After a sell-off in 2022, tech stocks are on the rise this year. Markets such as artificial intelligence (AI), cloud computing, and virtual/augmented reality (VR/AR) have caught the eye of Wall Street. These technologies have the potential to affect the futures of countless industries, from consumer tech to healthcare, machine learning, education, and more. As a result, this year is an exciting time to load up on the tech companies that are building the future.

Here are two leading tech stocks to buy in 2023 and beyond.

1. Advanced Micro Devices

Advanced Micro Devices (AMD -10.21%) is one of the world's most in-demand chipmakers, and its stock is an increasingly attractive investment. Technological advances have made more powerful chips crucial to the development of several industries. As a result, demand for AMD's central processing units (CPUs), graphics processing units (GPUs), and data processing units (DPUs) could soar as tech continues to evolve.

The semiconductor company's chips have allowed it to partner with titans of the industry to strengthen and diversify its business. In 2020, AMD became the exclusive supplier of chips for two of the most popular game consoles, Sony's PlayStation 5 and Microsoft's Xbox Series X/S. Meanwhile, the company's data center chips have attracted cloud giants like Microsoft's Azure, Alphabet's Google Cloud, and Oracle as clients.

However, one of the biggest reasons to invest in AMD is the support it is receiving from Microsoft to expand its AI chip offerings. According to a Bloomberg report from May 4, the Windows company is bolstering AMD's AI presence through financing and providing engineering resources in an effort to create an alternative to Nvidia.

The partnership is promising because Microsoft is one of the biggest names in AI right now; it invested $1 billion in ChatGPT developer OpenAI in 2019 and another $10 billion this year. The alliance has allowed Microsoft to integrate the start-up's AI technology into several of its services, such as its Office productivity software, Azure, and search engine Bing. As a result, Microsoft could be an excellent guide to help bolster AMD's AI expansion.

The AI market is projected to expand at a compound annual growth rate (CAGR) of 37% through 2030, suggesting that there will be plenty of market share up for grabs as AMD develops in the sector. Meanwhile, AMD's forward price/earnings-to-growth ratio of 0.2 suggests its stock is still significantly undervalued, making it worth an investment this year.

2. Apple

Apple (AAPL -2.53%) is the most valuable company in the world, with a market cap of $2.7 trillion, and it might seem as if the best time to invest in it has passed. However, the company's dominance across several areas of consumer tech and a booming services business make its stock worth considering.

Apple shares have climbed nearly 1,000% since 2013. The company's consistent growth has primarily stemmed from its ability to rise to the top of nearly any industry it enters. It has attained a leading market share in smartphones, tablets, smartwatches, and headphones despite other tech companies controlling those markets before Apple entered the picture.

As a result, the iPhone company's expected venture into the VR/AR market next month is an exciting development. According to data from Statista, the VR/AR market is projected to hit $31 billion this year and grow at a CAGR of 14% through 2027. The sector is currently dominated by Sony and Meta Platforms with their respective headsets. However, Apple's new device will offer connectivity with its other products and is expected to feature an iPhone-like interface, which could go a long way in attracting consumers.

Moreover, Apple services (Apple TV+, Music, iCloud, Fitness+, and more) have become an increasingly lucrative way for the company to diversify its earnings and lean less on product sales in the event of a market downturn. The consistent rise of iPhone adoption has spurred its services business, with the segment's revenue rising 63% since the first quarter of 2020 and offering attractive profit margins of around 70%.

Apple has a reputation for consistent stock growth, making it one of the most reliable investments available. Bolstered by a potential venture into a new market, the company's stock is a stellar buy in 2023 and beyond.