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Exciting Prospects Ahead: Top Technology Stocks for 2024 Exciting Prospects Ahead: Top Technology Stocks for 2024

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The tides of the technology sector are ever-shifting, and investors are on the lookout for the rising stars among revolutionary tech stocks. Navigating this landscape demands a sharp eye to sidestep potential pitfalls that can wreak havoc on investment portfolios.

Amid established giants like Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) forging ahead with innovation, other companies are also making waves in cutting-edge technologies such as artificial intelligence (AI), telecommunications, streaming, and renewable energy.

Identifying the gems hidden beneath the noise of hype presents an opportunity for investors to ride the crest of the next technological wave and potentially reap significant rewards.

Qualcomm’s Road to Redemption

Qualcomm (QCOM) logo on an outdoor sign

Source: Akshdeep Kaur Raked / Shutterstock.com

Qualcomm (NASDAQ:QCOM) emerges as a standout player among the revolutionary tech stocks bound for success in 2024. The semiconductor powerhouse is poised to make its mark in the realm of generative AI, with signs of a potential turnaround in its core business.

Despite weathering a challenging fiscal year in 2023, marked by revenue declines and net income slumps, Qualcomm is now on an upward trajectory. The latest quarterly results showcase a 5% revenue increase to $9.9 billion in Q1 FY24, alongside a promising 24% jump in EPS.

Strategic investments in generative AI and the upcoming launch of the CPU AI chip Snapdragon X Elite position Qualcomm for success. With a 16% year-over-year growth in the handset segment, the company signals a swift recovery on the horizon.

Netflix: Streaming into the Future

Netflix (NFLX) logo displayed on smartphone on top of pile of money.

Source: izzuanroslan / Shutterstock.com

Netflix (NASDAQ:NFLX) stands out as a top contender in the tech stocks arena for 2024. With the introduction of a new ad membership plan and strategic cost-saving measures in 2023, the streaming giant lays the groundwork for accelerated growth.

Netflix’s revenue growth of 12% year-over-year in FY23 and a record-breaking $6.9 billion in free cash flow signal a transformative period for the company. The pricing power exhibited by Netflix positions it for further market share expansion in the streaming services realm.

Through restructuring efforts and initiatives like curbing password sharing, Netflix is charting a course towards long-term shareholder value. The company’s pricing prowess is a strategic advantage that could propel it to new heights in 2024.

Arista Networks: Networking the Future

Image of Arista Networks (ANET) logo on the side of a building

Source: Sundry Photography / Shutterstock.com

Arista Networks (NYSE:ANET) plays a vital role in the realm of computer networking and cloud computing, offering sophisticated multilayered network switches tailored for large data centers and high-performance computing environments.

Arista’s network infrastructure is instrumental in the rapid scaling and deployment of generative AI applications. The company’s Extensible Operating System (EOS) forms the backbone of its solutions, with over 75 million cloud network ports deployed across various environments.

In FY23, Arista Networks achieved a remarkable 34% year-over-year revenue surge to $5.86 billion, with net profit surpassing $2 billion for the first time and EPS soaring by 54% to $6.58. The company’s unwavering focus on profitable growth, R&D investments, and performance excellence positions it as a standout player in a challenging economic climate.

On the date of publication, Terel Miles 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.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.

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The post 3 Revolutionary Tech Stocks Set to Rocket in 2024 appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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