July 17, 2024

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3 Growth Stocks to Buy in 2024 and Hold Forever

2 min read

consulting on finances at home

The year is swiftly coming to an end, making now an excellent time to set new investment goals and potentially expand your portfolio with companies likely to soar in 2024.

The stock market has been volatile over the last five years, with the COVID-19 pandemic sending countless stocks skyrocketing as homebound consumers invested in home entertainment and offices. Then, in 2022, macroeconomic headwinds triggered a sell-off that saw many companies lose the gains they’d made the year before.

Easing inflation and excitement over high-growth industries like artificial intelligence (AI) have allowed for a recovery this year, with the Nasdaq Composite index up 41% since Jan. 1. However, after last year’s unexpected market downturn, it might be a good idea to invest in companies that are not only likely to flourish next year but also well into the future.

Tech shares are an attractive option known for their long-term reliability, with the industry expanding rapidly. Here are three growth stocks to buy in 2024 and hold forever.

1. Nvidia

Nvidia‘s (NASDAQ: NVDA) business has exploded this year and has shown no signs of slowing. The company’s shares are up 230% year to date, as its graphics processing units (GPUs) have become the preferred hardware for AI developers worldwide.

Other chipmakers have scrambled to catch up, striving to develop AI chips that could be competitive with Nvidia’s by next year. Meanwhile, Nvidia’s years of dominance in GPUs perfectly positioned it to supply its hardware to the entire market and snap up an estimated 90% market share in AI chips.

As a result, the company’s earnings have surged in recent quarters alongside a spike in AI GPU sales. In the third quarter of its fiscal 2024 (ended October 2023), Nvidia posted revenue growth of 206% year over year, with operating income up more than 1,600%.

NVDA PS Ratio ChartNVDA PS Ratio Chart

NVDA PS Ratio Chart

Nvidia is an excellent long-term option, with its chips used in multiple tech markets, from AI to cloud…

2023-12-24 10:15:00

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