Riot, Rivian among Cantor’s top technology picks for 2023

Cantor Fitzgerald analysts revealed their top technology picks for 2023. The significant contraction in valuation multiples during 2022 offers an attractive entry point for long-term investors who want to add exposure to growth, the analysts tell investors in a research note. Their top technology picks for 2023 include Udemy (UDMY), Grid Dynamics (GDYN), Rivian Automotive (RIVN), Palo Alto Networks (PANW,, Digi International (DGII), and Riot Blockchain (RIOT). Cantor expects two trends to emerge next year: tech companies will clamp down on spending via reduced headcount growth, leading to a record year of operating margin improvements, and the strategic buyer will return as private equity buyers have accounted for 82% of public software deals since 2019.