From Nasdaq:

The Nasdaq-100 Technology Sector index delivered an impressive gain of 68% in 2023, fueled by favorable economic conditions and AI adoption. Experts predict that the index will soar higher in 2024, thanks to potential interest rate cuts, a shrinking chance of recession, and growing AI adoption. The Nasdaq-100 has a strong trend of bouncing back after down years, indicating a likely higher trajectory in 2024.

Investors should consider buying top-performing stocks like Nvidia and Amazon before they potentially rise in 2024. Nvidia’s generative AI adoption and dominant control of the market have led to substantial revenue and earnings growth. Predictions of tripling revenue and earnings in fiscal 2024, along with expanding AI chip production capacity, point to a strong growth trajectory for 2024. Amazon’s e-commerce revenue and global cloud AI market potential also indicate a promising outlook for stock growth in 2024.

The global e-commerce market’s sunny prospects in 2024 are likely to help accelerate Amazon’s growth. The company’s cloud computing offering, Amazon Web Services (AWS), is the leading player in the cloud infrastructure services market and is well-positioned to capitalize on the growing demand for cloud-based AI services. As such, the adoption of AI services in the cloud may contribute to an acceleration in AWS’ growth in 2024 and beyond. With the stock currently trading at a favorable multiple, investors may have the opportunity to capitalize on a period of solid growth for Amazon in 2024.

Investors should consider the potential for high returns in 2024 by buying stocks like Nvidia and Amazon. The positive outlook for these companies, driven by growing revenue, adoption of AI service, and a favorable economic climate, suggests that their stocks may soar in the coming year. The Motley Fool Stock Advisor team has identified 10 of the best stocks to buy in the coming years, providing investors with a blueprint for success.



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