The last several weeks have been a roller-coaster ride for many tech investors. The Nasdaq Composite declined through most of April but has come roaring right back in May. The index is now sitting at all-time highs, up 11% year to date after rallying for much of 2023 as well.

Despite the strong performance of late, there are still attractive buys in the tech world. In fact, the outlook for this sector brightened following earnings updates over the last few weeks from several big-name companies.

With that improving outlook in mind, let's look at three stocks that look like obvious long-term winners from here.

1. Amazon

Enthusiasts of tech giant Apple like to talk up the company's transition into a more services-oriented operator. Amazon (AMZN -1.45%) has already made that lucrative leap.

The e-commerce leader revealed in late April that Q1 sales in its services division jumped 17% year over year. The Amazon Web Services platform is now generating roughly $100 billion each year, and Amazon's product revenue only accounts for around 40% of sales today.

You can already see evidence of this higher-margin growth boosting Amazon's finances. Cash flow is soaring, and profit margins are expanding quickly in 2024. Yet the company has plenty of room to move toward a double-digit operating profit margin over the next several years. Consider benefiting from this journey by having Amazon in your portfolio.

2. Garmin

Garmin (GRMN -0.62%) is finding its way toward much higher annual earnings. The tech specialist, which makes GPS devices ranging from smartwatches to airplane navigation platforms, recently announced excellent operating trends that have helped the stock earn its premium valuation. Q1 sales jumped 20% year over year to $1.4 billion thanks to growth across its five core segments. Revenue rose 40% in its fitness division and was up 11% in its single biggest segment, which is home to its smartwatch devices.

Garmin achieved that result by leaning on its strengths in areas like innovation and product marketing. It helped that its portfolio is diversified, meaning it doesn't lean too heavily on consumer demand in any one area.

Investors who buy the stock in May will be paying a premium, to be sure. Shares are valued at 6 times annual sales, which isn't far from Apple's valuation of 7.8 times revenue. But Garmin is highly profitable and is expected to grow sales at a double-digit rate this year. Most investors will find that it's worth the elevated premium.

3. Okta

There's a lot of growth left in the cybersecurity and digital identity management niches. Just look at Okta's (OKTA -1.66%) 19% year-over-year sales spike last quarter, which capped a year of solid market share gains and increased profitability. Adjusted profit margin jumped to 14% of sales in the fiscal year that ran through late January, in fact, versus a loss of 1% of sales in the prior year.

Okta still isn't profitable on a GAAP basis, which is an understandable knock against the stock right now. Yet net losses improved to $355 million last year from over $800 million in the prior year. Most Wall Street pros are looking for those positive trends to continue in fiscal 2025, which Okta will kick off with its Q1 earnings report on May 29. Sales should cross $600 million in that period, according to management's forecast, keeping the company on pace for another double-digit growth year.

Cautious investors might want to wait for more clarity from that earnings update before buying the stock. Yet Okta seems primed to deliver good news in fiscal 2025 and beyond as more enterprises transition their businesses onto digital platforms.