It’s true that the troika of Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), and Meta (NASDAQ:META), much loved by the Street for the decade that ended in mid-2021, reported disappointing third-quarter results. Once viewed as beyond reproach by most, those three stocks are now being shunned and scorned by the “smart money.” But the Street is finally starting to realize, just because much of “Big Tech” is struggling doesn’t mean that there are no good tech stocks to buy. On the contrary, many tech firms are doing quite well and are poised to soar. Here are seven of the top tech stocks, ordered from largest market capitalization to smallest, that investors should consider buying.

This list includes names from several of the hottest sectors, including biotech, solar, AI, electric vehicles, and defense.

ServiceNow (NOW)

• Market Capitalization: $84 Billion

ServiceNow (NYSE:NOW) utilizes artificial intelligence to automate many routine IT tasks carried out by most companies. As a result, it saves firms a great deal of money.

On Oct. 26, ServiceNow reported stellar third-quarter results, showing that the company’s business is thriving in the current macro environment. NOW’s income from operations jumped 23% (17/74) year-over-year in Q3 to $91 million. That’s a huge increase for a company as large as ServiceNow. Its subscription revenue, excluding certain items, soared 28.5% YOY to $1.83 billion, and its top line jumped 27.5%, again excluding certain items, to $1.93 billion. Moreover, NOW expects its Q4 subscription revenue to advance 26% for all of 2022.

Put it all together, and it’s clear that ServiceNow is growing very rapidly, especially for a company of its size, and is quite profitable. Finding firms with those characteristics that are not widely known among the retail crowd is a formula for success in investing.

The forward price-earnings ratio of NOW stock is 39. That’s high but not unreasonable for a company that’s growing so quickly. It is the the largest among the top tech stocks to buy on this list.

Enphase Energy (ENPH)

• Market Capitalization: $41.4 billion

Showing that the Street had greatly underestimated the proliferation of solar energy in general and Enphase’s (NASDAQ:ENPH) products in particular, ENPH’s Q3 results came in much higher than analysts’ average estimates on Oct. 27. Therefore, I believe it is among the top tech stocks to buy.

ENPH, which makes inverters used in solar projects, reported Q3 EPS of $1.25, well above the average estimate of $1.09. Moreover, its top line increased by 81% year-over-year to a record $635 million, $19 million above the mean outlook. Meanwhile, Enphase reported an impressive operating income, excluding certain items, of $194 million.

Responding to the results, investment bank Cowen raised its price target on ENPH stock to $335 from $278. The bank says that the company’s growth is poised to remain rapid this quarter, as demand for its products remains strong overall and expands its operations in Europe. Cowen kept an “overweight” rating on the shares.

“In Europe, our revenue increased approximately 70% sequentially and 136% year-on-year, led by strong demand for our microinverters in Netherlands, France, Germany, Belgium, Spain, and Portugal, and for our IQ batteries in Germany and Belgium,” said Enphase CEO Badri Kothandaraman on the company’s Q3 earnings call.

Illumina (ILMN)

• Market Capitalization: $37.2 Billion

Illumina (NASDAQ:ILMN) is one of two biotech firms on this top tech stocks to buy list that recently reported under-the-radar, potentially game-changing news.

In Illumina’s case, the company reported on Oct. 18 that it was partnering with GenoScreen to create a tool that could be used to reveal which patients have drug-resistant versions of tuberculosis quickly. Once such versions are identified, doctors can respond with appropriate treatments, saving many lives.

The announcement shows that Illumina’s DNA sequencing tools can be used to diagnose illnesses and save many lives. Since ILMN is likely to make many more such deals, its financial results should significantly improve in the longer term, lifting its stock tremendously.

And on Oct. 11, Illumina announced that it would partner with AstraZeneca (NASDAQ:AZN), one of the world’s largest drug makers, to attempt to use ILMN’s artificial intelligence to accelerate the drug-making process. To the extent that the idea works and Illumina receive royalties on drug sales, this alliance could be a game changer down the road for the company and ILMN stock.

ON Semiconductor (ON)

• Market Capitalization: $28.1 Billion

Some analysts like to say that computer chips are “commoditized.” But that appears to be an overgeneralization. That’s because chipmakers do have different capabilities and areas of specialization. For example, some specialize in making very small chips, while others focus on developing chips for automobiles.

One of ON Semiconductor’s (NASDAQ:ON) areas of focus is silicon carbide chips, Investor’s Business Daily reported recently. The website explained that these chips are able to:

…operate at much higher voltages, temperatures, and frequencies than traditional silicon-based semiconductors. That makes them a better choice for electric vehicles, solar power conversion, 5G wireless, aerospace, and other applications.

Of course, all of those areas are booming. But the biggest initial demand for silicon carbide chips comes from the EV sector.

Cowen analyst Matthew Ramsay estimates that the sales of these chips will reach $2.2 billion this year versus $1.7 billion last year. In 2026, the figure will jump to $7.1 billion. “Silicon carbide has gone from esoteric to essential seemingly overnight,” he added.

And notably, besides ON, Investor’s Business Daily only named one other company as being a leader in the silicon carbide space: Wolfspeed (NYSE:WOLF), whose market capitalization is a small $10.8 billion. So it does not appear that ON is facing a great deal of tough competition in the silicon carbide space.

ShockWave Medical (SWAV)

• Market Capitalization: $9.8 billion

As I pointed out in a previous column, Shockwave (NASDAQ:SWAV) has developed an innovative system that treats the widespread problem of cardiovascular calcium with shockwaves, enabling deep calcium to be eradicated. Such calcium increases the chances of heart attack, stroke, and death.

And unlike an older method of eliminating cardiovascular calcium, called Atherectomy, Shockwave’s system does not spread calcium into the bloodstream, where it can cause harmful side effects.

As I noted previously, indicating the attractiveness of SWAV’s system to medical professionals, its top line jumped to $121 million in Q2 this year versus $56 million in the same period last year.

On Oct. 17, investment bank Piper Sandler wrote that the American Medical Association appears to have taken action last month, which will enable doctors to be reimbursed for using SWAV’s system starting in January 2024. The firm stated that the company “has done a great job navigating the reimbursement landscape for its IVL technology.” It kept a $338 price target and an “overweight” rating on the shares.

Elbit Systems (ESLT)

• Market Capitalization: $8.8 Billion

Israel-based Elbit (NASDAQ:ESLT), which makes high-tech products for militaries, appears to be benefiting from strong demand for advanced weapons in the wake of the Russia-Ukraine War and amid continued fears of expansionist moves by China and Iran.

Just in the last few weeks, Elbit has announced several major contracts. Today the company announced that it had obtained a deal worth roughly $215 million over two years. Under the agreement, ESLT will provide an unnamed “Asia-Pacific country” with “an aerial intelligence solution.”

Yesterday ESLT announced that it had obtained a 2.5-year deal worth roughly $65 million to provide “the first fully networked mechanized brigade solution to a Latin American Army,” On Oct. 12, the company stated that it would provide the U.S. Army with Enhanced Night Vision Goggles over two years for about $107 million. And finally, Elbit announced last month that it would provide Thailand with drones and training in a two-year deal worth $120 million. These deals should move the needle for Elbit’s financial results and ESLT stock.

Further, as I pointed out in a previous column, Elbit “has helped to develop the world’s first inexpensive missile defense system.” Over the longer term, that should be a game changer for the shares, which is why I believe Elbit is one of the top tech stocks.

Bionano Genomics (BNGO)

• Market Capitalization: $619 million

Bionano Genomics (NASDAQ:BNGO) recently announced that it, along with its partner, Hamilton, would, starting next quarter, begin shipping its product which enables rapid, “automated” system optical genome mapping. “The analysis of UHMW DNA can provide a more thorough way of detecting genomic aberrations that traditional cytogenetic methods may miss,” Bionano CEO Erik Holmlin explained.

Since Bionano has demonstrated that OGM can detect important genetic anomalies missed by conventional DNA analysis, BNGO could generate a great deal of revenue from this product.

Moreover, last month BNGO stated that it had started Bionano Laboratories. That organization will provide OGM data to organizations from Bionano’s lab, which was recently given the Clinical Laboratory Improvement Amendments (CLIA) designation. That designation allows labs to be reimbursed by insurers for tests they carry out.

Since OGM has proven to be very useful for identifying genetic abnormalities that make diseases more likely and obtaining reimbursement is a key factor in convincing healthcare professionals to utilize lab tests, these developments are likely to be momentous for Bionano and BNGO stock. Indeed, since Bionano announced the launch of Bionano Laboratories on Sept. 26, its stock has soared 36%. (0.68/1.86). Thus, it is one of the top tech stocks to buy.

On the date of publication, Larry Ramer held long positions in BNGO, ILMN, and ESLT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.