The Top 5 Best-Performing Tech Stocks

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Invest in the future with the best tech stocks for 2024. This must-read article showcases 5 innovative industry leaders that are dominating the market.

The tech sector has been on fire so far in 2024, leaving the broader market in the dust. As an investor, you’d be kicking yourself if you missed out on these gains.

That’s why this article is all about highlighting the top five tech stocks you should have on your radar right now:

  1. Apple Inc. (AAPL)
  2. Nvidia Corp. (NVDA)
  3. Microsoft Corp. (MSFT)
  4. Broadcom Inc. (AVGO)
  5. Advanced Micro Devices Inc. (AMD)

We’ll also take a look at the key trends driving the sector’s outperformance and then discuss the 5 tech stocks that are crushing it.

Key Trends Driving Tech Stock Performance in 2024

The tech industry is being fueled by a perfect storm of tailwinds in 2024. First, emerging technologies like AI, cloud computing, 5G, IoT, and electric vehicles are seeing skyrocketing adoption and demand. Consumers and businesses can’t get enough of these transformative innovations.

At the same time, regulatory changes, from data privacy laws to EV incentives, are reshaping the tech landscape and boosting certain sub-sectors. And let’s not forget the overall macroeconomic environment – low interest rates, moderate inflation, and steady GDP growth are providing a fertile ground for tech stocks to flourish.

Top 5 Best-Performing Tech Stocks of 2024 (So Far)

Below are the 5 best tech stocks to watch this year:

1. Apple Inc. (AAPL)

Apple is a tech giant that needs no introduction. Their iconic iPhones, Macs, iPads, and other consumer electronics continue to fly off the shelves. But it’s their growing services business, from the App Store to Apple TV+, that has investors really excited.

According to CFRA analysts, Apple’s stock is one of the best tech stocks to invest in because of an impressive 23.8% implied upside from its April 5th closing price. They cite the company’s momentum in 5G smartphone upgrades, its thriving services segment, and new product launches like AR/VR headsets as key drivers behind the stock’s outperformance.

2. Nvidia Corp. (NVDA)

Nvidia is dominating the AI chip market and powering the next generation of computing. From gaming PCs to data centers, Nvidia’s cutting-edge GPUs are in high demand and the best tech stocks to buy right now. The stock is up over 13% so far this year, and analysts believe there’s still plenty of room to run.

CFRA points to Nvidia’s leadership in the booming AI inference and training markets, as well as its diversification into autonomous vehicles and robotics, as catalysts for continued growth.

3. Microsoft Corp. (MSFT)

Microsoft is the ultimate tech conglomerate, with fingers in everything from Windows and Office to Azure cloud services and Xbox gaming. Despite being a massive, mature company, Microsoft’s stock still has plenty of upside, with CFRA analysts projecting 6.9% implied gains from the April 5th close.

The drivers? Microsoft’s enterprise software dominance, its rapid cloud computing growth, and its ability to consistently churn out recurring revenue. Wall Street loves Microsoft’s diversified revenue streams and market-leading position across numerous tech verticals.

4. Broadcom Inc. (AVGO)

Broadcom may not be a household name like Apple or Microsoft, but this semiconductor and infrastructure software giant is quietly crushing it. The company’s chips power everything from smartphones to data centers, while its enterprise software division provides mission-critical solutions.

CFRA sees Broadcom’s stock surging 19.5% from April 5th, buoyed by its leading market share, robust customer relationships, and savvy acquisition strategy. Analysts applaud Broadcom’s diversified business model and ability to capitalize on key tech trends like 5G and cloud infrastructure buildout.

5. Advanced Micro Devices Inc. (AMD)

AMD has emerged as a true powerhouse in the semiconductor space, challenging Intel’s dominance in PCs and challenging Nvidia’s edge in gaming and data center chips. The company’s latest processors and GPUs are earning rave reviews, driving strong demand.

CFRA sees AMD’s stock surging 17.4% from the April 5th close. This rally will be powered by its growing market share, new product launches, and ability to capitalize on trends like cloud gaming and AI workloads. Analysts are particularly bullish on AMD’s long-term growth prospects as it continues to innovate and take share from its larger rivals.

Best Tech Stocks to Buy in 2024 – Conclusion

The tech sector is firing on all cylinders in 2024, and these 5 stocks are leading the charge. From Apple’s iPhone and services dominance to Nvidia’s AI chip supremacy, Microsoft’s software empire, Broadcom’s semiconductor prowess, and AMD’s surging momentum – each of these companies is poised for outsized returns this year.

Of course, no investment is without risk. So we advice that you do your own thorough research before putting your money to work. And keep a close eye on the tech space – there are sure to be more hidden gems and overnight sensations emerging as the year progresses. Happy investing!