From Nasdaq:

Many tech stocks stumbled in 2022 due to rising interest rates and macro headwinds, but they bounced back in 2023. That bullishness is expected to persist in 2024 as the PC and smartphone markets recover and the AI market expands.

Intel experienced a slowdown over the past two years, falling behind TSMC in the process race. However, its revenue finally grew sequentially over the past two quarters, and it expects 13% revenue and 99% adjusted earnings growth in 2024.

HP’s sales of personal systems and printers rose sequentially, suggesting it has reached its cyclical trough. Analysts expect 2% and 5% revenue and adjusted EPS growth in fiscal 2024 and anticipate that its ambitious plans will breathe fresh life into its aging business.

Micron’s revenue rose 16% year over year in Q1 fiscal 2024 and is expected to grow 32% for the full year. Its memory chips trade at just 14 times next year’s earnings, indicating a potential for growth as investors realize its brighter days ahead.

Intel, HP, and Micron are expected to outperform the S&P 500 over the next 12 months as they benefit from lower rates, stabilizing markets, and the expansion of the AI market.



Read more: These 3 Tech Stocks Could Outperform the S&P 500 in 2024