July 21, 2024

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2 Hypergrowth Tech Stocks to Buy in 2024 and Beyond

2 min read

The tech market is rapidly expanding. The Nasdaq-100 Technology Sector is up 32% in the past 12 months, outperforming the S&P 500′s growth of 24% in that period. The rise brings to mind the old proverb, “The best time to plant a tree was 20 years ago, but the second best time is now.” The same sentiment applies to the stock market, especially tech stocks.

The tech industry has a reputation for delivering significant gains over the long term, benefiting from its innovative nature and consistent demand for upgraded products and software. Meanwhile, recent advances in markets such as artificial intelligence (AI), self-driving cars, and virtual/augmented (VR/AR) reality indicate the tech market is nowhere near hitting its ceiling. As a result, there’s no time like the present to invest in tech.

Here are two hypergrowth tech stocks to buy in 2024 and beyond.

1. Nvidia

Shares in Nvidia (NASDAQ: NVDA) have hit record heights over the last year, rising 207% alongside soaring earnings. Stellar growth has seen the company become the first chipmaker to achieve a market cap above $3 trillion, making it the world’s third most valuable company this year, only after Microsoft and Apple (NASDAQ: AAPL).

Nvidia’s success comes down to its dominant position in AI graphics processing units (GPUs), the chips crucial to performing AI tasks and running AI platforms. While competitors such as Intel and Advanced Micro Devices prioritized central processing units (CPUs) in recent years, Nvidia’s focus on GPUs gave it a head start in AI and perfectly positioned it to become the go-to chip supplier for AI developers worldwide.

In its most recent quarter, the first quarter of fiscal 2025, Nvidia’s revenue increased by 262% year over year while operating income rose nearly 700%. The company enjoyed impressive growth in its data center segment, which posted revenue gains of 427%, illustrating a healthy boost to AI GPU sales.

However, its diverse business model is the best reason to invest in this…

2024-06-17 03:41:00

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