While their stocks may have cooled off somewhat since the end of this year’s first quarter, the mega-cap technology stocks collectively known as the Magnificent 7 remain great investments. For investors who are looking for growth stocks, few can compete over the long-term with the Magnificent 7. These stocks, which have trillion dollar valuations, have exceptionally strong businesses with deep competitive moats around them. It’s no wonder that investors are looking at which Magnificent 7 stocks to buy right now.

The Magnificent 7 companies are also cash rich and have increasingly diversified operations, branching out beyond their core businesses into new areas such as streaming, virtual reality, self-driving vehicles and even grocery delivery. While a few members of the Magnificent 7 have struggled this year, most continue to outperform the market and provide their shareholders with outsized returns. Here are the best three Magnificent 7 stocks to buy in May 2024.

Nvidia (NVDA)

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Its earnings report is approaching on May 22 and, once again, Nvidia (NASDAQ:NVDA) has a high bar to jump. Wall Street is looking for the chipmaker to post earnings per share (EPS) of $5.57, which would be more than 400% greater than the $1.09 reported a year ago. Revenue is forecast to grow 240% year-over-year (YOY) to $24.55 billion. As usual, the market is likely to be on edge in the lead-up to the print, waiting to see if Nvidia can pull off another beat.

It looks futile to bet against Nvidia at this point. The company continues to control about three-quarters (75%) of the global market for microchips and semiconductors that are used to power artificial intelligence (AI) applications and models, and demand is growing. By most accounts, companies can’t get enough Nvidia chips, and they can’t get them fast enough. The new Blackwell line of chips introduced by Nvidia should only add to demand going forward.

Among the Magnificent 7, Nvidia continues to lead in terms of stock performance, with its share price up 97% on the year and up 204% in the past 12 months.

Meta Platforms (META)

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Speaking of earnings, Meta Platforms (NASDAQ:META) took a hit after its first-quarter print. The profit and sales numbers themselves beat forecasts and were quite strong. But the company’s guidance and continued spending on experimental technologies left analysts and investors unimpressed. Consequently, META stock is down 2.7% in the last month. This should be viewed as a buying opportunity.

Like Nvidia, Meta Platforms remains a leader in the AI space and is weaving the technology into all of its products, from social media platforms to virtual reality headsets. Additionally, Meta’s business is getting a big boost as online advertising comes storming back after two difficult years. The growth in online ad spending should bolster the company’s financial results in coming quarters.

Meta Platforms raised its annual capital expenditures outlook up to $40 billion in an effort to help the company stay out front in the global AI race. META stock is up 36% on the year and up 89% in the past 12 months.

Amazon (AMZN)

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Amazon (NASDAQ:AMZN) is also getting a boost from a rebound in online advertising. This fact was reflected in Amazon’s Q1 financial results, which beat expectations across the board and showed strong growth across the company’s diversified business segments. The company reported that its advertising sales surged 24% from a year ago to $11.8 billion, which stood out to analysts and investors.

Importantly, the company’s ad business grew faster than its retail sales during Q1. The company is also seeing growth in cloud computing, another closely watched business unit. Amazon Web Services (AWS) recorded $25 billion of revenue, beating estimates of $24.5 billion and accounting for 62% of total operating profit. Going forward, Amazon should continue to benefit from ad sales and cloud computing, as well as growth in its Prime streaming service, which continues to add live sports events, notably NFL football games.

AMZN stock has risen 22% so far in 2024 and is up 59% in the past 12 months.

On the date of publication, Joel Baglole held a long position in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.