From Nasdaq:

Tech stocks have surged in 2023, with the Nasdaq composite rallying 44.03% year-to-date, outperforming the S&P 500. This is due to the normalization of supply-chain disruptions, cooling inflation, and the Federal Reserve’s expected rate cuts. Large and small tech companies are also making efforts to bolster their AI, machine learning, and cloud computing capabilities.

In addition to macro tailwinds, the growing proliferation of blockchain technology, IoT, AR/VR, autonomous vehicles, wearables, connected devices, and cryptocurrency have been driving growth in the semiconductor industry. Rising IT spending is expected to hit $5.1 trillion in 2024, indicating growth of 8% year over year per Gartner.

Investors looking for good opportunities should consider stocks from the Zacks Computer and Technology sector, with strong growth potential. NVIDIA, Meta Platforms, MongoDB, CrowdStrike, and Arlo Technologies are well-positioned for growth in 2024 as they are highly reputed, fundamentally strong, financially resilient and have a favorable combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or #2 (Buy).

NVIDIA has surged 237.5% year-to-date due to strong momentum in AI, high-performance computing, and accelerated computing. Meta Platforms has surged 194.9%, benefiting from steady user growth and LLM technology. CrowdStrike shares have rallied 144.9% due to solid demand for cyber-security solutions. MongoDB shares have risen 111.8% with its expanding customer base. Arlo Technologies has advanced 170.4% due to its expanding portfolio of products and services.

Zacks is naming their top 10 stocks for 2024 on January 2nd, investors can access the latest recommendations from Zacks Investment Research for the next 30 days before the release of the new top 10 stock picks.



Read more: 5 Tech Stocks That Have Returned More Than 100% in 2023