Technology stocks, including Snowflake and Meta Platforms, are showing strong growth potential for investors.

From Nasdaq: 2024-12-20 04:15:00

In 2024, technology stocks showed healthy gains despite volatility. The Nasdaq-100 Technology Sector index saw a 14% increase, though it lagged behind the S&P 500’s 27% gain. Over the past decade, tech stocks outperformed the S&P 500, with the Nasdaq-100 Technology Sector gaining 364% compared to the S&P 500’s 199% rise.

Snowflake (NYSE: SNOW) has seen a surge in stock price due to improving growth prospects. The company’s data cloud platform allows customers to consolidate data and utilize it for various purposes, including AI applications. Snowflake’s AI-specific offerings have led to cost savings and automation benefits for customers, contributing to its strong financial performance.

Meta Platforms (NASDAQ: META), known for apps like Instagram and Facebook, is capitalizing on digital advertising growth. With a projected global digital ad market exceeding $1.15 trillion by 2030, Meta is leveraging its popular apps to drive revenue growth. Integration of AI tools in advertising is boosting returns for advertisers, positioning Meta for sustained growth.

Both Snowflake and Meta Platforms are expected to sustain their impressive momentum. Snowflake anticipates its total addressable market doubling over the next five years to $342 billion, while Meta’s integration of AI tools is driving better ad pricing and impressions. Analysts expect continued growth for both companies, making them attractive long-term investment options.



Read more at Nasdaq: 2 Technology Stocks That Could Help Make You a Fortune