HomeMost Popular Investor's Delight: Top Five Tech Giants Poised to Skyrocket in 2024

Investor’s Delight: Top Five Tech Giants Poised to Skyrocket in 2024

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Tech Sector Soaring Amidst AI Dominance

The tech sector has been ablaze with the fervor for AI, particularly generative AI, driving a relentless rally in 2023 that has seamlessly transitioned into 2024. Embodied by technology and communication services, the S&P 500 index has surged 7.4% year to date, with technology and communication services leading the charge at 7.7% and 9.5% gains, respectively. Meanwhile, the Nasdaq Composite has manifested an 8.9% ascension, underscoring the tech-dominated resurgence on Wall Street.

AI Hardware Expansion Fueling Semiconductor Industry

With the proliferation of smart devices reliant on computing and learning capabilities for tasks like face detection and image recognition, there has been a resounding call for high-speed processing power and memory in the semiconductor domain. The IDC foresees a robust 20.2% uptick in semiconductor sales in 2024. The demand is propelled by the insatiable hunger for AI servers and end-point devices, setting the stage for a thriving semiconductor market.

Other Catalysts in the Mix

Fed Chairman Jerome Powell’s recent testimonies to the House of Representatives and the Senate have hinted at a forthcoming rate cut not too far off, contingent on the inflation rate marching in sync with the Federal Reserve’s expectations. These musings have stimulated the market, with CME FedWatch projecting a 74.6% probability of a 25-basis point rate cut in the upcoming June FOMC meeting, promising a fertile ground for high-growth sectors like technology.

Our Stellar Selections

Our keen eye has pinpointed five tech heavyweights primed for an explosive 2024. Armed with Zacks Rank #1 (Strong Buy) credentials, these stocks have enjoyed a surge in positive earnings estimate revisions over the past month. The standout performers include:

Zacks Investment Research
Image Source: Zacks Investment Research

NVIDIA Corp. (NVDA)

NVIDIA has emerged as a behemoth, leveraging its Compute & Networking revenues on the crest of the AI, high-performance computing, and accelerated computing wave. The burgeoning demand for generative AI and large language models has catapulted NVIDIA into the data center limelight, with a robust revenue and earnings growth rate for the current year.

Meta Platforms Inc. (META)

Meta Platforms Inc. is making waves with its steady user growth and innovative offerings such as Instagram and WhatsApp. The infusion of AI in content recommendation has fueled a surging engagement across platforms, propelling Meta Platforms towards substantial revenue and earnings growth in 2024.

Super Micro Computer Inc. (SMCI)

SMCI stands out for crafting energy-efficient server solutions, infused with superior design and quality control. Boasting a remarkable revenue and earnings growth rate, SMCI’s stock price has soared exponentially, imbuing confidence in its trajectory for the current year.

Veeva Systems Inc. (VEEV)

Veeva Systems continues its ascent with a sharp focus on research and development, fortified by strategic alliances and a robust product portfolio. Witnessing a surge in customer adoption, VEEV is poised for steady revenue and earnings growth, painting a bright future scenario for investors.

AppLovin Corp. (APP)

APP shines in the realm of mobile app developer support through its technology platform, offering a comprehensive suite for marketing, monetization, and analytics. With a promising revenue and earnings growth outlook, APP’s stock price trajectory has already captured significant attention in 2024.

Looking for potential home runs in your investment portfolio? These five tech giants are gearing up to deliver groundbreaking performances in 2024. The time is ripe to seize the opportunity and delve into these unmissable prospects before they take off!

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