July 23, 2024

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2 Stocks to Buy Hand Over Fist Before the Nasdaq Soars Higher in 2024

2 min read

The Nasdaq-100 Technology Sector index delivered an outstanding performance in 2023 with an impressive gain of 68%. Tech stocks found their mojo once again thanks to favorable economic developments, as well as the artificial intelligence (AI) gravy train.

The good news is that the Nasdaq-100 seems set to soar higher in 2024, thanks to potential interest rate cuts by the Federal Reserve, slim chances of a recession, the cooling inflation, and the booming adoption of AI that’s likely to help some big tech names sustain their fantastic growth. It is worth noting that the Nasdaq-100 index has experienced only seven down years since it was launched in January 1985.

What’s more, the index tends to bounce back strongly in the years following a down year. For instance, the Nasdaq-100 was up 53% in 2009 and 19% in 2010 following a 42% slide in 2008. A similar trend was seen in 2019 and 2020, when the index jumped 38% and 47%, respectively, following a 1% pullback in 2018. As such, there is a strong likelihood of the Nasdaq-100 heading higher in 2024, especially considering the economic tailwinds mentioned above.

This is why now would be a good time for investors to buy some of the Nasdaq-100 index’s top-performing stocks before they head higher in the New Year. Nvidia (NASDAQ: NVDA) and Amazon (NASDAQ: AMZN) are two such names that could keep crushing the market in 2024 following gains of 245% and 77% in 2023. Let’s look at the reasons why.

1. Nvidia

Generative AI adoption supercharged Nvidia’s growth in 2023 and sent its shares soaring. The chip giant’s big jump seems deserved, as its dominant control over the market for AI chips has led to a big surge in its revenue and earnings over the past couple of quarters.

NVDA Revenue (Quarterly) Chart

NVDA Revenue (Quarterly) Chart

Nvidia is on track to finish fiscal 2024 (which ends in January 2024) with revenue of $59 billion, a 118% spike over the previous fiscal year. Additionally, the company’s immense pricing power in this market has led to an even bigger…

2023-12-31 10:15:00

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