From Nasdaq: 2024-03-31 07:20:00

The S&P 500 index has delivered gains of 9% in 2024, with analysts predicting further upside. Bank of America expects the index to hit 5,400 by year-end, while Goldman Sachs raised its forecast to 5,200. Nvidia, The Trade Desk, and Micron Technology are set to benefit from strong earnings performance.

Nvidia stock has surged 87% this year, driven by data center chip sales and its upcoming Blackwell AI GPUs. The company estimates data centers will spend $250 billion on accelerated computing chips in 2024. Analysts have raised earnings estimates for the company, making it a strong buy at 35 times forward earnings.

The Trade Desk stock is up 21% this year, with revenue growing 23% year-over-year in Q4 2023. Programmatic ad spending in the U.S. is expected to increase by almost 16% in 2024, driving growth for The Trade Desk. The company is on track to end 2024 with stronger revenue growth than last year.

Shares of Micron Technology have surged 39% this year, with revenue beating expectations in the second quarter of fiscal 2024. Micron posted a surprise profit as its top line jumped 58% year over year. Analysts forecast a 56% increase in revenue this year, followed by another jump of 43% in fiscal 2025.



Read more at Nasdaq: 3 Stocks That Will Make You Richer in 2024