The world of “meme stocks to buy” is buzzing afresh following the recent release of Dumb Money.
The latest cinematic dives into the retail trading frenzy in early 2021 that captivated one and all in the investment realm. Popcorn munchers and market enthusiasts alike were reminded of the wild rollercoaster that ushered in the meme stock era.
While many are quick to brush off meme stocks as mere social media sensations with little foundational merit, it’s imperative to understand their inherent allure. However, it’s prudent not to be fooled into thinking that meme stocks are solely reserved for fleeting fame.
As we delve deeper, you’ll find some of the market’s biggest performers are dancing in the limelight of social media trends.
Meta Platforms (META)
In the sprawling digital landscape, Meta Platforms (NASDAQ:META), with a whopping user base of over three billion, continue to turn heads.
However, beyond the familiar terrains of Facebook and Instagram, Meta has charted an incredible comeback with its tantalizing artificial intelligence offerings.
The introduction of its Llama large language model earlier this year showcased its determination to rival giants in OpenAI’s ChatGPT. Moreover, Meta’s subsequent unveiling of Llama 2 is a clear nod to attract developers with transparency and adaptability.
Furthermore, the recent Meta Connect 2023 event was a tech enthusiast’s dream. It featured the pixel-packed Quest 3 VR headset, compatible with Xbox Cloud gaming. Also, it showcased its chic, smart glasses collaboration with Ray-Ban. Meta stock’s trajectory seems poised for the stratosphere.
The stock is up more than 149% year to date (YTD) while still trading roughly 8% lower than its 52-week highs. Moreover, it still trades approximately 20.3% lower than the average analyst target of $361.65.
GPU powerhouse Nvidia (NASDAQ:NVDA) isn’t just dipping its toes but diving deep into the transformative AI sphere. While many companies are still navigating the AI maze, Nvidia is setting the pace. As a trailblazer, NVDA is marking its territory as one of the bellwethers in the sector.
The insatiable appetite for Nvidia’s AI training and inference chips is evident in its robust growth trajectory. NVDA has effectively integrated its HGX systems across major cloud platforms. The company recently posted a jaw-dropping $13.51 billion in sales during for Q2, a 101.5% bump from prior year.
Moreover, its data center division alone witnessed a 171% year-over-year (YOY) increase. Additionally, as Citigroup analysts predict Nvidia’s dominance over 90% of the AI chip market, NVDA stock seems set for the stars.
Furthermore, the company is forging strategic partnerships with giants such as Reliance Industries and Tata Group. This is evidence that Nvidia is making significant inroads into the burgeoning Indian market. The expansion not only amplifies its growth potential but also offers a strategic hedge against risks associated with China.
Tech titan, Apple (NASDAQ:AAPL) is once again in the limelight with its iPhone 15 launch. It is already garnering rave reviews and promising revenue figures, even in challenging markets such as China.
The staggering 50-day average fulfillment time for iPhone 15 Pro Max, as highlighted by JP Morgan, is a testament to its soaring demand. Moreover, consumers can buy the Vision Pro augmented reality headset, priced at a cool $3,500. The consumer product launch is Apple’s most significant in over a decade.
Beyond its products, Apple’s financial prowess is undeniable. As the world’s most valuable company with a market cap exceeding $2.7 trillion, it continues to dominate the tech landscape. While a slight dip in the recent quarter’s revenue might raise eyebrows, a deeper dive reveals an 8% YOY growth in its services segment, pushing profits to an impressive $19.8 billion. Also, seasoned analyst Dan Ives of Wedbush Securities believes Apple’s stock could soar to $240 per share this year, roughly 40% higher than its current price.
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.