Although the will-it-or-won’t-it debate regarding the probabilities of the economy falling into recession dominates business headlines, investors may still want to look ahead with breakthrough technology stocks to buy. These enterprises undergird some of the most groundbreaking innovations of our time, facilitating potentially permanent relevance.

Fundamentally, technology stocks to buy benefit from the natural forward progress of human societies. After all, whether a recession materializes or not, enterprises will continue striving for bigger and better. In some ways, then, specific tech plays may be safer than you might initially believe.

On the technical front, several breakthrough technology stocks to buy incurred steep losses last year. While red ink presents near-term challenges, over the long haul, acquiring deflated tech plays now could yield tremendous gains later. If you’re willing to ride out some turbulence, below are some of the best innovative companies available.

ASML (ASML)

The backstop of most semiconductor-related breakthrough technology stocks to buy, ASML (NASDAQ:ASML) might not be a household name. However, it plays an invaluable role in the broader innovation sphere. Specifically, the company specializes in extreme ultraviolet (EUV) lithography, building machines that print designs on silicon wafers. ASML enjoys a monopoly in this regard, making it irreplaceable.

To be fair, prospective investors at this moment won’t get a brilliant deal on ASML shares. Per Gurufocus.com’s proprietary calculations for fair market value (FMV), the business rates as fairly valued. That said, the company enjoys a stable balance sheet and strong operational attributes.

For instance, its three-year revenue growth rate of 23.8% beats out nearly 80% of its peers. On the bottom line, ASML features a net margin of 25.91%. This stat ranks above 87% of industry players. Perhaps best of all, Wall Street analysts assess ASML as a consensus and unanimous strong buy. With sentiment among hedge funds pinging as very positive, ASML easily represents one of the technology stocks to buy.

Nvidia (NVDA)

Although perhaps best known for its video gaming and blockchain-centric graphics processing units, Nvidia (NASDAQ:NVDA) flexes its muscles across several relevant sectors. One of them centers on autonomous driving. Through its research and development in advanced sensors and artificial intelligence and machine learning protocols, Nvidia is slowly making autonomous mobility a reality.

According to Strategic Market Research, the global autonomous vehicle market carried a valuation of $25.14 billion in 2021. By 2030, experts there predict that this segment will hit $196.97 billion, representing a compound annual growth rate (CAGR) of 25.7%. Per Gurufocus.com’s proprietary FMV calculation, it estimates NVDA as a modestly undervalued investment. Objectively, the company’s Altman Z-Score of 17.09 indicates tremendous resilience in the balance sheet. As well, Nvidia benefits from excellent revenue and profitability metrics.

Currently, Wall Street analysts rate NVDA as a consensus strong buy. Even better, hedge fund sentiment ranks as very positive, making it one of the top breakthrough technology stocks to buy.

Microsoft (MSFT)

A steady hand in the innovation sphere, Microsoft (NASDAQ:MSFT) ranks among the breakthrough technology stocks to buy under almost any context. However, the software (and hardware) giant has been flexing its muscles recently. Specifically, Microsoft generated headlines for its deep investments into OpenAI, the company responsible for the chatbot platform ChatGPT.

Fears sparked about ChatGPT disrupting search engine-related enterprises, along with anything involving online tutoring services. I’m not mentioning names here but you can follow the aforementioned link for more information. Anyways, it’s possible that Microsoft can finally become relevant in the broader internet search ecosystem, which makes its competitors leery.

Another factor boosting MSFT centers on its overall value proposition. Featuring a strong balance sheet, consistent growth, and an extremely profitable enterprise, Microsoft makes for a compelling idea among technology stocks to buy. Presently, Wall Street analysts rate MSFT as a consensus strong buy. As well, sentiment among hedge funds pings as very positive.

Intuitive Surgical (ISRG)

Easily one of the most innovative technology stocks to buy in the broader healthcare sector, Intuitive Surgical (NASDAQ:ISRG) garnered worldwide fame for its da Vinci robotic surgical system. Offering myriad opportunities for superior patient outcomes, Intuitive facilitates greater accuracy in medical procedures. As well, its minimally invasive approach may yield fewer hospital stays, resulting in cost savings.

According to Grand View Research, the global medical robotic systems market size reached a valuation of $16.1 billion in 2021. Experts project that the segment will expand at a double-digit CAGR to reach annual revenue of $76.4 billion. Given that ISRG stock slipped over 14% in the trailing year, the volatility might offer a long-term discounted opportunity.

Per Gurufocus.com’s proprietary FMV calculations, ISRG rates as modestly undervalued. Objectively, the company offers a holistic value proposition. First, it features zero debt in its books, affording it incredible flexibility. Second, it enjoys outstanding operational stats, such as double-digit revenue growth and sector-busting profitability metrics.

Not surprisingly, ISRG carries a consensus strong buy. And that’s because, for the long haul, you’re not going to find too many superior technology stocks to buy.

Intuit (INTU)

On the surface level, tax, and accounting software provider, Intuit (NASDAQ:INTU) does not sound like one of the innovative technology stocks to buy. However, I’ve been pounding the table on INTU because of its implications for the gig economy.

Essentially, people’s expectations for work changed due to the remote work pivot during the coronavirus pandemic. However, major enterprises started to recall their workers, putting an end to the work-from-home experiment. Of course, the worker bees at large won’t like that. Personally, I believe most will fall in line because the gig worker lifestyle is haphazard unless one is truly talented.

Still, many will trade in their suits and ties for whatever work they can find. However, gig workers (better known as independent contractors) must file “business” taxes. Long story short, they’re much more complicated than taxes that employees file. Therefore, Intuit can help, making it quite relevant. Also, a big bonus is that Wall Street analysts rate INTU as a consensus strong buy. You already know my opinion. It’s easily one of the best technology stocks to buy.

Rockwell Automation (ROK)

From the unintuitive technology stocks to buy to the easily discernible, Rockwell Automation (NYSE:ROK) deserves extra consideration. As its name suggests, Rockwell specializes in industrial automation solutions. While extraordinarily relevant, ROK suffered some pitfalls last year. However, so far this year, ROK gained over 8%.

It’s quite possible that it can rise higher in the charts. According to Grand View Research, the global industrial automation and control systems market size reached a valuation of $172.26 billion. Experts there project that the segment will expand at a 10.5% CAGR to hit revenue of $377.25 billion by 2030. Naturally, Rockwell stands to be a major beneficiary, making it one of the technology stocks to buy.

To be fair, it’s not the most discounted trade. However, investors should find encouragement from its decent balance sheet and growth metrics. As well, Rockwell features a net margin of 13.6%, ranking better than most of its peers. Finally, hedge fund sentiment for ROK rates as positive, suggesting you should keep it on your radar.

NuScale Power (SMR)

Concluding this list of technology stocks to buy stands one of my favorite subjects to discuss, NuScale Power (NYSE:SMR). A nuclear energy solutions provider, NuScale specializes in small modular reactors (SMRs). While not a brand-new innovation per se, NuScale effectively pioneered the platform’s commercial viability in the U.S. Given the energy crisis that we’re struggling with, SMR will likely rise higher over the next several years.

Now, SMRs compel because they essentially represent a decentralized network of small-footprint nuclear facilities. This framework enables NuScale to build nuclear power facilities closer to sources of energy demand. Moreover, SMRs incorporate advanced safety protocols, providing operational assurances to nearby residents.

As an aspirational firm, NuScale doesn’t enjoy robust financials. That said, the company has no debt on its books, a rarity for newly public enterprises.

While analysts generally carried a leaning-optimistic view of SMR, per TipRanks, no Wall Street expert weighed in on shares in the past three months. However, that might be a good thing for those who prefer under-the-radar technology stocks to buy.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.