SPECIAL REPORT The Top 7 Stocks for 2024

The Year’s 3 Best Performing Stocks as of August 2023

Advertisement

  • These top stocks for 2023 have been on a red-hot rally this year and are poised for even bigger gains ahead.
  • Nvidia (NVDA): Dominating AI with a staggering 80% to 95% market share, backed by unmatched GPU expertise for evolving tech trends.
  • Super Micro Computer (SMCI): Quadrupled share price in a year, with its fourth-quarter earnings surpassing expectations by 60 cents, with a projected $10.5 billion sales target for 2024.
  • Meta Platforms (META): Commanding 3.8 billion users, Meta is a pioneer in AI-optimized advertising and immersive tech while charting the future of digital connectivity.
Top Stocks for 2023 - The Year’s 3 Best Performing Stocks as of August 2023

Source: Chompoo Suriyo / Shutterstock.com

Navigating the kaleidoscope of the stock market, it’s clear that the reasons for a short-term rally are as diverse as the companies themselves. Some stocks rebound with gusto, while others catch the investor’s eye due to the sheer brilliance of their outlooks, morphing into must-buy top performers. However, these top stocks for 2023 stand out as some of the best investments in the current scenario, having performed exceptionally this year.

2023 has unfurled its drama, offering us market volatility, bearish plunges, and moments that tested the grit of every investor. However, amidst the ebb and flow, one thing remains unchanged smart money is on high-return stocks as of August, which promise sustained prowess ahead. With that said, here are three of the top high-quality stocks posting the highest year-to-date percentage gains.

Nvidia (NVDA)

Nvidia corporation (NVDA) logo displayed on smartphone with stock market chart background. Nvidia is a global leader in artificial intelligence hardware and software
Source: Poetra.RH / Shutterstock.com

In the bustling realm of semiconductors, Nvidia (NASDAQ:NVDA) stands out as a true titan, with its stock growing over 200% year-to-date. This growth isn’t just a blip; the company’s prowess in producing top-tier graphics processing units (GPUs) for diverse fields, including artificial intelligence, virtual reality, and self-driving cars, underlines its sustained market relevance.

This year, the narrative in the tech world has been dominated by generative A, with Nvidia as one of the forerunners in the sphere. With a staggering 80% to 95% market share in AI computing, the company is at the heart of what Wall Street is buzzing about. Analysts echo this optimism, projecting Nvidia’s leadership to remain uncontested through 2027.

Dubbed the “AI arms dealer, ” the corporation recently amped up its second-quarter guidance, a testament to its foresight in meeting robust computing demands. Even if the AI whirlwind subsides, technological trends favor Nvidia’s ongoing ascendancy. This makes it one of those top stocks for 2023.

Super Micro Computer (SMCI)

An image of the inside of a computer chip, neon motherboard
Source: Andrey Suslov/Shutterstock

While Nvidia has been basking in the limelight, Super Micro Computer (NASDAQ:SMCI) has silently made its own waves. With a share price that more than quadrupled this year, SMCI’s financial narrative is nothing short of extraordinary.

Moreover, investing titans have upped their bets on this dark horse. For instance, under the strategic eye of billionaire Alex Sacerdote, Whale Rock Capital increased its SMCI holdings by 42% in the first quarter. Additionally, Jim Simons’ renowned Renaissance Technologies augmented its stake by 22.7% during the same period.

Diving into the numbers, Super Micro Computer’s fiscal fourth quarter Non-GAAP earnings-per-share of $3.51 surpassed expectations, beating them by 60 cents. With revenues surging to $2.18 billion, marking a 32.9% year-over-year bump, the company’s trajectory seems incredibly promising. Furthermore, projections for the fiscal year 2024 set an ambitious target of net sales between $9.5 billion to $10.5 billion, a figure that notably outpaces the consensus of $6.92

Meta Platforms (META)

META stock logo is shown on a device screen. Meta is the new corporate name of Facebook.
Source: Blue Planet Studio / Shutterstock.com

Resurgent Meta Platforms (NASDAQ:META) isn’t just any tech player; it’s strategically harnessing the powers of AI and product diversification to expand its market share further. With a staggering user base of 3.8 billion spanning across flagship apps, including Facebook and Instagram, the sheer magnitude of its platform reach is underscored by its consistent and robust engagement metrics.

The AI arena has seen Meta innovating persistently. The company is revolutionizing user interaction, from innovative features such as Reels, elevating content discovery, to AI-optimized advertising solutions such as Meta Advantage. Also, open-sourcing initiatives, including the Llama-2 AI model, highlight Meta’s leadership in fostering industry-wide AI research and innovation.

Layer that up with its Metaverse ambitions, potentially becoming a multi-billion dollar new market. Through investments in mixed reality tech, evidenced by products like the Quest 3 headset, its commitment to immersive experiences signifies a promising trajectory in this burgeoning domain. Meta’s roadmap is clear as it looks to be at the forefront of digital evolution, shaping and leading tomorrow’s interconnected realm. All in all, it’s one of those top stocks for 2023.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines


Article printed from InvestorPlace Media, https://investorplace.com/2023/08/the-years-3-best-performing-stocks-as-of-august-2023/.

©2024 InvestorPlace Media, LLC