Top stocks Apple and Amazon have made millionaires and offer promising growth potential

From Nasdaq Inc.: 2024-05-25 07:47:00

The Nasdaq Composite index has soared 118% in the last 5 years, showing the lucrative potential of long-term investing in top companies like Apple and Amazon. These tech giants have created millionaires with Apple’s stock up 319% since 2019 and Amazon’s up 96%. Both companies have exciting prospects for future growth, making them attractive investment options.

Amazon, with its dominant 38% market share in e-commerce, continues to see revenue growth in its retail and cloud segments. Its operating income reached $6 billion in the first quarter of 2024, bolstered by strong performance in cloud services which accounted for 62% of total operating income. Amazon’s stock, trading at 40 times forward earnings, has risen 20% year to date, indicating promising growth potential.

Apple, despite recent stock declines, is working on strengthening its AI capabilities and expanding its services business to reduce its reliance on product sales. The launch of new products like the iPad Air, powered by the M4 chip, has boosted investor confidence. With a PE ratio of 29, Apple is considered a well-valued AI stock with a solid outlook in the tech sector.

Investing $1,000 in Amazon may not be the best choice as other stocks are predicted to generate higher returns in the future. The Motley Fool Stock Advisor team has identified the top 10 stocks including Amazon, offering substantial growth potential. With critical insights and regular updates, Stock Advisor has outperformed the S&P 500 since 2002, providing investors with a proven blueprint for success.



Read more at Nasdaq Inc.: 2 Magnificent Stocks That Have Created Many Millionaires, and Will Continue to Make More