www.forbes.com\/home-improvement\/home-warranty\/best-home-warranty-companies\/)\n    - [Solar Companies](https:\/\/www.forbes.com\/home-improvement\/solar\/best-solar-companies\/)\n    - [Solar Panels](https:\/\/www.forbes.com\/home-improvement\/solar\/best-solar-panels\/)\n    - [Home Security Companies](https:\/\/www.forbes.com\/home-improvement\/home-security\/best-home-security-companies\/)\n    - [Home Security Systems](https:\/\/www.forbes.com\/home-improvement\/home-security\/best-home-security-systems\/)\n    - [Internet Providers](https:\/\/www.forbes.com\/home-improvement\/internet\/best-internet-providers\/)\n    - [Cheapest Internet Providers](https:\/\/www.forbes.com\/home-improvement\/internet\/cheapest-internet-plans\/)\n    - [Fastest High Speed Internet Providers](https:\/\/www.forbes.com\/home-improvement\/internet\/fastest-high-speed-internet-provider\/)\n    - [Pest Control Companies](https:\/\/www.forbes.com\/home-improvement\/pest-control\/best-pest-control-companies\/)\n  - [Education](https:\/\/www.forbes.com\/advisor\/education\/)\n  - [Forbes Advisor UK](https:\/\/www.forbes.com\/uk\/advisor\/)\n  - [Forbes Advisor CA](https:\/\/www.forbes.com\/advisor\/ca\/)\n  - [Forbes Advisor AU](https:\/\/www.forbes.com\/advisor\/au\/)\n- [Health](https:\/\/www.forbes.com\/health\/)\n  Health\n  \n  [See All](https:\/\/www.forbes.com\/health\/)\n  \n  - [Mental Health](https:\/\/www.forbes.com\/health\/mind\/)\n    - [Best Online Therapy](https:\/\/www.forbes.com\/health\/mind\/best-online-therapy\/)\n    - [Online Therapy that Takes Insurance](https:\/\/www.forbes.com\/health\/mind\/best-online-therapy-that-takes-insurance\/)\n    - [Online Psychiatrists](https:\/\/www.forbes.com\/health\/mind\/best-online-psychiatry\/)\n    - [Best Online Dating Sites & Apps](https:\/\/www.forbes.com\/health\/dating\/best-online-dating-websites\/)\n    - [Best Senior Dating Sites](https:\/\/www.forbes.com\/health\/dating\/best-senior-dating-sites\/)\n    - [Best LGBTQ Dating Sites](https:\/\/www.forbes.com\/health\/dating\/best-lgbtq-dating-sites\/)\n  - [CBD](https:\/\/www.forbes.com\/health\/cbd\/)\n    - [CBD Gummies](https:\/\/www.forbes.com\/health\/cbd\/best-cbd-gummies\/)\n    - [CBD Oil](https:\/\/www.forbes.com\/health\/cbd\/best-cbd-oil\/)\n    - [CBD Creams](https:\/\/www.forbes.com\/health\/cbd\/best-cbd-creams\/)\n    - [CBD for Anxiety](https:\/\/www.forbes.com\/health\/cbd\/cbd-for-anxiety\/)\n    - [CBD for Pain](https:\/\/www.forbes.com\/health\/cbd\/best-cbd-oil-for-pain\/)\n  - [Supplements](https:\/\/www.forbes.com\/health\/supplements\/)\n    - [Protein Powder](https:\/\/www.forbes.com\/health\/supplements\/best-protein-powders\/)\n    - [Preworkout](https:\/\/www.forbes.com\/health\/supplements\/best-pre-workout\/)\n    - [Collagen Powders](https:\/\/www.forbes.com\/health\/supplements\/best-collagen-powders\/)\n    - [Creatine Supplements](https:\/\/www.forbes.com\/health\/supplements\/best-creatine-supplements\/)\n    - [CoQ10 Supplements](https:\/\/www.forbes.com\/health\/supplements\/coq10-supplements\/)\n  - [Hearing Health](https:\/\/www.forbes.com\/health\/hearing-aids\/)\n    - [Best Hearing Aids](https:\/\/www.forbes.com\/health\/hearing-aids\/best-hearing-aids\/)\n    - [OTC Hearing Aids](https:\/\/www.forbes.com\/health\/hearing-aids\/best-otc-hearing-aids\/)\n    - [Affordable Hearing Aids](https:\/\/www.forbes.com\/health\/hearing-aids\/best-affordable-hearing-aids\/)\n  - [Medical Devices](https:\/\/www.forbes.com\/health\/medical-alert-systems\/)\n    - [Best Medical Alert Systems](https:\/\/www.forbes.com\/health\/medical-alert-systems\/best-medical-alert-systems\/)\n    - [Best Medical Alert Systems with Fall Detection](https:\/\/www.forbes.com\/health\/medical-alert-systems\/best-medical-alert-systems-with-fall-detection\/)\n  - [Diet & Weight Loss](https:\/\/www.forbes.com\/health\/weight-loss\/)\n    - [Best Weight Loss Plans](https:\/\/www.forbes.com\/health\/weight-loss\/best-weight-loss-program\/)\n- [Newsletters](https:\/\/account.forbes.com\/newsletters\/?utm_source=forbes&utm_medium=featured&utm_campaign=navigation)\n  Newsletters\n  \n  [See All](https:\/\/account.forbes.com\/newsletters\/?utm_source=forbes&utm_medium=featured&utm_campaign=navigation)\n  \n  - [Forbes Daily](https:\/\/www.forbes.com\/newsletter\/forbes-daily\/)\n  - [Editorial Newsletters](https:\/\/account.forbes.com\/newsletters\/?utm_source=forbes&utm_medium=featured&utm_campaign=navigation)\n- [Forbes Games](https:\/\/www.forbes.com\/games\/)\n  Forbes Games\n  \n  [See All](https:\/\/www.forbes.com\/games\/)\n  \n  - [Frase by Forbes](https:\/\/www.forbes.com\/frase\/)\n  - [Pinpoint by LinkedIn](https:\/\/www.forbes.com\/games\/pinpoint\/)\n  - [Queens by LinkedIn](https:\/\/www.forbes.com\/games\/queens\/)\n  - [Crossclimb by LinkedIn](https:\/\/www.forbes.com\/games\/crossclimb\/)\n  - [Mini Crossword by Forbes](https:\/\/www.forbes.com\/games\/mini-crossword\/)\n- More From Forbes\n  More From Forbes\n  \n  - [Forbes Video](https:\/\/www.forbes.com\/video\/)\n  - [Forbes 101](https:\/\/www.forbes.com\/forbes-101\/)\n  - [Forbes Magazine]()\n    - [Forbes Asia](https:\/\/www.forbes.com\/forbesasia\/)\n    - [Free Issue of Forbes](https:\/\/w1.buysub.com\/pubs\/B4\/FRB\/16-forbes_relaunch_landingpage_2freetrial.jsp?cds_mag_code=FRB&cds_page_id=241223)\n\nToday's Highlights\n\nGames\n\n[![Frase](https:\/\/images.forbes.com\/fbs-games-assets\/frase-high-res.png)Frase By ForbesUnscramble The Anagram](https:\/\/www.forbes.com\/games\/frase\/)\n\n[![Pinpoint](https:\/\/images.forbes.com\/fbs-games-assets\/pinpoint.png)Pinpoint By LinkedInGuess The Category](https:\/\/www.forbes.com\/games\/pinpoint\/)\n\nSee More\n\n© 2026 Forbes Media LLC. All Rights Reserved.\n\n- [Advertise with Forbes](https:\/\/www.forbes.com\/connect\/)\n- [Forbes Licensing & Syndication](https:\/\/www.forbes.com\/connect\/content-partnerships\/)\n- [Report a Security Issue](https:\/\/www.forbes.com\/contact\/)\n- [Editorial Values and Standards](https:\/\/www.forbes.com\/sites\/forbesstaff\/article\/forbes-editorial-values-and-standards)\n- [Site Feedback](mailto:feedback@forbes.com)\n- [Contact Us](https:\/\/www.forbes.com\/contact\/)\n- [Careers at Forbes](https:\/\/www.forbes.com\/careers-at-forbes\/)\n- [Tips](https:\/\/www.forbes.com\/tips\/)\n- [Corrections](<mailto:corrections@forbes.com?subject=Report Correction: Beth Kindig&body=Reporting Correction for: %0A %0A Title: Top 5 Stocks Of 2022: Year In Review %0A Author: Beth Kindig %0A URL: https:\/\/www.forbes.com\/sites\/bethkindig\/2023\/01\/06\/top-5-stocks-of-2022\/%0A %0A - %0A %0A Your Name: %0A Correction Request: %0A %0A - %0A %0A Thank you for reporting a correction. Forbes Staff will review your concern shortly.>)\n- [Privacy Statement](https:\/\/www.forbes.com\/fdc\/privacy.html)\n- [Your Privacy Choices](https:\/\/www.forbes.com\/consent\/editprivacy\/?consent_do_not_sell=true)\n- [Cookie Preferences](https:\/\/www.forbes.com\/sites\/bethkindig\/2023\/01\/06\/top-5-stocks-of-2022\/)\n- [Terms of Service](https:\/\/www.forbes.com\/terms\/)\n- [AdChoices](https:\/\/youradchoices.com\/control)\n- [Reprints & Permissions](https:\/\/www.parsintl.com\/publication\/forbes\/)\n\n[Innovation](https:\/\/www.forbes.com\/innovation\/)\n\n[Consumer Tech](https:\/\/www.forbes.com\/consumer-tech\/)\n# Top 5 Stocks Of 2022: Year In Review\nBy[Beth Kindig](https:\/\/www.forbes.com\/sites\/bethkindig\/ \"https:\/\/www.forbes.com\/sites\/bethkindig\/\"),\n\nFormer Contributor.\n\nForbes contributors publish independent expert analyses and insights.\n\nFree stock tips and stock research newsletter at https:\/\/io-fund.com\n\nJan 06, 2023, 09:04am EST\n\nJan 06, 2023, 02:05pm EST\n\nThis article is more than 3 years old.\n\n*In this analysis, rather than prognosticate on the top stocks of 2023, we think it’s more productive to go back and review the stocks that performed well under new macro conditions in 2022. This exercise helps to inform tech portfolios for the upcoming year as investors can reasonably assume 2023 will look more similar to 2022 than the preceding years.*\n\n2022 was a very volatile year for the stock market with rising rates, inflation, and geopolitical tensions leading to sudden sell-offs. All three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S\\&P 500 index down 18.11%, and Nasdaq down 32.54%. Despite the indexes being in the red, some stocks greatly outperformed the broad market.\n\nWe think it’s important to pause and draw some parallels around the stocks that performed well in 2022 to form an opinion on what might perform well in 2023. This is assuming macro will be more similar to 2022 than the preceding years, which is a reasonable assumption to make at this time.\n\n![NASDAQ Falls On Tech Company Earnings Reports](https:\/\/imageio.forbes.com\/specials-images\/imageserve\/63b82421b0a4af0aaa429d7d\/NASDAQ-Falls-On-Tech-Company-Earnings-Reports\/0x0.jpg?width=960)\n\nNEW YORK, NY - JULY 30: People are reflected in the window of the Nasdaq MarketSite in Times Square on July 30, 2018 in New York City. As technology stocks continued their slide on Monday, the Nasdaq Composite dropped 1.1 percent in afternoon trading with shares of Facebook, Netflix, Amazon and Google-parent Alphabet all declining. (Photo by Spencer Platt\/Getty Images)\n\nGetty Images\n\nBelow, we review the top five stocks of 2022. These stocks were chosen based on their price action and strong fundamentals. Choosing a top 5 means many great stocks were left off this list, yet this sample helps to form conclusions around how 2022 was a different trading environment from years past.\n\nAll three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S\\&P 500 index down 18.11%, and Nasdaq down 32.54%.\n\nYCharts\n\nMORE FROM FORBES ADVISOR\n\n### [Best Travel Insurance Companies](https:\/\/www.forbes.com\/advisor\/travel-insurance\/best-travel-insurance\/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov \"Best Travel Insurance Companies\")\nBy [Amy Danise](https:\/\/www.forbes.com\/advisor\/author\/adanise\/) Editor\n\n[![Graphic Best Travel Insurance Companies](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/08\/tropical-vacation.jpeg.jpg)](https:\/\/www.forbes.com\/advisor\/travel-insurance\/best-travel-insurance\/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov)\n\n### [Best Covid-19 Travel Insurance Plans](https:\/\/www.forbes.com\/advisor\/travel-insurance\/best-pandemic-travel-insurance\/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov \"Best Covid-19 Travel Insurance Plans\")\nBy [Amy Danise](https:\/\/www.forbes.com\/advisor\/author\/adanise\/) Editor\n\n[![Graphic Best Covid-19 Travel Insurance Plans](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/12\/couple-traveling-2-e1608019949550.jpg)](https:\/\/www.forbes.com\/advisor\/travel-insurance\/best-pandemic-travel-insurance\/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov)\n## Super Micro Computer (SMCI)\nSuper Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak.\n\nThe company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the S\\&P MidCap 400 Index and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel.\n\nYCharts\n\n*Pictured above is SMCI’s Qly revenue YoY growth.*\n\nThe company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the [S\\&P MidCap 400 Index](https:\/\/seekingalpha.com\/news\/3919411-supermicro-to-be-added-to-sp-midcap-400-index \"https:\/\/seekingalpha.com\/news\/3919411-supermicro-to-be-added-to-sp-midcap-400-index\") and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel.\n\nIn the recent earnings call, the founder and CEO of the company, Charles Liang [said](https:\/\/seekingalpha.com\/article\/4551803-super-micro-computer-inc-smci-q1-2023-earnings-call-transcript \"https:\/\/seekingalpha.com\/article\/4551803-super-micro-computer-inc-smci-q1-2023-earnings-call-transcript\"), “*For Intel, we are engaged with many large opportunities with Intel’s upcoming Gen 4 scalable Xeon CPU codenamed Sapphire Rapids. We now have hundreds of early seeding engagements including several dozen early shipments. Similar programs have been executing with AMD, and we have seen very strong demand for our upcoming Genoa CPU based platforms.”*\n\n“*With respect to NVIDIA, not only do we have the most complete portfolio of systems supporting H100 GPUs, but we have also developed many brand new architectures for the leading Metaverse and Omniverse partners.”*\n\nThe company’s revenue in the recent quarter, Q1 FY23, [grew by](https:\/\/ir.supermicro.com\/news\/news-details\/2022\/Supermicro-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results\/default.aspx \"https:\/\/ir.supermicro.com\/news\/news-details\/2022\/Supermicro-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results\/default.aspx\") 79% YoY to \\$1.85 billion. The gross margin improved to 18.8% in Q1 FY23 up from 13.4% in the same period last year. The company’s profits have grown steadily with net income of \\$184 million compared to \\$25 million in the same period last year. The stock is currently trading at a P\/E ratio of 10.3 and a fwd P\/E ratio of 8.1.\n\nSuper Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak.\n\nYCharts\n## Microsoft (MSFT)\nMicrosoft was one of the best performing tech mega cap stocks last year ending the year down (28%), compared to Meta and Tesla, which ended the year down (64%) and (65%), respectively. Notably, Microsoft narrowly beat the Nasdaq in 2022.\n\nThe company is positioned for outsized growth due to its exposure to secular tailwinds such as Artificial Intelligence (AI), Machine Learning (ML), and the build out of the 5G edge network. Microsoft could take a substantial share of these markets at the infrastructure level due to its relationships with the Fortune 500 and Global Fortune 2000.\n\nIn addition to top-down enterprise penetration across the Fortune 500, Microsoft is also focused on developers to help complete Microsoft’s customer cloud strategy. Microsoft addressed its previously poor reputation in open-source communities by acquiring GitHub for \\$7.5 billion in 2018. Developers help determine the cloud IaaS service an enterprise or SMB customer will choose, so in-roads into this community could help Microsoft hedge the developer favorite, Amazon Web Services.\n\nThe company’s Q1 FY23 [revenue](https:\/\/www.microsoft.com\/en-us\/investor\/earnings\/fy-2023-q1\/press-release-webcast \"https:\/\/www.microsoft.com\/en-us\/investor\/earnings\/fy-2023-q1\/press-release-webcast\") grew by 11% YoY and down 3.4% QoQ to \\$50.1 billion.\n\nOperating income increased by 6% YoY to \\$21.5 billion. Net income was \\$17.6 billion compared to an adjusted net income of \\$17.2 billion in the same period last year (adjusted net income in the previous year as the company received income tax benefit last year).\n\nThe net profit margin was 35% in the recent quarter.\n\nMicrosoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin.\n\nMicrosoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin.\n\nYCharts\n\nDue to Microsoft being a leading tech stock that the I\/O Fund plans to buy on any weakness, we have included a [YouTube clip](https:\/\/www.youtube.com\/@iofund437\/videos \"https:\/\/www.youtube.com\/@iofund437\/videos\") from Portfolio Manger Knox Ridley of the 2023 price action we are expecting for Microsoft including sample entries.\n\n## ASML Holding (ASML)\nASML Holding is benefitting from strong semiconductor equipment demand from the leading foundry companies. As new fabs are built, these companies will need equipment in the coming years. The company’s fiscal year 2022 revenue analysts estimate rose 12% in the last 2 months. The company [raised](https:\/\/seekingalpha.com\/news\/3905743-asml-surges-nearly-14-as-company-boosts-2025-forecast-launches-12b-buyback \"https:\/\/seekingalpha.com\/news\/3905743-asml-surges-nearly-14-as-company-boosts-2025-forecast-launches-12b-buyback\") the 2025 revenue guidance to be between €30 billion and €40 billion, up from the previous guidance of €24 billion to €30 billion. The company in its press release [acknowledged](https:\/\/www.asml.com\/en\/news\/press-releases\/2022\/asml-investor-day-2022 \"https:\/\/www.asml.com\/en\/news\/press-releases\/2022\/asml-investor-day-2022\"), *“While the current macro environment creates near-term uncertainties, we expect longer-term demand and capacity showing healthy growth.”*\n\nThe company’s Q3 revenue [was](https:\/\/www.asml.com\/en\/news\/press-releases\/2022\/q3-2022-financial-results \"https:\/\/www.asml.com\/en\/news\/press-releases\/2022\/q3-2022-financial-results\") €5.8 billion compared to €5.2 billion in the same [period](https:\/\/www.asml.com\/en\/news\/press-releases\/2021\/q3-2021-financial-results \"https:\/\/www.asml.com\/en\/news\/press-releases\/2021\/q3-2021-financial-results\") last year. The management expects Q4 revenue to be between €6.1 billion to €6.6 billion. The gross margin was 51.8% compared to 51.7% in the same period last year. Net income was €1.7 billion (net profit margin of 29.4%) compared to a net income of €1.7 billion (net profit margin of 33.2%) in the same period last year.\n\nThe company has a strong backlog of over €38 billion. The company’s CEO Peter Wennick [said](https:\/\/seekingalpha.com\/article\/4549553-asml-holding-n-v-asml-q3-2022-earnings-call-transcript \"https:\/\/seekingalpha.com\/article\/4549553-asml-holding-n-v-asml-q3-2022-earnings-call-transcript\") in the earnings call, *“And as a matter of fact, our 2023 shipment demand is still significantly above our build and shipment capacity for next year. And this is supported by the record bookings this quarter, of €8.9 billion and our largest backlog ever of over €38 billion. Almost 85% of this backlog is for EUV and immersion, which is used for advanced nodes and related wafer capacity expansions.”*\n\n## Palo Alto Networks (PANW)\nLeading cybersecurity company Palo Alto Networks has a strong free cash flow margin, which is rare in the cloud and cybersecurity category. The company has been GAAP profitable for the last two quarters. The company’s [revenue](https:\/\/investors.paloaltonetworks.com\/news-releases\/news-release-details\/palo-alto-networks-reports-fiscal-first-quarter-2023-financial \"https:\/\/investors.paloaltonetworks.com\/news-releases\/news-release-details\/palo-alto-networks-reports-fiscal-first-quarter-2023-financial\") in the Q1 FY23 grew by 25% YoY to \\$1.6 billion, which was above the management guidance of \\$1.535 billion to \\$1.555 billion.\n\nThe company’s margins are improving. The company reported a GAAP net income of \\$20 million compared to a GAAP net loss of (\\$103.6) million in the same period last year. The adjusted net income was \\$266.4 million compared to \\$170.3 million in the same period last year. Consistent GAAP profitability is key in this macro environment.\n\nThe company reported free cash flow of \\$1.2 billion (76.6% of revenue) compared to \\$554 million in the same period last year (44.4% of revenue). Dipak Golechha, CFO of the company, said in the [earnings call](https:\/\/seekingalpha.com\/article\/4558933-palo-alto-networks-inc-panw-q1-2023-earnings-call-transcript \"https:\/\/seekingalpha.com\/article\/4558933-palo-alto-networks-inc-panw-q1-2023-earnings-call-transcript\"), “*This cash flow performance was largely driven by strong collections in the quarter, that we expected based on the strength of our business in Q4.”* The management has guided an adjusted free cash flow margin in the range of 34.5% to 35.5% for the FY23.\n\nDipak Golechha said, *\"We exceeded our top-line guidance while generating \\$1.2 billion in free cash flow and expanding our operating margins,\"* He further added, *\"We will continue to balance growth with profitability and cash generation to further strengthen our position in the market.\"*\n\nThe company reported a free cash flow of \\$1.2 billion (76.6% of revenue) compared to \\$554 million in the same period last year (44.4% of revenue).\n\nYCharts\n## First Solar (FSLR)\nSolar stocks were the leading sector in tech last year. First Solar ended the year on fire with a return of 72% compared to the (33%) return of the Nasdaq. The sector got a boost from the Inflation Reduction Act of 2022, which we covered last year [in our free newsletter](https:\/\/io-fund.com\/renewable-energy\/solar-stocks-lead-the-market-this-year \"https:\/\/io-fund.com\/renewable-energy\/solar-stocks-lead-the-market-this-year\") when we said:\n\n“The solar industry will benefit since Inflation Reduction Act [includes](https:\/\/www.whitecase.com\/insight-alert\/inflation-reduction-act-offers-significant-tax-incentives-targeting-energy-transition \"https:\/\/www.whitecase.com\/insight-alert\/inflation-reduction-act-offers-significant-tax-incentives-targeting-energy-transition\") the extension of Production Tax Credits (PTCs) and Investment Tax Credits (ITCs) for the construction of wind and solar projects beginning before January 1, 2025. It means a three-year extension for PTCs and a one-year extension for ITCs.\n\nIt also [extends](https:\/\/www.axios.com\/2022\/08\/11\/ira-tax-breaks-rebates \"https:\/\/www.axios.com\/2022\/08\/11\/ira-tax-breaks-rebates\") the 30% federal tax credits for installing solar panels on rooftops by another 10 years, from 2022 to 2032. Solar installations are eligible for 26% tax credit for installations in 2020 and 2021. It now extends till 2032 for 30% tax credits, and in 2033 the tax credit [will be](https:\/\/news.energysage.com\/solar-tax-credit-explained\/ \"https:\/\/news.energysage.com\/solar-tax-credit-explained\/\") reduced to 26% and 22% in 2034. There will be no tax credit after this period unless Congress renews it. Home battery systems that store energy [generated](https:\/\/www.axios.com\/2022\/08\/11\/ira-tax-breaks-rebates \"https:\/\/www.axios.com\/2022\/08\/11\/ira-tax-breaks-rebates\") by solar systems for later use will also be eligible for a 30% tax credit.”\n\nFirst Solar is a leading provider of photovoltaic (PV) energy solutions. It is one of the major beneficiaries of the IRA in the form of solar manufacturing tax credits. The company was also [recently](https:\/\/seekingalpha.com\/news\/3916338-first-solar-rises-on-addition-to-sp-500-conns-dips \"https:\/\/seekingalpha.com\/news\/3916338-first-solar-rises-on-addition-to-sp-500-conns-dips\") added to the S\\&P 500 index.\n\nThe company [announced](https:\/\/investor.firstsolar.com\/news\/press-release-details\/2022\/First-Solar-to-Invest-up-to-1.2-Billion-in-Scaling-Production-of-American-Made-Responsible-Solar-by-4.4-GW\/default.aspx \"https:\/\/investor.firstsolar.com\/news\/press-release-details\/2022\/First-Solar-to-Invest-up-to-1.2-Billion-in-Scaling-Production-of-American-Made-Responsible-Solar-by-4.4-GW\/default.aspx\") last year its plan to invest \\$1.2 billion to expand its solar module manufacturing in the U.S. It includes a \\$1 billion investment for a new manufacturing facility in the Southeast U.S. and \\$185 million for the upgradation of the existing Ohio facility.\n\nMark Widmar, CEO of the company, [said](https:\/\/seekingalpha.com\/article\/4550243-first-solar-inc-fslr-q3-2022-earnings-call-transcript \"https:\/\/seekingalpha.com\/article\/4550243-first-solar-inc-fslr-q3-2022-earnings-call-transcript\") in the Q3 earnings call, “*In our view, by passing and enacting the Inflation Reduction Act of 2022, Congress and the Biden-Harris administration has entrusted our industry with responsibility of enabling and securing America's clean energy future, and we recognize the need to meet the moment in a manner that is both timely and sustainable.”*\n\nThe company’s Q3 2022 [revenue](https:\/\/investor.firstsolar.com\/news\/press-release-details\/2022\/First-Solar-Inc.-Announces-Third-Quarter-2022-Financial-Results\/default.aspx \"https:\/\/investor.firstsolar.com\/news\/press-release-details\/2022\/First-Solar-Inc.-Announces-Third-Quarter-2022-Financial-Results\/default.aspx\") was up 7.8% YoY to \\$628.9 million. It reported a net loss of (\\$49.2 million) compared to a net income of \\$55.8 million in Q2 2022 and \\$45.2 million in the same period last year. The company benefitted from the gain from the sale of the Japan project development platform in the Q2 2022 and also experienced higher logistics charges in the recent quarter.\n\nMark Widmar, CEO of First Solar said, *“Our focus continues to be on setting the stage for long-term growth, and from this point of view, 2022 has so far proven to be foundational,”* He further added*, “This year we have developed the potential for our CdTe semiconductor technology by progressing our next-generation Series 7 and bifacial platforms, set in motion plans to scale our global manufacturing capacity to over 20 GWDC by 2025, and secured record year-to-date bookings of 43.7 GWDC with deliveries extending into 2027.”*\n\n## Conclusion:\nThe I\/O fund is an actively managed tech portfolio that is audited and we carefully choose our positions to reflect the current macro environment for tech. Therefore, our analysis is very actionable and I strongly feel that looking back at 2022 is providing clues for tech investors as we move forward into 2023.\n\nThis week, I recently stated on our [research site’s](https:\/\/io-fund.com\/ \"https:\/\/io-fund.com\") private forum:\n\n“My concern for retailers is that the underlying tone is that macro will clear up quickly and tech darlings will return. It's more likely macro will be throwing curveballs for some time. To put it another way, it's obvious that 2022 was terribly bad for investors, but what if the real issue is that the previous years were so terribly good\/easy. Will those good\/easy conditions return?\n\nPart of the good\/easy conditions was fueled by the venture capital cycle. When every tech company going public has high growth rates yet is losing on the bottom line, and it's clear the market is still awarding the poor bottom lines with sky high valuations, what you get is a runaway train of a bull market.”\n\nThe stocks above have proven they do not need good or easy conditions to perform well. It can be hard to have a repeat year as often investors will take gains, and there’s certainly gains to take in the names listed above. Therefore, we are looking for a pattern rather than attempting to exactly repeat 2022. This pattern is expanding margins, strong free cash flows, and any hint or sign of accelerating revenue.\n\n*Royston Roche, Equity Analyst at the I\/O Fund, contributed to this article.*\n\nPlease note: The I\/O Fund conducts research and draws conclusions for the company’s portfolio. We then share that information with our readers and offer real-time trade notifications. This is not a guarantee of a stock’s performance and it is not financial advice. Please consult your personal financial advisor before buying any stock in the companies mentioned in this analysis. Of the 5 companies highlighted, Beth Kindig and the I\/O Fund own Microsoft at the time of writing.\n\nIf you would like notifications when my new articles are published, please hit the button below to \"Follow\" me.\n\n[Editorial Standards](https:\/\/www.forbes.com\/sites\/forbesstaff\/article\/forbes-editorial-values-and-standards\/)[Reprints & Permissions](https:\/\/www.parsintl.com\/publications\/forbes\/)\n\nLOADING VIDEO PLAYER...\n\nFORBES’ FEATURED Video\n\n© 2026 Forbes Media LLC. All Rights Reserved.\n\n- [AdChoices](https:\/\/youradchoices.com\/control)\n- [Privacy Statement](https:\/\/www.forbes.com\/fdc\/privacy.html)\n- [Your Privacy Choices](https:\/\/www.forbes.com\/sites\/bethkindig\/2023\/01\/06\/top-5-stocks-of-2022\/)\n- [Cookie Preferences](https:\/\/www.forbes.com\/sites\/bethkindig\/2023\/01\/06\/top-5-stocks-of-2022\/)\n- [Digital Terms of Sale](https:\/\/www.forbes.com\/digital-terms-of-sale)\n- [Terms of Service](https:\/\/www.forbes.com\/terms\/)\n- [Contact Us](https:\/\/www.forbes.com\/fdc\/contact.html)\n- [Send Us Feedback](mailto:feedback@forbes.com)\n- [Report a Security Issue](https:\/\/www.forbes.com\/contact\/)\n- [Jobs At Forbes](https:\/\/www.forbes.com\/sites\/careers-at-forbes\/)\n- [Reprints & Permissions](http:\/\/forbesreprints.magreprints.com\/)\n- [Forbes Press Room](https:\/\/www.forbes.com\/sites\/forbespr\/)\n- [Advertise](http:\/\/www.forbesmedia.com\/)","attrs_readable_markdown":"*In this analysis, rather than prognosticate on the top stocks of 2023, we think it’s more productive to go back and review the stocks that performed well under new macro conditions in 2022. This exercise helps to inform tech portfolios for the upcoming year as investors can reasonably assume 2023 will look more similar to 2022 than the preceding years.*\n\n2022 was a very volatile year for the stock market with rising rates, inflation, and geopolitical tensions leading to sudden sell-offs. All three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S\\&P 500 index down 18.11%, and Nasdaq down 32.54%. Despite the indexes being in the red, some stocks greatly outperformed the broad market.\n\nWe think it’s important to pause and draw some parallels around the stocks that performed well in 2022 to form an opinion on what might perform well in 2023. This is assuming macro will be more similar to 2022 than the preceding years, which is a reasonable assumption to make at this time.\n\n![NASDAQ Falls On Tech Company Earnings Reports](https:\/\/imageio.forbes.com\/specials-images\/imageserve\/63b82421b0a4af0aaa429d7d\/NASDAQ-Falls-On-Tech-Company-Earnings-Reports\/0x0.jpg?width=960)\n\nNEW YORK, NY - JULY 30: People are reflected in the window of the Nasdaq MarketSite in Times Square on July 30, 2018 in New York City. As technology stocks continued their slide on Monday, the Nasdaq Composite dropped 1.1 percent in afternoon trading with shares of Facebook, Netflix, Amazon and Google-parent Alphabet all declining. (Photo by Spencer Platt\/Getty Images)\n\nGetty Images\n\nBelow, we review the top five stocks of 2022. These stocks were chosen based on their price action and strong fundamentals. Choosing a top 5 means many great stocks were left off this list, yet this sample helps to form conclusions around how 2022 was a different trading environment from years past.\n\nAll three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S\\&P 500 index down 18.11%, and Nasdaq down 32.54%.\n\nYCharts\n\nMORE FROM FORBES ADVISOR\n\n[![Graphic Best Travel Insurance Companies](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2021\/08\/tropical-vacation.jpeg.jpg)](https:\/\/www.forbes.com\/advisor\/travel-insurance\/best-travel-insurance\/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov)\n\n[![Graphic Best Covid-19 Travel Insurance Plans](https:\/\/www.forbes.com\/advisor\/wp-content\/uploads\/2020\/12\/couple-traveling-2-e1608019949550.jpg)](https:\/\/www.forbes.com\/advisor\/travel-insurance\/best-pandemic-travel-insurance\/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov)\n## Super Micro Computer (SMCI)\nSuper Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak.\n\nThe company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the S\\&P MidCap 400 Index and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel.\n\nYCharts\n\n*Pictured above is SMCI’s Qly revenue YoY growth.*\n\nThe company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the [S\\&P MidCap 400 Index](https:\/\/seekingalpha.com\/news\/3919411-supermicro-to-be-added-to-sp-midcap-400-index \"https:\/\/seekingalpha.com\/news\/3919411-supermicro-to-be-added-to-sp-midcap-400-index\") and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel.\n\nIn the recent earnings call, the founder and CEO of the company, Charles Liang [said](https:\/\/seekingalpha.com\/article\/4551803-super-micro-computer-inc-smci-q1-2023-earnings-call-transcript \"https:\/\/seekingalpha.com\/article\/4551803-super-micro-computer-inc-smci-q1-2023-earnings-call-transcript\"), “*For Intel, we are engaged with many large opportunities with Intel’s upcoming Gen 4 scalable Xeon CPU codenamed Sapphire Rapids. We now have hundreds of early seeding engagements including several dozen early shipments. Similar programs have been executing with AMD, and we have seen very strong demand for our upcoming Genoa CPU based platforms.”*\n\n“*With respect to NVIDIA, not only do we have the most complete portfolio of systems supporting H100 GPUs, but we have also developed many brand new architectures for the leading Metaverse and Omniverse partners.”*\n\nThe company’s revenue in the recent quarter, Q1 FY23, [grew by](https:\/\/ir.supermicro.com\/news\/news-details\/2022\/Supermicro-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results\/default.aspx \"https:\/\/ir.supermicro.com\/news\/news-details\/2022\/Supermicro-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results\/default.aspx\") 79% YoY to \\$1.85 billion. The gross margin improved to 18.8% in Q1 FY23 up from 13.4% in the same period last year. The company’s profits have grown steadily with net income of \\$184 million compared to \\$25 million in the same period last year. The stock is currently trading at a P\/E ratio of 10.3 and a fwd P\/E ratio of 8.1.\n\nSuper Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak.\n\nYCharts\n## Microsoft (MSFT)\nMicrosoft was one of the best performing tech mega cap stocks last year ending the year down (28%), compared to Meta and Tesla, which ended the year down (64%) and (65%), respectively. Notably, Microsoft narrowly beat the Nasdaq in 2022.\n\nThe company is positioned for outsized growth due to its exposure to secular tailwinds such as Artificial Intelligence (AI), Machine Learning (ML), and the build out of the 5G edge network. Microsoft could take a substantial share of these markets at the infrastructure level due to its relationships with the Fortune 500 and Global Fortune 2000.\n\nIn addition to top-down enterprise penetration across the Fortune 500, Microsoft is also focused on developers to help complete Microsoft’s customer cloud strategy. Microsoft addressed its previously poor reputation in open-source communities by acquiring GitHub for \\$7.5 billion in 2018. Developers help determine the cloud IaaS service an enterprise or SMB customer will choose, so in-roads into this community could help Microsoft hedge the developer favorite, Amazon Web Services.\n\nThe company’s Q1 FY23 [revenue](https:\/\/www.microsoft.com\/en-us\/investor\/earnings\/fy-2023-q1\/press-release-webcast \"https:\/\/www.microsoft.com\/en-us\/investor\/earnings\/fy-2023-q1\/press-release-webcast\") grew by 11% YoY and down 3.4% QoQ to \\$50.1 billion.\n\nOperating income increased by 6% YoY to \\$21.5 billion. Net income was \\$17.6 billion compared to an adjusted net income of \\$17.2 billion in the same period last year (adjusted net income in the previous year as the company received income tax benefit last year).\n\nThe net profit margin was 35% in the recent quarter.\n\nMicrosoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin.\n\nMicrosoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin.\n\nYCharts\n\nDue to Microsoft being a leading tech stock that the I\/O Fund plans to buy on any weakness, we have included a [YouTube clip](https:\/\/www.youtube.com\/@iofund437\/videos \"https:\/\/www.youtube.com\/@iofund437\/videos\") from Portfolio Manger Knox Ridley of the 2023 price action we are expecting for Microsoft including sample entries.\n\n## ASML Holding (ASML)\nASML Holding is benefitting from strong semiconductor equipment demand from the leading foundry companies. As new fabs are built, these companies will need equipment in the coming years. The company’s fiscal year 2022 revenue analysts estimate rose 12% in the last 2 months. The company [raised](https:\/\/seekingalpha.com\/news\/3905743-asml-surges-nearly-14-as-company-boosts-2025-forecast-launches-12b-buyback \"https:\/\/seekingalpha.com\/news\/3905743-asml-surges-nearly-14-as-company-boosts-2025-forecast-launches-12b-buyback\") the 2025 revenue guidance to be between €30 billion and €40 billion, up from the previous guidance of €24 billion to €30 billion. The company in its press release [acknowledged](https:\/\/www.asml.com\/en\/news\/press-releases\/2022\/asml-investor-day-2022 \"https:\/\/www.asml.com\/en\/news\/press-releases\/2022\/asml-investor-day-2022\"), *“While the current macro environment creates near-term uncertainties, we expect longer-term demand and capacity showing healthy growth.”*\n\nThe company’s Q3 revenue [was](https:\/\/www.asml.com\/en\/news\/press-releases\/2022\/q3-2022-financial-results \"https:\/\/www.asml.com\/en\/news\/press-releases\/2022\/q3-2022-financial-results\") €5.8 billion compared to €5.2 billion in the same [period](https:\/\/www.asml.com\/en\/news\/press-releases\/2021\/q3-2021-financial-results \"https:\/\/www.asml.com\/en\/news\/press-releases\/2021\/q3-2021-financial-results\") last year. The management expects Q4 revenue to be between €6.1 billion to €6.6 billion. The gross margin was 51.8% compared to 51.7% in the same period last year. Net income was €1.7 billion (net profit margin of 29.4%) compared to a net income of €1.7 billion (net profit margin of 33.2%) in the same period last year.\n\nThe company has a strong backlog of over €38 billion. The company’s CEO Peter Wennick [said](https:\/\/seekingalpha.com\/article\/4549553-asml-holding-n-v-asml-q3-2022-earnings-call-transcript \"https:\/\/seekingalpha.com\/article\/4549553-asml-holding-n-v-asml-q3-2022-earnings-call-transcript\") in the earnings call, *“And as a matter of fact, our 2023 shipment demand is still significantly above our build and shipment capacity for next year. And this is supported by the record bookings this quarter, of €8.9 billion and our largest backlog ever of over €38 billion. Almost 85% of this backlog is for EUV and immersion, which is used for advanced nodes and related wafer capacity expansions.”*\n\n## Palo Alto Networks (PANW)\nLeading cybersecurity company Palo Alto Networks has a strong free cash flow margin, which is rare in the cloud and cybersecurity category. The company has been GAAP profitable for the last two quarters. The company’s [revenue](https:\/\/investors.paloaltonetworks.com\/news-releases\/news-release-details\/palo-alto-networks-reports-fiscal-first-quarter-2023-financial \"https:\/\/investors.paloaltonetworks.com\/news-releases\/news-release-details\/palo-alto-networks-reports-fiscal-first-quarter-2023-financial\") in the Q1 FY23 grew by 25% YoY to \\$1.6 billion, which was above the management guidance of \\$1.535 billion to \\$1.555 billion.\n\nThe company’s margins are improving. The company reported a GAAP net income of \\$20 million compared to a GAAP net loss of (\\$103.6) million in the same period last year. The adjusted net income was \\$266.4 million compared to \\$170.3 million in the same period last year. Consistent GAAP profitability is key in this macro environment.\n\nThe company reported free cash flow of \\$1.2 billion (76.6% of revenue) compared to \\$554 million in the same period last year (44.4% of revenue). Dipak Golechha, CFO of the company, said in the [earnings call](https:\/\/seekingalpha.com\/article\/4558933-palo-alto-networks-inc-panw-q1-2023-earnings-call-transcript \"https:\/\/seekingalpha.com\/article\/4558933-palo-alto-networks-inc-panw-q1-2023-earnings-call-transcript\"), “*This cash flow performance was largely driven by strong collections in the quarter, that we expected based on the strength of our business in Q4.”* The management has guided an adjusted free cash flow margin in the range of 34.5% to 35.5% for the FY23.\n\nDipak Golechha said, *\"We exceeded our top-line guidance while generating \\$1.2 billion in free cash flow and expanding our operating margins,\"* He further added, *\"We will continue to balance growth with profitability and cash generation to further strengthen our position in the market.\"*\n\nThe company reported a free cash flow of \\$1.2 billion (76.6% of revenue) compared to \\$554 million in the same period last year (44.4% of revenue).\n\nYCharts\n## First Solar (FSLR)\nSolar stocks were the leading sector in tech last year. First Solar ended the year on fire with a return of 72% compared to the (33%) return of the Nasdaq. The sector got a boost from the Inflation Reduction Act of 2022, which we covered last year [in our free newsletter](https:\/\/io-fund.com\/renewable-energy\/solar-stocks-lead-the-market-this-year \"https:\/\/io-fund.com\/renewable-energy\/solar-stocks-lead-the-market-this-year\") when we said:\n\n“The solar industry will benefit since Inflation Reduction Act [includes](https:\/\/www.whitecase.com\/insight-alert\/inflation-reduction-act-offers-significant-tax-incentives-targeting-energy-transition \"https:\/\/www.whitecase.com\/insight-alert\/inflation-reduction-act-offers-significant-tax-incentives-targeting-energy-transition\") the extension of Production Tax Credits (PTCs) and Investment Tax Credits (ITCs) for the construction of wind and solar projects beginning before January 1, 2025. It means a three-year extension for PTCs and a one-year extension for ITCs.\n\nIt also [extends](https:\/\/www.axios.com\/2022\/08\/11\/ira-tax-breaks-rebates \"https:\/\/www.axios.com\/2022\/08\/11\/ira-tax-breaks-rebates\") the 30% federal tax credits for installing solar panels on rooftops by another 10 years, from 2022 to 2032. Solar installations are eligible for 26% tax credit for installations in 2020 and 2021. It now extends till 2032 for 30% tax credits, and in 2033 the tax credit [will be](https:\/\/news.energysage.com\/solar-tax-credit-explained\/ \"https:\/\/news.energysage.com\/solar-tax-credit-explained\/\") reduced to 26% and 22% in 2034. There will be no tax credit after this period unless Congress renews it. Home battery systems that store energy [generated](https:\/\/www.axios.com\/2022\/08\/11\/ira-tax-breaks-rebates \"https:\/\/www.axios.com\/2022\/08\/11\/ira-tax-breaks-rebates\") by solar systems for later use will also be eligible for a 30% tax credit.”\n\nFirst Solar is a leading provider of photovoltaic (PV) energy solutions. It is one of the major beneficiaries of the IRA in the form of solar manufacturing tax credits. The company was also [recently](https:\/\/seekingalpha.com\/news\/3916338-first-solar-rises-on-addition-to-sp-500-conns-dips \"https:\/\/seekingalpha.com\/news\/3916338-first-solar-rises-on-addition-to-sp-500-conns-dips\") added to the S\\&P 500 index.\n\nThe company [announced](https:\/\/investor.firstsolar.com\/news\/press-release-details\/2022\/First-Solar-to-Invest-up-to-1.2-Billion-in-Scaling-Production-of-American-Made-Responsible-Solar-by-4.4-GW\/default.aspx \"https:\/\/investor.firstsolar.com\/news\/press-release-details\/2022\/First-Solar-to-Invest-up-to-1.2-Billion-in-Scaling-Production-of-American-Made-Responsible-Solar-by-4.4-GW\/default.aspx\") last year its plan to invest \\$1.2 billion to expand its solar module manufacturing in the U.S. It includes a \\$1 billion investment for a new manufacturing facility in the Southeast U.S. and \\$185 million for the upgradation of the existing Ohio facility.\n\nMark Widmar, CEO of the company, [said](https:\/\/seekingalpha.com\/article\/4550243-first-solar-inc-fslr-q3-2022-earnings-call-transcript \"https:\/\/seekingalpha.com\/article\/4550243-first-solar-inc-fslr-q3-2022-earnings-call-transcript\") in the Q3 earnings call, “*In our view, by passing and enacting the Inflation Reduction Act of 2022, Congress and the Biden-Harris administration has entrusted our industry with responsibility of enabling and securing America's clean energy future, and we recognize the need to meet the moment in a manner that is both timely and sustainable.”*\n\nThe company’s Q3 2022 [revenue](https:\/\/investor.firstsolar.com\/news\/press-release-details\/2022\/First-Solar-Inc.-Announces-Third-Quarter-2022-Financial-Results\/default.aspx \"https:\/\/investor.firstsolar.com\/news\/press-release-details\/2022\/First-Solar-Inc.-Announces-Third-Quarter-2022-Financial-Results\/default.aspx\") was up 7.8% YoY to \\$628.9 million. It reported a net loss of (\\$49.2 million) compared to a net income of \\$55.8 million in Q2 2022 and \\$45.2 million in the same period last year. The company benefitted from the gain from the sale of the Japan project development platform in the Q2 2022 and also experienced higher logistics charges in the recent quarter.\n\nMark Widmar, CEO of First Solar said, *“Our focus continues to be on setting the stage for long-term growth, and from this point of view, 2022 has so far proven to be foundational,”* He further added*, “This year we have developed the potential for our CdTe semiconductor technology by progressing our next-generation Series 7 and bifacial platforms, set in motion plans to scale our global manufacturing capacity to over 20 GWDC by 2025, and secured record year-to-date bookings of 43.7 GWDC with deliveries extending into 2027.”*\n\n## Conclusion:\nThe I\/O fund is an actively managed tech portfolio that is audited and we carefully choose our positions to reflect the current macro environment for tech. Therefore, our analysis is very actionable and I strongly feel that looking back at 2022 is providing clues for tech investors as we move forward into 2023.\n\nThis week, I recently stated on our [research site’s](https:\/\/io-fund.com\/ \"https:\/\/io-fund.com\") private forum:\n\n“My concern for retailers is that the underlying tone is that macro will clear up quickly and tech darlings will return. It's more likely macro will be throwing curveballs for some time. To put it another way, it's obvious that 2022 was terribly bad for investors, but what if the real issue is that the previous years were so terribly good\/easy. Will those good\/easy conditions return?\n\nPart of the good\/easy conditions was fueled by the venture capital cycle. When every tech company going public has high growth rates yet is losing on the bottom line, and it's clear the market is still awarding the poor bottom lines with sky high valuations, what you get is a runaway train of a bull market.”\n\nThe stocks above have proven they do not need good or easy conditions to perform well. It can be hard to have a repeat year as often investors will take gains, and there’s certainly gains to take in the names listed above. Therefore, we are looking for a pattern rather than attempting to exactly repeat 2022. This pattern is expanding margins, strong free cash flows, and any hint or sign of accelerating revenue.\n\n*Royston Roche, Equity Analyst at the I\/O Fund, contributed to this article.*\n\nPlease note: The I\/O Fund conducts research and draws conclusions for the company’s portfolio. We then share that information with our readers and offer real-time trade notifications. This is not a guarantee of a stock’s performance and it is not financial advice. Please consult your personal financial advisor before buying any stock in the companies mentioned in this analysis. Of the 5 companies highlighted, Beth Kindig and the I\/O Fund own Microsoft at the time of writing.\n\nIf you would like notifications when my new articles are published, please hit the button below to \"Follow\" me.","meta_canonical":null}

3. Robots.txt Check

Query:

Response:

4. Spam/Ban Check

Query:

Response:

5. Seen Status Check

ℹ️ Skipped - page is already crawled

📄

INDEXABLE

✅

CRAWLED

21 days ago

🤖

ROBOTS ALLOWED

Page Info Filters

Filter	Status	Condition	Details
HTTP status	PASS	`download_http_code = 200`	HTTP 200
Age cutoff	PASS	`download_stamp > now() - 6 MONTH`	0.7 months ago
History drop	PASS	`isNull(history_drop_reason)`	No drop reason
Spam/ban	PASS	`fh_dont_index != 1 AND ml_spam_score = 0`	ml_spam_score=0
Canonical	PASS	`meta_canonical IS NULL OR = '' OR = src_unparsed`	Not set

Page Details

Property	Value
URL	https://www.forbes.com/sites/bethkindig/2023/01/06/top-5-stocks-of-2022/
Last Crawled	2026-03-24 13:12:06 (21 days ago)
First Indexed	2023-01-06 14:08:37 (3 years ago)
HTTP Status Code	200
Meta Title	Top 5 Stocks Of 2022: Year In Review
Meta Description	It's productive for investors to review the 2022 stocks that performed well rather than prognosticate for 2023. Investors can reasonably assume 2023 will look more similar to 2022 than the preceding years and this excercise preps tech portfolios for 2023. These top 5 stocks ... READ MORE
Meta Canonical	null
Boilerpipe Text	In this analysis, rather than prognosticate on the top stocks of 2023, we think it’s more productive to go back and review the stocks that performed well under new macro conditions in 2022. This exercise helps to inform tech portfolios for the upcoming year as investors can reasonably assume 2023 will look more similar to 2022 than the preceding years. 2022 was a very volatile year for the stock market with rising rates, inflation, and geopolitical tensions leading to sudden sell-offs. All three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S&P 500 index down 18.11%, and Nasdaq down 32.54%. Despite the indexes being in the red, some stocks greatly outperformed the broad market. We think it’s important to pause and draw some parallels around the stocks that performed well in 2022 to form an opinion on what might perform well in 2023. This is assuming macro will be more similar to 2022 than the preceding years, which is a reasonable assumption to make at this time. NEW YORK, NY - JULY 30: People are reflected in the window of the Nasdaq MarketSite in Times Square on July 30, 2018 in New York City. As technology stocks continued their slide on Monday, the Nasdaq Composite dropped 1.1 percent in afternoon trading with shares of Facebook, Netflix, Amazon and Google-parent Alphabet all declining. (Photo by Spencer Platt/Getty Images) Getty Images Below, we review the top five stocks of 2022. These stocks were chosen based on their price action and strong fundamentals. Choosing a top 5 means many great stocks were left off this list, yet this sample helps to form conclusions around how 2022 was a different trading environment from years past. All three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S&P 500 index down 18.11%, and Nasdaq down 32.54%. YCharts MORE FROM FORBES ADVISOR Super Micro Computer (SMCI) Super Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak. The company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the S&P MidCap 400 Index and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel. YCharts Pictured above is SMCI’s Qly revenue YoY growth. The company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the S&P MidCap 400 Index and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel. In the recent earnings call, the founder and CEO of the company, Charles Liang said , “ For Intel, we are engaged with many large opportunities with Intel’s upcoming Gen 4 scalable Xeon CPU codenamed Sapphire Rapids. We now have hundreds of early seeding engagements including several dozen early shipments. Similar programs have been executing with AMD, and we have seen very strong demand for our upcoming Genoa CPU based platforms.” “ With respect to NVIDIA, not only do we have the most complete portfolio of systems supporting H100 GPUs, but we have also developed many brand new architectures for the leading Metaverse and Omniverse partners.” The company’s revenue in the recent quarter, Q1 FY23, grew by 79% YoY to $1.85 billion. The gross margin improved to 18.8% in Q1 FY23 up from 13.4% in the same period last year. The company’s profits have grown steadily with net income of $184 million compared to $25 million in the same period last year. The stock is currently trading at a P/E ratio of 10.3 and a fwd P/E ratio of 8.1. Super Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak. YCharts Microsoft (MSFT) Microsoft was one of the best performing tech mega cap stocks last year ending the year down (28%), compared to Meta and Tesla, which ended the year down (64%) and (65%), respectively. Notably, Microsoft narrowly beat the Nasdaq in 2022. The company is positioned for outsized growth due to its exposure to secular tailwinds such as Artificial Intelligence (AI), Machine Learning (ML), and the build out of the 5G edge network. Microsoft could take a substantial share of these markets at the infrastructure level due to its relationships with the Fortune 500 and Global Fortune 2000. In addition to top-down enterprise penetration across the Fortune 500, Microsoft is also focused on developers to help complete Microsoft’s customer cloud strategy. Microsoft addressed its previously poor reputation in open-source communities by acquiring GitHub for $7.5 billion in 2018. Developers help determine the cloud IaaS service an enterprise or SMB customer will choose, so in-roads into this community could help Microsoft hedge the developer favorite, Amazon Web Services. The company’s Q1 FY23 revenue grew by 11% YoY and down 3.4% QoQ to $50.1 billion. Operating income increased by 6% YoY to $21.5 billion. Net income was $17.6 billion compared to an adjusted net income of $17.2 billion in the same period last year (adjusted net income in the previous year as the company received income tax benefit last year). The net profit margin was 35% in the recent quarter. Microsoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin. Microsoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin. YCharts Due to Microsoft being a leading tech stock that the I/O Fund plans to buy on any weakness, we have included a YouTube clip from Portfolio Manger Knox Ridley of the 2023 price action we are expecting for Microsoft including sample entries. ASML Holding (ASML) ASML Holding is benefitting from strong semiconductor equipment demand from the leading foundry companies. As new fabs are built, these companies will need equipment in the coming years. The company’s fiscal year 2022 revenue analysts estimate rose 12% in the last 2 months. The company raised the 2025 revenue guidance to be between €30 billion and €40 billion, up from the previous guidance of €24 billion to €30 billion. The company in its press release acknowledged , “While the current macro environment creates near-term uncertainties, we expect longer-term demand and capacity showing healthy growth.” The company’s Q3 revenue was €5.8 billion compared to €5.2 billion in the same period last year. The management expects Q4 revenue to be between €6.1 billion to €6.6 billion. The gross margin was 51.8% compared to 51.7% in the same period last year. Net income was €1.7 billion (net profit margin of 29.4%) compared to a net income of €1.7 billion (net profit margin of 33.2%) in the same period last year. The company has a strong backlog of over €38 billion. The company’s CEO Peter Wennick said in the earnings call, “And as a matter of fact, our 2023 shipment demand is still significantly above our build and shipment capacity for next year. And this is supported by the record bookings this quarter, of €8.9 billion and our largest backlog ever of over €38 billion. Almost 85% of this backlog is for EUV and immersion, which is used for advanced nodes and related wafer capacity expansions.” Palo Alto Networks (PANW) Leading cybersecurity company Palo Alto Networks has a strong free cash flow margin, which is rare in the cloud and cybersecurity category. The company has been GAAP profitable for the last two quarters. The company’s revenue in the Q1 FY23 grew by 25% YoY to $1.6 billion, which was above the management guidance of $1.535 billion to $1.555 billion. The company’s margins are improving. The company reported a GAAP net income of $20 million compared to a GAAP net loss of ($103.6) million in the same period last year. The adjusted net income was $266.4 million compared to $170.3 million in the same period last year. Consistent GAAP profitability is key in this macro environment. The company reported free cash flow of $1.2 billion (76.6% of revenue) compared to $554 million in the same period last year (44.4% of revenue). Dipak Golechha, CFO of the company, said in the earnings call , “ This cash flow performance was largely driven by strong collections in the quarter, that we expected based on the strength of our business in Q4.” The management has guided an adjusted free cash flow margin in the range of 34.5% to 35.5% for the FY23. Dipak Golechha said, "We exceeded our top-line guidance while generating $1.2 billion in free cash flow and expanding our operating margins," He further added, "We will continue to balance growth with profitability and cash generation to further strengthen our position in the market." The company reported a free cash flow of $1.2 billion (76.6% of revenue) compared to $554 million in the same period last year (44.4% of revenue). YCharts First Solar (FSLR) Solar stocks were the leading sector in tech last year. First Solar ended the year on fire with a return of 72% compared to the (33%) return of the Nasdaq. The sector got a boost from the Inflation Reduction Act of 2022, which we covered last year in our free newsletter when we said: “The solar industry will benefit since Inflation Reduction Act includes the extension of Production Tax Credits (PTCs) and Investment Tax Credits (ITCs) for the construction of wind and solar projects beginning before January 1, 2025. It means a three-year extension for PTCs and a one-year extension for ITCs. It also extends the 30% federal tax credits for installing solar panels on rooftops by another 10 years, from 2022 to 2032. Solar installations are eligible for 26% tax credit for installations in 2020 and 2021. It now extends till 2032 for 30% tax credits, and in 2033 the tax credit will be reduced to 26% and 22% in 2034. There will be no tax credit after this period unless Congress renews it. Home battery systems that store energy generated by solar systems for later use will also be eligible for a 30% tax credit.” First Solar is a leading provider of photovoltaic (PV) energy solutions. It is one of the major beneficiaries of the IRA in the form of solar manufacturing tax credits. The company was also recently added to the S&P 500 index. The company announced last year its plan to invest $1.2 billion to expand its solar module manufacturing in the U.S. It includes a $1 billion investment for a new manufacturing facility in the Southeast U.S. and $185 million for the upgradation of the existing Ohio facility. Mark Widmar, CEO of the company, said in the Q3 earnings call, “ In our view, by passing and enacting the Inflation Reduction Act of 2022, Congress and the Biden-Harris administration has entrusted our industry with responsibility of enabling and securing America's clean energy future, and we recognize the need to meet the moment in a manner that is both timely and sustainable.” The company’s Q3 2022 revenue was up 7.8% YoY to $628.9 million. It reported a net loss of ($49.2 million) compared to a net income of $55.8 million in Q2 2022 and $45.2 million in the same period last year. The company benefitted from the gain from the sale of the Japan project development platform in the Q2 2022 and also experienced higher logistics charges in the recent quarter. Mark Widmar, CEO of First Solar said, “Our focus continues to be on setting the stage for long-term growth, and from this point of view, 2022 has so far proven to be foundational,” He further added , “This year we have developed the potential for our CdTe semiconductor technology by progressing our next-generation Series 7 and bifacial platforms, set in motion plans to scale our global manufacturing capacity to over 20 GWDC by 2025, and secured record year-to-date bookings of 43.7 GWDC with deliveries extending into 2027.” Conclusion: The I/O fund is an actively managed tech portfolio that is audited and we carefully choose our positions to reflect the current macro environment for tech. Therefore, our analysis is very actionable and I strongly feel that looking back at 2022 is providing clues for tech investors as we move forward into 2023. This week, I recently stated on our research site’s private forum: “My concern for retailers is that the underlying tone is that macro will clear up quickly and tech darlings will return. It's more likely macro will be throwing curveballs for some time. To put it another way, it's obvious that 2022 was terribly bad for investors, but what if the real issue is that the previous years were so terribly good/easy. Will those good/easy conditions return? Part of the good/easy conditions was fueled by the venture capital cycle. When every tech company going public has high growth rates yet is losing on the bottom line, and it's clear the market is still awarding the poor bottom lines with sky high valuations, what you get is a runaway train of a bull market.” The stocks above have proven they do not need good or easy conditions to perform well. It can be hard to have a repeat year as often investors will take gains, and there’s certainly gains to take in the names listed above. Therefore, we are looking for a pattern rather than attempting to exactly repeat 2022. This pattern is expanding margins, strong free cash flows, and any hint or sign of accelerating revenue. Royston Roche, Equity Analyst at the I/O Fund, contributed to this article. Please note: The I/O Fund conducts research and draws conclusions for the company’s portfolio. We then share that information with our readers and offer real-time trade notifications. This is not a guarantee of a stock’s performance and it is not financial advice. Please consult your personal financial advisor before buying any stock in the companies mentioned in this analysis. Of the 5 companies highlighted, Beth Kindig and the I/O Fund own Microsoft at the time of writing. If you would like notifications when my new articles are published, please hit the button below to "Follow" me.
Markdown	[Sign Up For Newsletters](https://account.forbes.com/newsletters/)[Games](https://www.forbes.com/games)[Share a News Tip](https://www.forbes.com/sites/forbesstaff/article/tips-and-confidential-sources/) - Featured Featured - [Breaking News](https://www.forbes.com/news/) - [White House Watch](https://www.forbes.com/trump/) - [Daily Cover Stories](https://www.forbes.com/daily-cover-stories/) - [A Money Windfall Guide For Millennials And Gen X](https://www.forbes.com/sites/cicelyjones/2026/03/02/a-money-windfall-guide-for-millennials-and-gen-x/) - [The Toughest Problems Are Never Solved Alone \\| Paid Program](https://www.forbes.com/sites/american-cancer-society/2026/02/23/the-toughest-problems-are-never-solved-alone/) - [How Chief Marketing Officers Are Scaling AI At Speed — While Preserving Brand Trust](https://www.forbes.com/sites/forbesliveteam/2026/02/23/how-chief-marketing-officers-are-scaling-ai-at-speed---while-preserving-brand-trust/) - [New Era, New Icons: The Creators Redefining High-Quality Storytelling on TikTok \\| Paid Program](https://www.forbes.com/sites/tiktok/2025/12/15/new-era-new-icons-the-creators-redefining-high-quality-storytelling-on-tiktok/) - [2026 America's Top Women Wealth Advisors List](https://www.forbes.com/lists/top-women-advisors/) - [2026 Top Women Wealth Advisors Best in State List](https://www.forbes.com/lists/best-in-state-women-advisors/) - [Best-In-State Top Next-Gen Wealth Advisors 2025](https://www.forbes.com/lists/best-in-state-next-gen-advisors/) - [AI’s Nuanced Impact And A Quest To Quantify It](https://www.forbes.com/sites/forbes-research/2023/10/26/c-suite-data-reveals-ais-nuanced-impact--a-quest-to-quantify-it/) - [Embracing And Bracing For AI](https://www.forbes.com/sites/forbes-research/2023/10/26/new-forbes-survey-reveals-how-executives-are-embracing---and-bracing-for---ai/) - [Facing A Volatile Market, C-Suites Look To The CFO For Strategic Guidance](https://www.forbes.com/sites/forbes-research/2023/11/01/facing-a-volatile-market-c-suites-look-to-the-cfo-for-strategic-guidance/) - [By The Numbers: Meet The Forbes 30 Under 30 Europe Class Of 2025](https://www.forbes.com/30-under-30/2025/europe/) - [Next Billion-Dollar Startups 2025](https://www.forbes.com/sites/amyfeldman/2025/08/12/next-billion-dollar-startups-2025/) - [America's Most Powerful Women In Sports](https://www.forbes.com/sites/maggiemcgrath/2025/10/22/americas-most-powerful-women-in-sports-2025/) - [CMO Unscripted: Vulnerability Is The New Superpower For Leaders In The AI Era](https://www.forbes.com/sites/forbesvideo/2026/01/28/cmo-unscripted/) - [Rocky Mountaineer Connoisseur: Unwind And Behold](https://www.forbes.com/sites/rocky-mountaineer/2026/03/03/unwind-and-behold/) - [Clé de Peau Beauté BrandVoice: She’s Shown 80,000 Girls & Non-Binary People They Belong In STEAM \\| Paid Program](https://www.forbes.com/sites/cle-de-peau-beaute/2026/03/11/shes-shown-80000-girls--non-binary-people-they-belong-in-steam/) - [Billionaires](https://www.forbes.com/billionaires/) Billionaires [See All](https://www.forbes.com/billionaires/) - [World's Billionaires](https://www.forbes.com/billionaires/) - [Forbes 400](https://www.forbes.com/forbes-400/) - [America's Richest Self-Made Women](https://www.forbes.com/self-made-women/) - [China's Richest](https://www.forbes.com/lists/china-billionaires/) - [India's Richest](https://www.forbes.com/lists/india-billionaires/) - [Indonesia's Richest](https://www.forbes.com/lists/indonesia-billionaires/) - [Korea's Richest](https://www.forbes.com/lists/korea-billionaires/) - [Thailand's Richest](https://www.forbes.com/lists/thailand-billionaires/) - [Japan's Richest](https://www.forbes.com/lists/japan-billionaires/) - [Australia's Richest](https://www.forbes.com/lists/australia-billionaires/) - [Taiwan's Richest](https://www.forbes.com/lists/taiwan-billionaires/) - [Singapore's Richest](https://www.forbes.com/lists/singapore-billionaires/) - [Philippines' Richest](ttps://www.forbes.com/lists/philippines-billionaires/) - [Hong Kong's Richest](ttps://www.forbes.com/lists/hong-kong-billionaires/) - [Malaysia's Richest](https://www.forbes.com/lists/malaysia-billionaires/) - [Money & Politics](https://www.forbes.com/money-politics/) - [Innovation](https://www.forbes.com/innovation/) Innovation [See All](https://www.forbes.com/innovation/) - [AI-Powered Cybersecurity](https://www.forbes.com/topics/ai-cybersecurity/) - [Employee and Customer Experience](https://www.forbes.com/topics/employee-and-customer-experience/) - [Enterprise AI](https://www.forbes.com/topics/enterprise-ai/) - [How AI Hungry Companies Can Use PCs To Supercharge Workforce Intelligence](https://www.forbes.com/sites/amd/2026/03/02/how-ai-hungry-companies-can-use-pcs-to-supercharge-workforce-intelligence/) - [AI](https://www.forbes.com/ai/) - [Agentic AI](https://www.forbes.com/topics/agentic-ai/) - [Big Data](https://www.forbes.com/big-data/) - [Cloud](https://www.forbes.com/cloud/) - [Cloud 100](https://www.forbes.com/lists/cloud100/) - [Consumer Tech](https://www.forbes.com/consumer-tech/) - [Creator Economy](https://www.forbes.com/creator-economy/) - [New Era, New Icons: The Creators Redefining High-Quality Storytelling On TikTok](https://www.forbes.com/sites/tiktok/2025/12/15/new-era-new-icons-the-creators-redefining-high-quality-storytelling-on-tiktok/) - [Cybersecurity](https://www.forbes.com/cybersecurity/) - [Digital Transformation](https://www.forbes.com/digital-transformation/) - [Enterprise Tech](https://www.forbes.com/enterprise-tech/) - [Future Of Work](https://www.forbes.com/future-of-work/) - [Gaming](https://www.forbes.com/gaming/) - [Healthcare](https://www.forbes.com/healthcare/) - [Innovation Rules](https://www.forbes.com/sites/forbesvideo/article/innovation-rules/) - [Retail Industry](https://www.forbes.com/topics/retail-industry/) - [Science](https://www.forbes.com/science/) - [Social Media](https://www.forbes.com/social-media/) - [Sustainability & Climate](https://www.forbes.com/sustainability/) - [Transportation](https://www.forbes.com/transportation/) - [Venture Capital](https://www.forbes.com/venture-capital/) - [Technology](https://www.forbes.com/sites/technology/) - [TikTok BrandVoice \\| Paid Program](https://www.forbes.com/sites/tiktok/) - [Metronome BrandVoice \\| Paid Program](https://www.forbes.com/sites/metronome/) - [Leadership](https://www.forbes.com/leadership/) Leadership [See All](https://www.forbes.com/leadership/) - [Under 30](https://www.forbes.com/under30/) - [C-Suite](https://www.forbes.com/cxo/) - [CEO Network](https://www.forbes.com/ceo-network/) - [CFO Network](https://www.forbes.com/cfo-network/) - [CHRO Network](https://www.forbes.com/chro-network/) - [CIO Network](https://www.forbes.com/cio-network/) - [CMO Network](https://www.forbes.com/cmo-network/) - [Leadership Strategies](https://www.forbes.com/leadership-strategy/) - [Careers](https://www.forbes.com/careers/) - [Education](https://www.forbes.com/education/) - [Forbes EQ \\| Paid Program](https://www.forbes.com/sites/forbeseq/) - [ForbesBLK](https://www.forbes.com/blk-leadership/) - [Forbes Research](https://www.forbes.com/leadership/forbes-research/) - [ForbesWomen](https://www.forbes.com/forbeswomen/) - [Dell Technologies BrandVoice \\| Paid Program](https://www.forbes.com/sites/delltechnologies/) - [Money](https://www.forbes.com/money/) Money [See All](https://www.forbes.com/money/) - [ETF Investing Trends](https://www.forbes.com/topics/etf-investing-trends/) - [Banking & Insurance](https://www.forbes.com/banking-insurance/) - [ETFs & Mutual Funds](https://www.forbes.com/etfs-mutual-funds/) - [Fintech](https://www.forbes.com/fintech/) - [Hedge Funds & Private Equity](https://www.forbes.com/hedge-funds-private-equity/) - [Investing](https://www.forbes.com/investing/) - [Investor Hub](https://www.forbes.com/sites/investor-hub/) - [Markets](https://www.forbes.com/markets/) - [Personal Finance](https://www.forbes.com/personal-finance/) - [Retirement](https://www.forbes.com/retirement/) - [Taxes](https://www.forbes.com/taxes/) - [Top Advisor \\| SHOOK](https://www.forbes.com/top-advisor-shook/%20) - [Wealth Management](https://www.forbes.com/wealth-management/%20) - [Forbes Digital Assets](https://www.forbes.com/digital-assets/) Forbes Digital Assets [See All](https://www.forbes.com/digital-assets/) - [News](https://www.forbes.com/digital-assets/news/) - [Crypto Prices](https://www.forbes.com/digital-assets/crypto-prices/) - [NFT Prices](https://www.forbes.com/digital-assets/nft-prices/) - [Research](https://www.forbes.com/digital-assets/research/) - [Learn](https://www.forbes.com/digital-assets/learn/) - [Crypto Basics](https://www.forbes.com/digital-assets/learn/crypto-basics/) - [BTC](https://www.forbes.com/digital-assets/learn/btc/) - [DeFi](https://www.forbes.com/digital-assets/learn/defi/) - [Web3 Education](https://www.forbes.com/digital-assets/learn/web3-education/) - [NFTs](https://www.forbes.com/digital-assets/learn/nfts/) - [Crypto Investments](https://www.forbes.com/digital-assets/learn/crypto-investments/) - [Events](https://www.forbes.com/digital-assets/events/) - [Crypto Portfolios](https://www.forbes.com/digital-assets/crypto-advisor-portfolio/) - [Business](https://www.forbes.com/business/) Business [See All](https://www.forbes.com/business/) - [Aerospace & Defense](https://www.forbes.com/aerospace-defense/) - [Energy](https://www.forbes.com/energy/) - [Food & Drink](https://www.forbes.com/food-drink/) - [Hollywood & Entertainment](https://www.forbes.com/hollywood-entertainment/) - [Law](https://www.forbes.com/law/) - [Manufacturing](https://www.forbes.com/manufacturing/) - [Media](https://www.forbes.com/media/) - [Policy](https://www.forbes.com/policy/) - [Retail](https://www.forbes.com/retail/) - [SportsMoney](https://www.forbes.com/sportsmoney/) - [2026 Election](https://www.forbes.com/2026-election/) - [Entertainment Digest](https://www.forbes.com/sites/entertainment/) - [Enterprise Growth](https://www.forbes.com/topics/enterprise-growth/) - [Small Business](https://www.forbes.com/small-business/) Small Business [See All](https://www.forbes.com/small-business/) - [Entrepreneurs](https://www.forbes.com/entrepreneurs/) - [Small Business Strategy](https://www.forbes.com/small-business-strategy/) - [Small Business Taxes](https://www.forbes.com/topics/small-business-taxes/) - [Lifestyle](https://www.forbes.com/lifestyle/) Lifestyle [See All](https://www.forbes.com/lifestyle/) - [Luxury Travel](https://www.forbes.com/topics/luxury-travel/) - [Arts](https://www.forbes.com/arts/) - [Boats & Planes](https://www.forbes.com/boats-planes/) - [Cars & Bikes](https://www.forbes.com/cars-bikes/) - [Dining](https://www.forbes.com/dining/) - [ForbesLife](https://www.forbes.com/forbeslife/) - [Forbes Travel Guide](https://www.forbes.com/forbes-travel-guide/) - [Spirits](https://www.forbes.com/spirits/) - [Style & Beauty](https://www.forbes.com/style-beauty/) - [Travel](https://www.forbes.com/travel/) - [Vices](https://www.forbes.com/vices/) - [Watches](https://www.forbes.com/watches-jewelry/) - [Real Estate](https://www.forbes.com/real-estate/) Real Estate [See All](https://www.forbes.com/real-estate/) - [Commercial Real Estate](https://www.forbes.com/commercial-real-estate/) - [Forbes Global Properties](https://www.forbes.com/forbes-global-properties/) - [Residential Real Estate](https://www.forbes.com/residential-real-estate/) - [Forbes Vetted](https://www.forbes.com/vetted/) Forbes Vetted [See All](https://www.forbes.com/vetted/) - [Mattress & Sleep](https://www.forbes.com/vetted/mattress-sleep/) - [Bed Frames](https://www.forbes.com/vetted/mattress-sleep/bed-frames/) - [Mattresses](https://www.forbes.com/vetted/mattress-sleep/mattresses/) - [Mattress Toppers](https://www.forbes.com/vetted/mattress-sleep/mattress-toppers/) - [Pillows](https://www.forbes.com/vetted/mattress-sleep/pillows/) - [Sheets & Bedding](https://www.forbes.com/vetted/mattress-sleep/sheets-bedding/) - [Sleep Products](https://www.forbes.com/vetted/mattress-sleep/sleep-products/) - [Home](https://www.forbes.com/vetted/home/) - [Bathroom](https://www.forbes.com/vetted/home/bathroom/) - [Cleaning & Laundry](https://www.forbes.com/vetted/home/cleaning-laundry/) - [Decor](https://www.forbes.com/vetted/home/decor/) - [Furniture](https://www.forbes.com/vetted/home/furniture/) - [Heating & Cooling](https://www.forbes.com/vetted/home/heating-cooling/) - [Hobbies](https://www.forbes.com/vetted/home/hobbies/) - [Home Office](https://www.forbes.com/vetted/home-office/) - [Kitchen & Dining](https://www.forbes.com/vetted/home/kitchen-dining/) - [Outdoor](https://www.forbes.com/vetted/home/outdoor/) - [Pets](https://www.forbes.com/vetted/home/pets/) - [Storage & Organization](https://www.forbes.com/vetted/home/storage-organization/) - [Tools](https://www.forbes.com/vetted/home/tools/) - [Wine & Bar](https://www.forbes.com/vetted/home/wine-bar/) - [Fashion](https://www.forbes.com/vetted/fashion/) - [Accessories](https://www.forbes.com/vetted/fashion/accessories/) - [Clothing](https://www.forbes.com/vetted/fashion/clothing/) - [Eyewear](https://www.forbes.com/vetted/fashion/eyewear/) - [Footwear](https://www.forbes.com/vetted/fashion/footwear/) - [Jewelry](https://www.forbes.com/vetted/fashion/jewelry/) - [Handbags & Purses](https://www.forbes.com/vetted/fashion/handbags-purses/) - [Lingerie & Sleepwear](https://www.forbes.com/vetted/fashion/lingerie-sleepwear/) - [Outdoor & Fitness Apparel](https://www.forbes.com/vetted/fashion/outdoor-fitness-apparel/) - [Outerwear](https://www.forbes.com/vetted/fashion/outerwear/) - [Watches](https://www.forbes.com/vetted/fashion/watches/) - [Kids & Baby Gear](https://www.forbes.com/vetted/kids-baby-gear/) - [Baby Gear](https://www.forbes.com/vetted/kids-baby-gear/baby-gear/) - [Kids Clothes & Accessories](https://www.forbes.com/vetted/kids-baby-gear/kids-clothes-accessories/) - [Nursery](https://www.forbes.com/vetted/kids-baby-gear/nursery/) - [Pregnancy & Postpartum](https://www.forbes.com/vetted/kids-baby-gear/pregnancy-postpartum/) - [Toys & Books](https://www.forbes.com/vetted/kids-baby-gear/toys-books/) - [Gear](https://www.forbes.com/vetted/gear/) - [Apparel & Accessories](https://www.forbes.com/vetted/gear/apparel-accessories/) - [Bikes](https://www.forbes.com/vetted/gear/bikes/) - [Camping & Hiking](https://www.forbes.com/vetted/gear/camping-hiking/) - [Climbing](https://www.forbes.com/vetted/gear/climbing/) - [Fishing & Hunting](https://www.forbes.com/vetted/gear/fishing-hunting/) - [Fitness](https://www.forbes.com/vetted/gear/fitness/) - [Golf](https://www.forbes.com/vetted/gear/golf/) - [Running](https://www.forbes.com/vetted/gear/running/) - [Tennis & Racket Sports](https://www.forbes.com/vetted/gear/tennis-racket-sports/) - [Tools & Tech](https://www.forbes.com/vetted/gear/tools-tech/) - [Training & Recovery](https://www.forbes.com/vetted/gear/training-recovery/) - [Water Sports](https://www.forbes.com/vetted/gear/water-sports/) - [Wellness](https://www.forbes.com/vetted/gear/wellness/) - [Winter Sports](https://www.forbes.com/vetted/gear/winter-sports/) - [Beauty & Grooming](https://www.forbes.com/vetted/beauty-grooming/) - [Haircare](https://www.forbes.com/vetted/beauty-grooming/haircare/) - [Makeup](https://www.forbes.com/vetted/beauty-grooming/makeup/) - [Nailcare](https://www.forbes.com/vetted/beauty-grooming/nailcare/) - [Shaving](https://www.forbes.com/vetted/beauty-grooming/shaving/) - [Skincare](https://www.forbes.com/vetted/beauty-grooming/skincare/) - [Personal Products](https://www.forbes.com/vetted/beauty-grooming/personal-products/) - [Wellness & Self Care](https://www.forbes.com/vetted/beauty-grooming/wellness-self-care/) - [Tech & Electronics](https://www.forbes.com/vetted/tech-electronics/) - [Audio](https://www.forbes.com/vetted/tech-electronics/audio/) - [Cameras](https://www.forbes.com/vetted/tech-electronics/cameras/) - [Computers, Tablets & Accessories](https://www.forbes.com/vetted/tech-electronics/computers-tablets-accessories/) - [Gaming](https://www.forbes.com/vetted/tech-electronics/gaming/) - [Home Office](https://www.forbes.com/vetted/tech-electronics/home-office/) - [Online Tools](https://www.forbes.com/vetted/tech-electronics/online-tools/) - [Smart Home Devices](https://www.forbes.com/vetted/tech-electronics/smart-home-devices/) - [Smartphones, Smartwatches & Accessories](https://www.forbes.com/vetted/tech-electronics/smartphones-smartwatches-accessories/) - [Streaming](https://www.forbes.com/vetted/tech-electronics/streaming/) - [TVs](https://www.forbes.com/vetted/tech-electronics/tvs/) - [Travel](https://www.forbes.com/vetted/travel/) - [Cruises](https://www.forbes.com/vetted/travel/cruises/) - [Hotels & Lodging](https://www.forbes.com/vetted/travel/hotels-lodging/) - [Luggage](https://www.forbes.com/vetted/travel/luggage/) - [Travel Products](https://www.forbes.com/vetted/travel/travel-products/) - [Gifts](https://www.forbes.com/vetted/gifts/) - [Father's Day](https://www.forbes.com/vetted/gifts/fathers-day/) - [Holiday](https://www.forbes.com/vetted/gifts/holiday/) - [Mother's Day](https://www.forbes.com/vetted/gifts/mothers-day/) - [Valentine's Day](https://www.forbes.com/vetted/gifts/valentines-day/) - [Wedding](https://www.forbes.com/vetted/gifts/wedding/) - [Deals](https://www.forbes.com/vetted/deals/) - [Black Friday](https://www.forbes.com/vetted/deals/black-friday/) - [Cyber Monday](https://www.forbes.com/vetted/deals/cyber-monday/) - [Amazon Prime Day](https://www.forbes.com/vetted/deals/amazon-prime-day/) - [Beauty & Grooming](https://www.forbes.com/vetted/deals/beauty-grooming/) - [Big Sales](https://www.forbes.com/vetted/deals/big-sales/) - [Fashion](https://www.forbes.com/vetted/deals/fashion/) - [Gear](https://www.forbes.com/vetted/deals/gear/) - [Home](https://www.forbes.com/vetted/deals/home/) - [Tech & Electronics](https://www.forbes.com/vetted/deals/tech-electronics/) - [Travel Deals](https://www.forbes.com/vetted/deals/travel-deals/) - [Mattress & Sleep](https://www.forbes.com/vetted/deals/mattress-sleep/) - [Deals](https://www.forbes.com/vetted/deals/) Deals [See All](https://www.forbes.com/vetted/deals/) - [Fashion]() - [Nordstrom](https://www.forbes.com/sites/forbes-personal-shopper/article/nordstrom-promo-codes/) - [HOKA](https://www.forbes.com/sites/forbes-personal-shopper/article/hoka-coupons/) - [Quince](https://www.forbes.com/sites/forbes-personal-shopper/article/quince-discount-codes/) - [Electronics]() - [Dell](https://www.forbes.com/sites/forbes-personal-shopper/article/dell-promo-codes/) - [TopResume](https://www.forbes.com/sites/forbes-personal-shopper/article/topresume-discount-codes/) - [Sportswear & Gear]() - [Dick's Sporting Goods](https://www.forbes.com/sites/forbes-personal-shopper/article/dicks-sporting-goods-coupons/) - [REI](https://www.forbes.com/sites/forbes-personal-shopper/article/rei-promo-codes/) - [Mattress & Sleep]() - [Nectar](https://www.forbes.com/sites/forbes-personal-shopper/article/nectar-coupons/) - [Saatva](https://www.forbes.com/sites/forbes-personal-shopper/article/saatva-promo-codes/) - [Brooklinen](https://www.forbes.com/sites/forbes-personal-shopper/article/brooklinen-promo-codes/) - [Avocado](https://www.forbes.com/sites/forbes-personal-shopper/article/avocado-mattress-discount-codes/) - [DreamCloud](https://www.forbes.com/sites/forbes-personal-shopper/article/dreamcloud-coupons/) - [Helix Sleep](https://www.forbes.com/sites/forbes-personal-shopper/article/helix-discount-codes/) - [Bear](https://www.forbes.com/sites/forbes-personal-shopper/article/bear-mattress-coupons/) - [Leesa](https://www.forbes.com/sites/forbes-personal-shopper/article/leesa-mattress-discount-codes/) - [Brooklyn Bedding](https://www.forbes.com/sites/forbes-personal-shopper/article/brooklyn-bedding-promo-codes/) - [Travel]() - [SeatGeek](https://www.forbes.com/sites/forbes-personal-shopper/article/seatgeek-promo-codes/) - [Vivid Seats](https://www.forbes.com/sites/forbes-personal-shopper/article/vivid-seats-coupons/) - [Home & Garden]() - [Frontgate](https://www.forbes.com/sites/forbes-personal-shopper/article/frontgate-promo-codes/) - [Wayfair](https://www.forbes.com/sites/forbes-personal-shopper/article/wayfair-promo-codes/) - [Chewy](https://www.forbes.com/sites/forbes-personal-shopper/article/chewy-promo-codes/) - [Walmart](https://www.forbes.com/sites/forbes-personal-shopper/article/walmart-promo-codes/) - [West Elm](https://www.forbes.com/sites/forbes-personal-shopper/article/west-elm-coupons/) - [Lists](https://www.forbes.com/lists/list-directory/) Lists [See All](https://www.forbes.com/lists/list-directory/) - [30 Under 30](https://www.forbes.com/under30/) - [50 Over 50](https://www.forbes.com/over-50/) - [Top Colleges](https://www.forbes.com/top-colleges/) - [Advisor](https://www.forbes.com/advisor/) Advisor [See All](https://www.forbes.com/advisor/) - [Credit Cards](https://www.forbes.com/advisor/credit-cards/) - [Best Credit Cards](https://www.forbes.com/advisor/credit-cards/best-credit-cards/) - [Travel Credit Cards](https://www.forbes.com/advisor/credit-cards/best-travel-credit-cards/) - [0% APR Credit Cards](https://www.forbes.com/advisor/credit-cards/best-0-apr-credit-cards/) - [Balance Transfer Credit Cards](https://www.forbes.com/advisor/credit-cards/best/balance-transfer/) - [Business Credit Cards](https://www.forbes.com/advisor/credit-cards/best/business/) - [Best First Credit Card](https://www.forbes.com/advisor/credit-cards/best/first-credit-card/) - [Mortgages & Loans](https://www.forbes.com/advisor/mortgages/) - [Best Mortgage Lenders](https://www.forbes.com/advisor/mortgages/best-mortgage-lenders/) - [Mortgage Refinance Lenders](https://www.forbes.com/advisor/mortgages/refinance/best-mortgage-refinance-lenders/) - [Personal Loans](https://www.forbes.com/advisor/personal-loans/best-personal-loans/) - [Business Loans](https://www.forbes.com/advisor/business-loans/best-small-business-loans/) - [Bad Credit Loans](https://www.forbes.com/advisor/personal-loans/bad-credit-loans/) - [Debt Consolidation Loans](https://www.forbes.com/advisor/personal-loans/debt-consolidation-loans/) - [Debt Relief Companies](https://www.forbes.com/advisor/debt-relief/best-debt-relief-companies/) - [Student Loans Refinance](https://www.forbes.com/advisor/student-loans/best-student-loan-refinance-lenders/) - [Private Student Loans](https://www.forbes.com/advisor/student-loans/best-private-student-loans/) - [Banking](https://www.forbes.com/advisor/banking/) - [Best CD Rates](https://www.forbes.com/advisor/banking/cds/best-cd-rates/) - [High Yield Savings Accounts](https://www.forbes.com/advisor/banking/savings/best-high-yield-savings-accounts/) - [Money Market Accounts](https://www.forbes.com/advisor/banking/best-money-market-accounts/) - [Checking Accounts](https://www.forbes.com/advisor/banking/checking/best-checking-accounts/) - [Business Checking Accounts](https://www.forbes.com/advisor/banking/checking/best-business-checking-accounts/) - [Budgeting Apps](https://www.forbes.com/advisor/banking/best-budgeting-apps/) - [Best Online Banks](https://www.forbes.com/advisor/banking/best-online-banks/) - [Insurance](https://www.forbes.com/advisor/insurance/) - [Health Insurance Companies](https://www.forbes.com/advisor/health-insurance/best-health-insurance-companies/) - [Medicare](https://www.forbes.com/advisor/health-insurance/medicare/) - [Life Insurance Companies](https://www.forbes.com/advisor/life-insurance/best-life-insurance-companies/) - [Best Car Insurance Companies](https://www.forbes.com/advisor/car-insurance/best-car-insurance-companies/) - [Cheapest Car Insurance Companies](https://www.forbes.com/advisor/car-insurance/cheapest-car-insurance/) - [Pet Insurance Companies](https://www.forbes.com/advisor/pet-insurance/best-pet-insurance/) - [Travel Insurance Companies](https://www.forbes.com/advisor/travel-insurance/best-travel-insurance/) - [Homeowners Insurance Companies](https://www.forbes.com/advisor/homeowners-insurance/best-homeowners-insurance-companies/) - [Business Services](https://www.forbes.com/advisor/business/) - [How to Start a Business](https://www.forbes.com/advisor/business/how-to-start-a-business/) - [LLC Services](https://www.forbes.com/advisor/business/best-llc-service/) - [Payroll Services](https://www.forbes.com/advisor/business/software/best-payroll-services/) - [HR Software](https://www.forbes.com/advisor/business/software/best-human-resource-management-systems/) - [HRIS Systems](https://www.forbes.com/advisor/business/software/hris-systems/) - [PEO Services](https://www.forbes.com/advisor/business/software/best-peo-services/) - [Applicant tracking Systems](https://www.forbes.com/advisor/business/best-applicant-tracking-systems/) - [Domain Registrars](https://www.forbes.com/advisor/business/software/best-domain-registrar/) - [Hosting Services](https://www.forbes.com/advisor/business/software/best-web-hosting-services/) - [Website Builders](https://www.forbes.com/advisor/business/software/best-website-builders/) - [Ecomm Platforms](https://www.forbes.com/advisor/business/software/best-ecommerce-platform/) - [Landing Page Builders](https://www.forbes.com/advisor/business/software/best-landing-page-builder/) - [VOIP Services](https://www.forbes.com/advisor/business/software/best-voip-service/) - [Answering Services](https://www.forbes.com/advisor/business/software/best-answering-services/) - [Project Management Software](https://www.forbes.com/advisor/business/software/best-project-management-software/) - [Task Management Software](https://www.forbes.com/advisor/business/software/best-task-management-software/) - [Gantt Chart Software](https://www.forbes.com/advisor/business/software/best-gantt-chart-software/) - [VPNs](https://www.forbes.com/advisor/business/software/best-vpn/) - [Anti Virus Software](https://www.forbes.com/advisor/business/software/best-antivirus-software/) - [Password Managers](https://www.forbes.com/advisor/business/software/best-password-managers/) - [Home Services](https://www.forbes.com/home-improvement/) - [Moving Companies](https://www.forbes.com/home-improvement/moving-services/best-moving-companies/) - [Long Distance Moving Companies](https://www.forbes.com/home-improvement/moving-services/best-long-distance-moving-companies/) - [Car Shipping Companies](https://www.forbes.com/home-improvement/moving-services/best-car-shipping-companies/) - [Home Warranty Companies](https://www.forbes.com/home-improvement/home-warranty/best-home-warranty-companies/) - [Solar Companies](https://www.forbes.com/home-improvement/solar/best-solar-companies/) - [Solar Panels](https://www.forbes.com/home-improvement/solar/best-solar-panels/) - [Home Security Companies](https://www.forbes.com/home-improvement/home-security/best-home-security-companies/) - [Home Security Systems](https://www.forbes.com/home-improvement/home-security/best-home-security-systems/) - [Internet Providers](https://www.forbes.com/home-improvement/internet/best-internet-providers/) - [Cheapest Internet Providers](https://www.forbes.com/home-improvement/internet/cheapest-internet-plans/) - [Fastest High Speed Internet Providers](https://www.forbes.com/home-improvement/internet/fastest-high-speed-internet-provider/) - [Pest Control Companies](https://www.forbes.com/home-improvement/pest-control/best-pest-control-companies/) - [Education](https://www.forbes.com/advisor/education/) - [Forbes Advisor UK](https://www.forbes.com/uk/advisor/) - [Forbes Advisor CA](https://www.forbes.com/advisor/ca/) - [Forbes Advisor AU](https://www.forbes.com/advisor/au/) - [Health](https://www.forbes.com/health/) Health [See All](https://www.forbes.com/health/) - [Mental Health](https://www.forbes.com/health/mind/) - [Best Online Therapy](https://www.forbes.com/health/mind/best-online-therapy/) - [Online Therapy that Takes Insurance](https://www.forbes.com/health/mind/best-online-therapy-that-takes-insurance/) - [Online Psychiatrists](https://www.forbes.com/health/mind/best-online-psychiatry/) - [Best Online Dating Sites & Apps](https://www.forbes.com/health/dating/best-online-dating-websites/) - [Best Senior Dating Sites](https://www.forbes.com/health/dating/best-senior-dating-sites/) - [Best LGBTQ Dating Sites](https://www.forbes.com/health/dating/best-lgbtq-dating-sites/) - [CBD](https://www.forbes.com/health/cbd/) - [CBD Gummies](https://www.forbes.com/health/cbd/best-cbd-gummies/) - [CBD Oil](https://www.forbes.com/health/cbd/best-cbd-oil/) - [CBD Creams](https://www.forbes.com/health/cbd/best-cbd-creams/) - [CBD for Anxiety](https://www.forbes.com/health/cbd/cbd-for-anxiety/) - [CBD for Pain](https://www.forbes.com/health/cbd/best-cbd-oil-for-pain/) - [Supplements](https://www.forbes.com/health/supplements/) - [Protein Powder](https://www.forbes.com/health/supplements/best-protein-powders/) - [Preworkout](https://www.forbes.com/health/supplements/best-pre-workout/) - [Collagen Powders](https://www.forbes.com/health/supplements/best-collagen-powders/) - [Creatine Supplements](https://www.forbes.com/health/supplements/best-creatine-supplements/) - [CoQ10 Supplements](https://www.forbes.com/health/supplements/coq10-supplements/) - [Hearing Health](https://www.forbes.com/health/hearing-aids/) - [Best Hearing Aids](https://www.forbes.com/health/hearing-aids/best-hearing-aids/) - [OTC Hearing Aids](https://www.forbes.com/health/hearing-aids/best-otc-hearing-aids/) - [Affordable Hearing Aids](https://www.forbes.com/health/hearing-aids/best-affordable-hearing-aids/) - [Medical Devices](https://www.forbes.com/health/medical-alert-systems/) - [Best Medical Alert Systems](https://www.forbes.com/health/medical-alert-systems/best-medical-alert-systems/) - [Best Medical Alert Systems with Fall Detection](https://www.forbes.com/health/medical-alert-systems/best-medical-alert-systems-with-fall-detection/) - [Diet & Weight Loss](https://www.forbes.com/health/weight-loss/) - [Best Weight Loss Plans](https://www.forbes.com/health/weight-loss/best-weight-loss-program/) - [Newsletters](https://account.forbes.com/newsletters/?utm_source=forbes&utm_medium=featured&utm_campaign=navigation) Newsletters [See All](https://account.forbes.com/newsletters/?utm_source=forbes&utm_medium=featured&utm_campaign=navigation) - [Forbes Daily](https://www.forbes.com/newsletter/forbes-daily/) - [Editorial Newsletters](https://account.forbes.com/newsletters/?utm_source=forbes&utm_medium=featured&utm_campaign=navigation) - [Forbes Games](https://www.forbes.com/games/) Forbes Games [See All](https://www.forbes.com/games/) - [Frase by Forbes](https://www.forbes.com/frase/) - [Pinpoint by LinkedIn](https://www.forbes.com/games/pinpoint/) - [Queens by LinkedIn](https://www.forbes.com/games/queens/) - [Crossclimb by LinkedIn](https://www.forbes.com/games/crossclimb/) - [Mini Crossword by Forbes](https://www.forbes.com/games/mini-crossword/) - More From Forbes More From Forbes - [Forbes Video](https://www.forbes.com/video/) - [Forbes 101](https://www.forbes.com/forbes-101/) - [Forbes Magazine]() - [Forbes Asia](https://www.forbes.com/forbesasia/) - [Free Issue of Forbes](https://w1.buysub.com/pubs/B4/FRB/16-forbes_relaunch_landingpage_2freetrial.jsp?cds_mag_code=FRB&cds_page_id=241223) Today's Highlights Games [![Frase](https://images.forbes.com/fbs-games-assets/frase-high-res.png)Frase By ForbesUnscramble The Anagram](https://www.forbes.com/games/frase/) [![Pinpoint](https://images.forbes.com/fbs-games-assets/pinpoint.png)Pinpoint By LinkedInGuess The Category](https://www.forbes.com/games/pinpoint/) See More © 2026 Forbes Media LLC. All Rights Reserved. - [Advertise with Forbes](https://www.forbes.com/connect/) - [Forbes Licensing & Syndication](https://www.forbes.com/connect/content-partnerships/) - [Report a Security Issue](https://www.forbes.com/contact/) - [Editorial Values and Standards](https://www.forbes.com/sites/forbesstaff/article/forbes-editorial-values-and-standards) - [Site Feedback](mailto:feedback@forbes.com) - [Contact Us](https://www.forbes.com/contact/) - [Careers at Forbes](https://www.forbes.com/careers-at-forbes/) - [Tips](https://www.forbes.com/tips/) - [Corrections](<mailto:corrections@forbes.com?subject=Report Correction: Beth Kindig&body=Reporting Correction for: %0A %0A Title: Top 5 Stocks Of 2022: Year In Review %0A Author: Beth Kindig %0A URL: https://www.forbes.com/sites/bethkindig/2023/01/06/top-5-stocks-of-2022/%0A %0A - %0A %0A Your Name: %0A Correction Request: %0A %0A - %0A %0A Thank you for reporting a correction. Forbes Staff will review your concern shortly.>) - [Privacy Statement](https://www.forbes.com/fdc/privacy.html) - [Your Privacy Choices](https://www.forbes.com/consent/editprivacy/?consent_do_not_sell=true) - [Cookie Preferences](https://www.forbes.com/sites/bethkindig/2023/01/06/top-5-stocks-of-2022/) - [Terms of Service](https://www.forbes.com/terms/) - [AdChoices](https://youradchoices.com/control) - [Reprints & Permissions](https://www.parsintl.com/publication/forbes/) [Innovation](https://www.forbes.com/innovation/) [Consumer Tech](https://www.forbes.com/consumer-tech/) # Top 5 Stocks Of 2022: Year In Review By[Beth Kindig](https://www.forbes.com/sites/bethkindig/ "https://www.forbes.com/sites/bethkindig/"), Former Contributor. Forbes contributors publish independent expert analyses and insights. Free stock tips and stock research newsletter at https://io-fund.com Jan 06, 2023, 09:04am EST Jan 06, 2023, 02:05pm EST This article is more than 3 years old. In this analysis, rather than prognosticate on the top stocks of 2023, we think it’s more productive to go back and review the stocks that performed well under new macro conditions in 2022. This exercise helps to inform tech portfolios for the upcoming year as investors can reasonably assume 2023 will look more similar to 2022 than the preceding years. 2022 was a very volatile year for the stock market with rising rates, inflation, and geopolitical tensions leading to sudden sell-offs. All three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S\&P 500 index down 18.11%, and Nasdaq down 32.54%. Despite the indexes being in the red, some stocks greatly outperformed the broad market. We think it’s important to pause and draw some parallels around the stocks that performed well in 2022 to form an opinion on what might perform well in 2023. This is assuming macro will be more similar to 2022 than the preceding years, which is a reasonable assumption to make at this time. ![NASDAQ Falls On Tech Company Earnings Reports](https://imageio.forbes.com/specials-images/imageserve/63b82421b0a4af0aaa429d7d/NASDAQ-Falls-On-Tech-Company-Earnings-Reports/0x0.jpg?width=960) NEW YORK, NY - JULY 30: People are reflected in the window of the Nasdaq MarketSite in Times Square on July 30, 2018 in New York City. As technology stocks continued their slide on Monday, the Nasdaq Composite dropped 1.1 percent in afternoon trading with shares of Facebook, Netflix, Amazon and Google-parent Alphabet all declining. (Photo by Spencer Platt/Getty Images) Getty Images Below, we review the top five stocks of 2022. These stocks were chosen based on their price action and strong fundamentals. Choosing a top 5 means many great stocks were left off this list, yet this sample helps to form conclusions around how 2022 was a different trading environment from years past. All three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S\&P 500 index down 18.11%, and Nasdaq down 32.54%. YCharts MORE FROM FORBES ADVISOR ### [Best Travel Insurance Companies](https://www.forbes.com/advisor/travel-insurance/best-travel-insurance/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov "Best Travel Insurance Companies") By [Amy Danise](https://www.forbes.com/advisor/author/adanise/) Editor [![Graphic Best Travel Insurance Companies](https://www.forbes.com/advisor/wp-content/uploads/2021/08/tropical-vacation.jpeg.jpg)](https://www.forbes.com/advisor/travel-insurance/best-travel-insurance/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov) ### [Best Covid-19 Travel Insurance Plans](https://www.forbes.com/advisor/travel-insurance/best-pandemic-travel-insurance/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov "Best Covid-19 Travel Insurance Plans") By [Amy Danise](https://www.forbes.com/advisor/author/adanise/) Editor [![Graphic Best Covid-19 Travel Insurance Plans](https://www.forbes.com/advisor/wp-content/uploads/2020/12/couple-traveling-2-e1608019949550.jpg)](https://www.forbes.com/advisor/travel-insurance/best-pandemic-travel-insurance/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov) ## Super Micro Computer (SMCI) Super Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak. The company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the S\&P MidCap 400 Index and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel. YCharts Pictured above is SMCI’s Qly revenue YoY growth. The company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the [S\&P MidCap 400 Index](https://seekingalpha.com/news/3919411-supermicro-to-be-added-to-sp-midcap-400-index "https://seekingalpha.com/news/3919411-supermicro-to-be-added-to-sp-midcap-400-index") and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel. In the recent earnings call, the founder and CEO of the company, Charles Liang [said](https://seekingalpha.com/article/4551803-super-micro-computer-inc-smci-q1-2023-earnings-call-transcript "https://seekingalpha.com/article/4551803-super-micro-computer-inc-smci-q1-2023-earnings-call-transcript"), “For Intel, we are engaged with many large opportunities with Intel’s upcoming Gen 4 scalable Xeon CPU codenamed Sapphire Rapids. We now have hundreds of early seeding engagements including several dozen early shipments. Similar programs have been executing with AMD, and we have seen very strong demand for our upcoming Genoa CPU based platforms.” “With respect to NVIDIA, not only do we have the most complete portfolio of systems supporting H100 GPUs, but we have also developed many brand new architectures for the leading Metaverse and Omniverse partners.” The company’s revenue in the recent quarter, Q1 FY23, [grew by](https://ir.supermicro.com/news/news-details/2022/Supermicro-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results/default.aspx "https://ir.supermicro.com/news/news-details/2022/Supermicro-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results/default.aspx") 79% YoY to \$1.85 billion. The gross margin improved to 18.8% in Q1 FY23 up from 13.4% in the same period last year. The company’s profits have grown steadily with net income of \$184 million compared to \$25 million in the same period last year. The stock is currently trading at a P/E ratio of 10.3 and a fwd P/E ratio of 8.1. Super Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak. YCharts ## Microsoft (MSFT) Microsoft was one of the best performing tech mega cap stocks last year ending the year down (28%), compared to Meta and Tesla, which ended the year down (64%) and (65%), respectively. Notably, Microsoft narrowly beat the Nasdaq in 2022. The company is positioned for outsized growth due to its exposure to secular tailwinds such as Artificial Intelligence (AI), Machine Learning (ML), and the build out of the 5G edge network. Microsoft could take a substantial share of these markets at the infrastructure level due to its relationships with the Fortune 500 and Global Fortune 2000. In addition to top-down enterprise penetration across the Fortune 500, Microsoft is also focused on developers to help complete Microsoft’s customer cloud strategy. Microsoft addressed its previously poor reputation in open-source communities by acquiring GitHub for \$7.5 billion in 2018. Developers help determine the cloud IaaS service an enterprise or SMB customer will choose, so in-roads into this community could help Microsoft hedge the developer favorite, Amazon Web Services. The company’s Q1 FY23 [revenue](https://www.microsoft.com/en-us/investor/earnings/fy-2023-q1/press-release-webcast "https://www.microsoft.com/en-us/investor/earnings/fy-2023-q1/press-release-webcast") grew by 11% YoY and down 3.4% QoQ to \$50.1 billion. Operating income increased by 6% YoY to \$21.5 billion. Net income was \$17.6 billion compared to an adjusted net income of \$17.2 billion in the same period last year (adjusted net income in the previous year as the company received income tax benefit last year). The net profit margin was 35% in the recent quarter. Microsoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin. Microsoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin. YCharts Due to Microsoft being a leading tech stock that the I/O Fund plans to buy on any weakness, we have included a [YouTube clip](https://www.youtube.com/@iofund437/videos "https://www.youtube.com/@iofund437/videos") from Portfolio Manger Knox Ridley of the 2023 price action we are expecting for Microsoft including sample entries. ## ASML Holding (ASML) ASML Holding is benefitting from strong semiconductor equipment demand from the leading foundry companies. As new fabs are built, these companies will need equipment in the coming years. The company’s fiscal year 2022 revenue analysts estimate rose 12% in the last 2 months. The company [raised](https://seekingalpha.com/news/3905743-asml-surges-nearly-14-as-company-boosts-2025-forecast-launches-12b-buyback "https://seekingalpha.com/news/3905743-asml-surges-nearly-14-as-company-boosts-2025-forecast-launches-12b-buyback") the 2025 revenue guidance to be between €30 billion and €40 billion, up from the previous guidance of €24 billion to €30 billion. The company in its press release [acknowledged](https://www.asml.com/en/news/press-releases/2022/asml-investor-day-2022 "https://www.asml.com/en/news/press-releases/2022/asml-investor-day-2022"), “While the current macro environment creates near-term uncertainties, we expect longer-term demand and capacity showing healthy growth.” The company’s Q3 revenue [was](https://www.asml.com/en/news/press-releases/2022/q3-2022-financial-results "https://www.asml.com/en/news/press-releases/2022/q3-2022-financial-results") €5.8 billion compared to €5.2 billion in the same [period](https://www.asml.com/en/news/press-releases/2021/q3-2021-financial-results "https://www.asml.com/en/news/press-releases/2021/q3-2021-financial-results") last year. The management expects Q4 revenue to be between €6.1 billion to €6.6 billion. The gross margin was 51.8% compared to 51.7% in the same period last year. Net income was €1.7 billion (net profit margin of 29.4%) compared to a net income of €1.7 billion (net profit margin of 33.2%) in the same period last year. The company has a strong backlog of over €38 billion. The company’s CEO Peter Wennick [said](https://seekingalpha.com/article/4549553-asml-holding-n-v-asml-q3-2022-earnings-call-transcript "https://seekingalpha.com/article/4549553-asml-holding-n-v-asml-q3-2022-earnings-call-transcript") in the earnings call, “And as a matter of fact, our 2023 shipment demand is still significantly above our build and shipment capacity for next year. And this is supported by the record bookings this quarter, of €8.9 billion and our largest backlog ever of over €38 billion. Almost 85% of this backlog is for EUV and immersion, which is used for advanced nodes and related wafer capacity expansions.” ## Palo Alto Networks (PANW) Leading cybersecurity company Palo Alto Networks has a strong free cash flow margin, which is rare in the cloud and cybersecurity category. The company has been GAAP profitable for the last two quarters. The company’s [revenue](https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-first-quarter-2023-financial "https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-first-quarter-2023-financial") in the Q1 FY23 grew by 25% YoY to \$1.6 billion, which was above the management guidance of \$1.535 billion to \$1.555 billion. The company’s margins are improving. The company reported a GAAP net income of \$20 million compared to a GAAP net loss of (\$103.6) million in the same period last year. The adjusted net income was \$266.4 million compared to \$170.3 million in the same period last year. Consistent GAAP profitability is key in this macro environment. The company reported free cash flow of \$1.2 billion (76.6% of revenue) compared to \$554 million in the same period last year (44.4% of revenue). Dipak Golechha, CFO of the company, said in the [earnings call](https://seekingalpha.com/article/4558933-palo-alto-networks-inc-panw-q1-2023-earnings-call-transcript "https://seekingalpha.com/article/4558933-palo-alto-networks-inc-panw-q1-2023-earnings-call-transcript"), “This cash flow performance was largely driven by strong collections in the quarter, that we expected based on the strength of our business in Q4.” The management has guided an adjusted free cash flow margin in the range of 34.5% to 35.5% for the FY23. Dipak Golechha said, "We exceeded our top-line guidance while generating \$1.2 billion in free cash flow and expanding our operating margins," He further added, "We will continue to balance growth with profitability and cash generation to further strengthen our position in the market." The company reported a free cash flow of \$1.2 billion (76.6% of revenue) compared to \$554 million in the same period last year (44.4% of revenue). YCharts ## First Solar (FSLR) Solar stocks were the leading sector in tech last year. First Solar ended the year on fire with a return of 72% compared to the (33%) return of the Nasdaq. The sector got a boost from the Inflation Reduction Act of 2022, which we covered last year [in our free newsletter](https://io-fund.com/renewable-energy/solar-stocks-lead-the-market-this-year "https://io-fund.com/renewable-energy/solar-stocks-lead-the-market-this-year") when we said: “The solar industry will benefit since Inflation Reduction Act [includes](https://www.whitecase.com/insight-alert/inflation-reduction-act-offers-significant-tax-incentives-targeting-energy-transition "https://www.whitecase.com/insight-alert/inflation-reduction-act-offers-significant-tax-incentives-targeting-energy-transition") the extension of Production Tax Credits (PTCs) and Investment Tax Credits (ITCs) for the construction of wind and solar projects beginning before January 1, 2025. It means a three-year extension for PTCs and a one-year extension for ITCs. It also [extends](https://www.axios.com/2022/08/11/ira-tax-breaks-rebates "https://www.axios.com/2022/08/11/ira-tax-breaks-rebates") the 30% federal tax credits for installing solar panels on rooftops by another 10 years, from 2022 to 2032. Solar installations are eligible for 26% tax credit for installations in 2020 and 2021. It now extends till 2032 for 30% tax credits, and in 2033 the tax credit [will be](https://news.energysage.com/solar-tax-credit-explained/ "https://news.energysage.com/solar-tax-credit-explained/") reduced to 26% and 22% in 2034. There will be no tax credit after this period unless Congress renews it. Home battery systems that store energy [generated](https://www.axios.com/2022/08/11/ira-tax-breaks-rebates "https://www.axios.com/2022/08/11/ira-tax-breaks-rebates") by solar systems for later use will also be eligible for a 30% tax credit.” First Solar is a leading provider of photovoltaic (PV) energy solutions. It is one of the major beneficiaries of the IRA in the form of solar manufacturing tax credits. The company was also [recently](https://seekingalpha.com/news/3916338-first-solar-rises-on-addition-to-sp-500-conns-dips "https://seekingalpha.com/news/3916338-first-solar-rises-on-addition-to-sp-500-conns-dips") added to the S\&P 500 index. The company [announced](https://investor.firstsolar.com/news/press-release-details/2022/First-Solar-to-Invest-up-to-1.2-Billion-in-Scaling-Production-of-American-Made-Responsible-Solar-by-4.4-GW/default.aspx "https://investor.firstsolar.com/news/press-release-details/2022/First-Solar-to-Invest-up-to-1.2-Billion-in-Scaling-Production-of-American-Made-Responsible-Solar-by-4.4-GW/default.aspx") last year its plan to invest \$1.2 billion to expand its solar module manufacturing in the U.S. It includes a \$1 billion investment for a new manufacturing facility in the Southeast U.S. and \$185 million for the upgradation of the existing Ohio facility. Mark Widmar, CEO of the company, [said](https://seekingalpha.com/article/4550243-first-solar-inc-fslr-q3-2022-earnings-call-transcript "https://seekingalpha.com/article/4550243-first-solar-inc-fslr-q3-2022-earnings-call-transcript") in the Q3 earnings call, “In our view, by passing and enacting the Inflation Reduction Act of 2022, Congress and the Biden-Harris administration has entrusted our industry with responsibility of enabling and securing America's clean energy future, and we recognize the need to meet the moment in a manner that is both timely and sustainable.” The company’s Q3 2022 [revenue](https://investor.firstsolar.com/news/press-release-details/2022/First-Solar-Inc.-Announces-Third-Quarter-2022-Financial-Results/default.aspx "https://investor.firstsolar.com/news/press-release-details/2022/First-Solar-Inc.-Announces-Third-Quarter-2022-Financial-Results/default.aspx") was up 7.8% YoY to \$628.9 million. It reported a net loss of (\$49.2 million) compared to a net income of \$55.8 million in Q2 2022 and \$45.2 million in the same period last year. The company benefitted from the gain from the sale of the Japan project development platform in the Q2 2022 and also experienced higher logistics charges in the recent quarter. Mark Widmar, CEO of First Solar said, “Our focus continues to be on setting the stage for long-term growth, and from this point of view, 2022 has so far proven to be foundational,” He further added, “This year we have developed the potential for our CdTe semiconductor technology by progressing our next-generation Series 7 and bifacial platforms, set in motion plans to scale our global manufacturing capacity to over 20 GWDC by 2025, and secured record year-to-date bookings of 43.7 GWDC with deliveries extending into 2027.” ## Conclusion: The I/O fund is an actively managed tech portfolio that is audited and we carefully choose our positions to reflect the current macro environment for tech. Therefore, our analysis is very actionable and I strongly feel that looking back at 2022 is providing clues for tech investors as we move forward into 2023. This week, I recently stated on our [research site’s](https://io-fund.com/ "https://io-fund.com") private forum: “My concern for retailers is that the underlying tone is that macro will clear up quickly and tech darlings will return. It's more likely macro will be throwing curveballs for some time. To put it another way, it's obvious that 2022 was terribly bad for investors, but what if the real issue is that the previous years were so terribly good/easy. Will those good/easy conditions return? Part of the good/easy conditions was fueled by the venture capital cycle. When every tech company going public has high growth rates yet is losing on the bottom line, and it's clear the market is still awarding the poor bottom lines with sky high valuations, what you get is a runaway train of a bull market.” The stocks above have proven they do not need good or easy conditions to perform well. It can be hard to have a repeat year as often investors will take gains, and there’s certainly gains to take in the names listed above. Therefore, we are looking for a pattern rather than attempting to exactly repeat 2022. This pattern is expanding margins, strong free cash flows, and any hint or sign of accelerating revenue. Royston Roche, Equity Analyst at the I/O Fund, contributed to this article. Please note: The I/O Fund conducts research and draws conclusions for the company’s portfolio. We then share that information with our readers and offer real-time trade notifications. This is not a guarantee of a stock’s performance and it is not financial advice. Please consult your personal financial advisor before buying any stock in the companies mentioned in this analysis. Of the 5 companies highlighted, Beth Kindig and the I/O Fund own Microsoft at the time of writing. If you would like notifications when my new articles are published, please hit the button below to "Follow" me. [Editorial Standards](https://www.forbes.com/sites/forbesstaff/article/forbes-editorial-values-and-standards/)[Reprints & Permissions](https://www.parsintl.com/publications/forbes/) LOADING VIDEO PLAYER... FORBES’ FEATURED Video © 2026 Forbes Media LLC. All Rights Reserved. - [AdChoices](https://youradchoices.com/control) - [Privacy Statement](https://www.forbes.com/fdc/privacy.html) - [Your Privacy Choices](https://www.forbes.com/sites/bethkindig/2023/01/06/top-5-stocks-of-2022/) - [Cookie Preferences](https://www.forbes.com/sites/bethkindig/2023/01/06/top-5-stocks-of-2022/) - [Digital Terms of Sale](https://www.forbes.com/digital-terms-of-sale) - [Terms of Service](https://www.forbes.com/terms/) - [Contact Us](https://www.forbes.com/fdc/contact.html) - [Send Us Feedback](mailto:feedback@forbes.com) - [Report a Security Issue](https://www.forbes.com/contact/) - [Jobs At Forbes](https://www.forbes.com/sites/careers-at-forbes/) - [Reprints & Permissions](http://forbesreprints.magreprints.com/) - [Forbes Press Room](https://www.forbes.com/sites/forbespr/) - [Advertise](http://www.forbesmedia.com/)
Readable Markdown	In this analysis, rather than prognosticate on the top stocks of 2023, we think it’s more productive to go back and review the stocks that performed well under new macro conditions in 2022. This exercise helps to inform tech portfolios for the upcoming year as investors can reasonably assume 2023 will look more similar to 2022 than the preceding years. 2022 was a very volatile year for the stock market with rising rates, inflation, and geopolitical tensions leading to sudden sell-offs. All three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S\&P 500 index down 18.11%, and Nasdaq down 32.54%. Despite the indexes being in the red, some stocks greatly outperformed the broad market. We think it’s important to pause and draw some parallels around the stocks that performed well in 2022 to form an opinion on what might perform well in 2023. This is assuming macro will be more similar to 2022 than the preceding years, which is a reasonable assumption to make at this time. ![NASDAQ Falls On Tech Company Earnings Reports](https://imageio.forbes.com/specials-images/imageserve/63b82421b0a4af0aaa429d7d/NASDAQ-Falls-On-Tech-Company-Earnings-Reports/0x0.jpg?width=960) NEW YORK, NY - JULY 30: People are reflected in the window of the Nasdaq MarketSite in Times Square on July 30, 2018 in New York City. As technology stocks continued their slide on Monday, the Nasdaq Composite dropped 1.1 percent in afternoon trading with shares of Facebook, Netflix, Amazon and Google-parent Alphabet all declining. (Photo by Spencer Platt/Getty Images) Getty Images Below, we review the top five stocks of 2022. These stocks were chosen based on their price action and strong fundamentals. Choosing a top 5 means many great stocks were left off this list, yet this sample helps to form conclusions around how 2022 was a different trading environment from years past. All three main U.S. indices ended the year with negative returns, with Dow Jones Industrial Average down 6.86%, S\&P 500 index down 18.11%, and Nasdaq down 32.54%. YCharts MORE FROM FORBES ADVISOR [![Graphic Best Travel Insurance Companies](https://www.forbes.com/advisor/wp-content/uploads/2021/08/tropical-vacation.jpeg.jpg)](https://www.forbes.com/advisor/travel-insurance/best-travel-insurance/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov) [![Graphic Best Covid-19 Travel Insurance Plans](https://www.forbes.com/advisor/wp-content/uploads/2020/12/couple-traveling-2-e1608019949550.jpg)](https://www.forbes.com/advisor/travel-insurance/best-pandemic-travel-insurance/?utm_source=forbes&utm_medium=recirc&utm_campaign=tirecircnov) ## Super Micro Computer (SMCI) Super Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak. The company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the S\&P MidCap 400 Index and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel. YCharts Pictured above is SMCI’s Qly revenue YoY growth. The company provides server and storage solutions to data centers, cloud computing, 5G, AI, and edge computing markets. The company was recently added to the [S\&P MidCap 400 Index](https://seekingalpha.com/news/3919411-supermicro-to-be-added-to-sp-midcap-400-index "https://seekingalpha.com/news/3919411-supermicro-to-be-added-to-sp-midcap-400-index") and enjoys tailwinds from leading semiconductor companies such as AMD, Nvidia, and Intel. In the recent earnings call, the founder and CEO of the company, Charles Liang [said](https://seekingalpha.com/article/4551803-super-micro-computer-inc-smci-q1-2023-earnings-call-transcript "https://seekingalpha.com/article/4551803-super-micro-computer-inc-smci-q1-2023-earnings-call-transcript"), “For Intel, we are engaged with many large opportunities with Intel’s upcoming Gen 4 scalable Xeon CPU codenamed Sapphire Rapids. We now have hundreds of early seeding engagements including several dozen early shipments. Similar programs have been executing with AMD, and we have seen very strong demand for our upcoming Genoa CPU based platforms.” “With respect to NVIDIA, not only do we have the most complete portfolio of systems supporting H100 GPUs, but we have also developed many brand new architectures for the leading Metaverse and Omniverse partners.” The company’s revenue in the recent quarter, Q1 FY23, [grew by](https://ir.supermicro.com/news/news-details/2022/Supermicro-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results/default.aspx "https://ir.supermicro.com/news/news-details/2022/Supermicro-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results/default.aspx") 79% YoY to \$1.85 billion. The gross margin improved to 18.8% in Q1 FY23 up from 13.4% in the same period last year. The company’s profits have grown steadily with net income of \$184 million compared to \$25 million in the same period last year. The stock is currently trading at a P/E ratio of 10.3 and a fwd P/E ratio of 8.1. Super Micro Computer stock had 2022 returns of 86.8% and is the best-performing stock in our tech universe. Below is a chart that shows the quarterly year-over-year revenue acceleration Super Micro posted in 2022, which helped support its 2022 winning streak. YCharts ## Microsoft (MSFT) Microsoft was one of the best performing tech mega cap stocks last year ending the year down (28%), compared to Meta and Tesla, which ended the year down (64%) and (65%), respectively. Notably, Microsoft narrowly beat the Nasdaq in 2022. The company is positioned for outsized growth due to its exposure to secular tailwinds such as Artificial Intelligence (AI), Machine Learning (ML), and the build out of the 5G edge network. Microsoft could take a substantial share of these markets at the infrastructure level due to its relationships with the Fortune 500 and Global Fortune 2000. In addition to top-down enterprise penetration across the Fortune 500, Microsoft is also focused on developers to help complete Microsoft’s customer cloud strategy. Microsoft addressed its previously poor reputation in open-source communities by acquiring GitHub for \$7.5 billion in 2018. Developers help determine the cloud IaaS service an enterprise or SMB customer will choose, so in-roads into this community could help Microsoft hedge the developer favorite, Amazon Web Services. The company’s Q1 FY23 [revenue](https://www.microsoft.com/en-us/investor/earnings/fy-2023-q1/press-release-webcast "https://www.microsoft.com/en-us/investor/earnings/fy-2023-q1/press-release-webcast") grew by 11% YoY and down 3.4% QoQ to \$50.1 billion. Operating income increased by 6% YoY to \$21.5 billion. Net income was \$17.6 billion compared to an adjusted net income of \$17.2 billion in the same period last year (adjusted net income in the previous year as the company received income tax benefit last year). The net profit margin was 35% in the recent quarter. Microsoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin. Microsoft has proven it has many levers it can pull during a tougher macro compared to its mega cap tech peers – primarily seen in the consistency of its profit margin. YCharts Due to Microsoft being a leading tech stock that the I/O Fund plans to buy on any weakness, we have included a [YouTube clip](https://www.youtube.com/@iofund437/videos "https://www.youtube.com/@iofund437/videos") from Portfolio Manger Knox Ridley of the 2023 price action we are expecting for Microsoft including sample entries. ## ASML Holding (ASML) ASML Holding is benefitting from strong semiconductor equipment demand from the leading foundry companies. As new fabs are built, these companies will need equipment in the coming years. The company’s fiscal year 2022 revenue analysts estimate rose 12% in the last 2 months. The company [raised](https://seekingalpha.com/news/3905743-asml-surges-nearly-14-as-company-boosts-2025-forecast-launches-12b-buyback "https://seekingalpha.com/news/3905743-asml-surges-nearly-14-as-company-boosts-2025-forecast-launches-12b-buyback") the 2025 revenue guidance to be between €30 billion and €40 billion, up from the previous guidance of €24 billion to €30 billion. The company in its press release [acknowledged](https://www.asml.com/en/news/press-releases/2022/asml-investor-day-2022 "https://www.asml.com/en/news/press-releases/2022/asml-investor-day-2022"), “While the current macro environment creates near-term uncertainties, we expect longer-term demand and capacity showing healthy growth.” The company’s Q3 revenue [was](https://www.asml.com/en/news/press-releases/2022/q3-2022-financial-results "https://www.asml.com/en/news/press-releases/2022/q3-2022-financial-results") €5.8 billion compared to €5.2 billion in the same [period](https://www.asml.com/en/news/press-releases/2021/q3-2021-financial-results "https://www.asml.com/en/news/press-releases/2021/q3-2021-financial-results") last year. The management expects Q4 revenue to be between €6.1 billion to €6.6 billion. The gross margin was 51.8% compared to 51.7% in the same period last year. Net income was €1.7 billion (net profit margin of 29.4%) compared to a net income of €1.7 billion (net profit margin of 33.2%) in the same period last year. The company has a strong backlog of over €38 billion. The company’s CEO Peter Wennick [said](https://seekingalpha.com/article/4549553-asml-holding-n-v-asml-q3-2022-earnings-call-transcript "https://seekingalpha.com/article/4549553-asml-holding-n-v-asml-q3-2022-earnings-call-transcript") in the earnings call, “And as a matter of fact, our 2023 shipment demand is still significantly above our build and shipment capacity for next year. And this is supported by the record bookings this quarter, of €8.9 billion and our largest backlog ever of over €38 billion. Almost 85% of this backlog is for EUV and immersion, which is used for advanced nodes and related wafer capacity expansions.” ## Palo Alto Networks (PANW) Leading cybersecurity company Palo Alto Networks has a strong free cash flow margin, which is rare in the cloud and cybersecurity category. The company has been GAAP profitable for the last two quarters. The company’s [revenue](https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-first-quarter-2023-financial "https://investors.paloaltonetworks.com/news-releases/news-release-details/palo-alto-networks-reports-fiscal-first-quarter-2023-financial") in the Q1 FY23 grew by 25% YoY to \$1.6 billion, which was above the management guidance of \$1.535 billion to \$1.555 billion. The company’s margins are improving. The company reported a GAAP net income of \$20 million compared to a GAAP net loss of (\$103.6) million in the same period last year. The adjusted net income was \$266.4 million compared to \$170.3 million in the same period last year. Consistent GAAP profitability is key in this macro environment. The company reported free cash flow of \$1.2 billion (76.6% of revenue) compared to \$554 million in the same period last year (44.4% of revenue). Dipak Golechha, CFO of the company, said in the [earnings call](https://seekingalpha.com/article/4558933-palo-alto-networks-inc-panw-q1-2023-earnings-call-transcript "https://seekingalpha.com/article/4558933-palo-alto-networks-inc-panw-q1-2023-earnings-call-transcript"), “This cash flow performance was largely driven by strong collections in the quarter, that we expected based on the strength of our business in Q4.” The management has guided an adjusted free cash flow margin in the range of 34.5% to 35.5% for the FY23. Dipak Golechha said, "We exceeded our top-line guidance while generating \$1.2 billion in free cash flow and expanding our operating margins," He further added, "We will continue to balance growth with profitability and cash generation to further strengthen our position in the market." The company reported a free cash flow of \$1.2 billion (76.6% of revenue) compared to \$554 million in the same period last year (44.4% of revenue). YCharts ## First Solar (FSLR) Solar stocks were the leading sector in tech last year. First Solar ended the year on fire with a return of 72% compared to the (33%) return of the Nasdaq. The sector got a boost from the Inflation Reduction Act of 2022, which we covered last year [in our free newsletter](https://io-fund.com/renewable-energy/solar-stocks-lead-the-market-this-year "https://io-fund.com/renewable-energy/solar-stocks-lead-the-market-this-year") when we said: “The solar industry will benefit since Inflation Reduction Act [includes](https://www.whitecase.com/insight-alert/inflation-reduction-act-offers-significant-tax-incentives-targeting-energy-transition "https://www.whitecase.com/insight-alert/inflation-reduction-act-offers-significant-tax-incentives-targeting-energy-transition") the extension of Production Tax Credits (PTCs) and Investment Tax Credits (ITCs) for the construction of wind and solar projects beginning before January 1, 2025. It means a three-year extension for PTCs and a one-year extension for ITCs. It also [extends](https://www.axios.com/2022/08/11/ira-tax-breaks-rebates "https://www.axios.com/2022/08/11/ira-tax-breaks-rebates") the 30% federal tax credits for installing solar panels on rooftops by another 10 years, from 2022 to 2032. Solar installations are eligible for 26% tax credit for installations in 2020 and 2021. It now extends till 2032 for 30% tax credits, and in 2033 the tax credit [will be](https://news.energysage.com/solar-tax-credit-explained/ "https://news.energysage.com/solar-tax-credit-explained/") reduced to 26% and 22% in 2034. There will be no tax credit after this period unless Congress renews it. Home battery systems that store energy [generated](https://www.axios.com/2022/08/11/ira-tax-breaks-rebates "https://www.axios.com/2022/08/11/ira-tax-breaks-rebates") by solar systems for later use will also be eligible for a 30% tax credit.” First Solar is a leading provider of photovoltaic (PV) energy solutions. It is one of the major beneficiaries of the IRA in the form of solar manufacturing tax credits. The company was also [recently](https://seekingalpha.com/news/3916338-first-solar-rises-on-addition-to-sp-500-conns-dips "https://seekingalpha.com/news/3916338-first-solar-rises-on-addition-to-sp-500-conns-dips") added to the S\&P 500 index. The company [announced](https://investor.firstsolar.com/news/press-release-details/2022/First-Solar-to-Invest-up-to-1.2-Billion-in-Scaling-Production-of-American-Made-Responsible-Solar-by-4.4-GW/default.aspx "https://investor.firstsolar.com/news/press-release-details/2022/First-Solar-to-Invest-up-to-1.2-Billion-in-Scaling-Production-of-American-Made-Responsible-Solar-by-4.4-GW/default.aspx") last year its plan to invest \$1.2 billion to expand its solar module manufacturing in the U.S. It includes a \$1 billion investment for a new manufacturing facility in the Southeast U.S. and \$185 million for the upgradation of the existing Ohio facility. Mark Widmar, CEO of the company, [said](https://seekingalpha.com/article/4550243-first-solar-inc-fslr-q3-2022-earnings-call-transcript "https://seekingalpha.com/article/4550243-first-solar-inc-fslr-q3-2022-earnings-call-transcript") in the Q3 earnings call, “In our view, by passing and enacting the Inflation Reduction Act of 2022, Congress and the Biden-Harris administration has entrusted our industry with responsibility of enabling and securing America's clean energy future, and we recognize the need to meet the moment in a manner that is both timely and sustainable.” The company’s Q3 2022 [revenue](https://investor.firstsolar.com/news/press-release-details/2022/First-Solar-Inc.-Announces-Third-Quarter-2022-Financial-Results/default.aspx "https://investor.firstsolar.com/news/press-release-details/2022/First-Solar-Inc.-Announces-Third-Quarter-2022-Financial-Results/default.aspx") was up 7.8% YoY to \$628.9 million. It reported a net loss of (\$49.2 million) compared to a net income of \$55.8 million in Q2 2022 and \$45.2 million in the same period last year. The company benefitted from the gain from the sale of the Japan project development platform in the Q2 2022 and also experienced higher logistics charges in the recent quarter. Mark Widmar, CEO of First Solar said, “Our focus continues to be on setting the stage for long-term growth, and from this point of view, 2022 has so far proven to be foundational,” He further added, “This year we have developed the potential for our CdTe semiconductor technology by progressing our next-generation Series 7 and bifacial platforms, set in motion plans to scale our global manufacturing capacity to over 20 GWDC by 2025, and secured record year-to-date bookings of 43.7 GWDC with deliveries extending into 2027.” ## Conclusion: The I/O fund is an actively managed tech portfolio that is audited and we carefully choose our positions to reflect the current macro environment for tech. Therefore, our analysis is very actionable and I strongly feel that looking back at 2022 is providing clues for tech investors as we move forward into 2023. This week, I recently stated on our [research site’s](https://io-fund.com/ "https://io-fund.com") private forum: “My concern for retailers is that the underlying tone is that macro will clear up quickly and tech darlings will return. It's more likely macro will be throwing curveballs for some time. To put it another way, it's obvious that 2022 was terribly bad for investors, but what if the real issue is that the previous years were so terribly good/easy. Will those good/easy conditions return? Part of the good/easy conditions was fueled by the venture capital cycle. When every tech company going public has high growth rates yet is losing on the bottom line, and it's clear the market is still awarding the poor bottom lines with sky high valuations, what you get is a runaway train of a bull market.” The stocks above have proven they do not need good or easy conditions to perform well. It can be hard to have a repeat year as often investors will take gains, and there’s certainly gains to take in the names listed above. Therefore, we are looking for a pattern rather than attempting to exactly repeat 2022. This pattern is expanding margins, strong free cash flows, and any hint or sign of accelerating revenue. Royston Roche, Equity Analyst at the I/O Fund, contributed to this article. Please note: The I/O Fund conducts research and draws conclusions for the company’s portfolio. We then share that information with our readers and offer real-time trade notifications. This is not a guarantee of a stock’s performance and it is not financial advice. Please consult your personal financial advisor before buying any stock in the companies mentioned in this analysis. Of the 5 companies highlighted, Beth Kindig and the I/O Fund own Microsoft at the time of writing. If you would like notifications when my new articles are published, please hit the button below to "Follow" me.
Shard	156 (laksa)
Root Hash	7074450602188365556
Unparsed URL	com,forbes!www,/sites/bethkindig/2023/01/06/top-5-stocks-of-2022/ s443