The high-flying tech sector had its fair share of ups and downs in the market this week, with plenty of news about Apple's (AAPL - Get Report) next iPhone, Alibaba's (BABA - Get Report) big growth plans and some extremely bullish calls on Tesla Motors (TSLA - Get Report) and Nvidia (NVDA - Get Report) .
Shares of the 'FANG' stocks hit all-time highs earlier in the week, although they sold off on Friday, pushing several major indexes lower. But mega-cap tech companies, chip stocks and other big tech names had led the broader market's rally earlier in the week.
Nvidia soared to fresh record highs on Thursday after Wall Street assigned its highest-ever price target for the chip giant, while fellow chipmaker Advanced Micro Devices (AMD - Get Report) benefited from a resurgence in Bitcoin and other cryptocurrency.
Here's a breakdown of TheStreet's top five tech ideas you might've missed:
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1. Alibaba is on fire
The e-commerce giant sent Wall Street into a frenzy this week when it said revenue could grow as much as 49% in 2018. The comments came from Chief Financial Officer Maggie Wu at the company's two-day investor conference on Thursday, which caused Alibaba shares to briefly hit an all-time high of $146.47 on Friday. Alibaba chairman and co-founder Jack Ma also gave an ambitious outlook for the company's future, saying he hopes it will grow from a business into one of the largest economies in the world by 2020.
Editors' pick: Originally published June 9.
Apple's (AAPL - Get Report) long-awaited iPhone 8, due out this fall, won't just benefit the Silicon Valley tech giant. The new iPhone should also be a key catalyst for carrier competition among Verizon (VZ - Get Report) , AT&T (T - Get Report) , T-Mobile USA (TMUS - Get Report) and Sprint (S - Get Report) . Telcos will likely fight tooth and nail to outdo one another with promotions for the iPhone 8, just as they did for the iPhone 7.
For its part, Apple was busy with an avalanche of updates from its annual Worldwide Developers Conference in San Jose, Calif. There, the company unveiled new features for its macOS, tvOS and watchOS, as well as updates to its iMacs, iPads and MacBook. It also surprised consumers with an entirely new product -- the Siri-powered HomePod speaker, which will sell for $349 and is expected to be released in December.
Nvidia and Tesla both hit all-time highs this week as analysts came out with aggressively bullish calls on both tech names. TheStreet's Eric Jhonsa cautions, however, that the extreme price targets could be reminiscent of the dot-com bubble. As companies like Tesla and Nvidia blow post more conservative price targets month after month, Jhonsa writes that some analysts have become more confident in issuing "pie-in-the-sky" targets.
Just when Wall Street thought Amazon couldn't get any bigger, analysts are pushing the boundary even further, suggesting that the tech behemoth might be building a pharmacy business. Amazon is no stranger to disruption, having revolutionized the e-commerce, cloud computing, logistics and AI markets since its founding in 1994. Wells Fargo argues that Amazon could soon have the same effect on the pharmaceutical industry.
But that doesn't mean Amazon is giving up on its existing bets. The company's ongoing e-commerce battle with Walmart (WMT - Get Report) rages on with Amazon's latest announcement that it's offering an Amazon Prime discount to people on government assistance programs.
With the closing of its $4.48 billion acquisition of Yahoo! (YHOO) core business, Verizon's vision of creating an online ad empire may finally come to fruition. If managed properly, the merged businesses of Yahoo and AOL, as well as Verizon's broad swaths of user data, could serve as major benefits for the telecommunications giant.