As 2023 comes to a close, United States equities investors may be interested in thinking about what kinds of tech companies will do well next year. The Nasdaq is returning more than 36% after entering “correction territory” in the October. A new inflation report, which indicated headline U.S. inflation essentially stalled in October, while the “core” consumer price index, increased only 0.2% from September, could incite a broader market rally as the year comes to a close. As the Nasdaq goes on to have one of its best years in decades, investors might want to know which Big Tech stocks will beat the famous index in 2024. Below are some ideas.

Advanced Micro Devices (AMD)

Advanced Micro Devices (NASDAQ:AMD) is about to enter the artificial intelligence (AI) semiconductor chip race that its competitor Nvidia (NASDAQ:NVDA) has largely dominated. Market analysts and technology enthusiasts alike have been fervently discussing AI chips ever since the release of OpenAI’s ChatGPT earlier this year. Large language models (LLMs) are the complex computer models that “train” these conversational AI bots, and they require an enormous amount of processing power.

In AMD’s second quarter earnings report released in mid-June, the chipmaker finally announced the MI300x GPU chipset which will compete directly with Nvidia’s A100 and H100 chips used to train LLMs. Furthermore, the chipmaker announced it expects to sell $2 billion in AI chips next year. If AMD can price competitively there could be a clear opportunity for the company to capture market share from Nvidia, and this could significantly push up AMD’s share price throughout next year.

Taiwan Semiconductor Manufacturing Company (TSM)

Now if you’re wondering which company is responsible for making these revolutionary AI chips, do not look any further than Taiwan Semiconductor Manufacturing Company (NYSE:TSM) or “TSMC” for short. TSMC specializes in advanced manufacturing processes, such as five-nanometer and three-nanometer technologies, which enable smaller, faster and more power-efficient chips. Due to its competencies in chip manufacturing, TSMC also plays a key role as a supplier of AI chips for ChatGPT and other conversational AI bots.

TSMC’s recent earnings report should have allowed investors to sigh in relief. The semiconductor manufacturer not only boosted revenue guidance, but also noted the chip slump appeared to be coming to an end. The company’s stock price performance is nearly neck and neck with the Nasdaq, but this positive market news could result in surprising financial performance and, thereby, share price appreciation next year.

Salesforce (CRM)

Salesforce (NYSE:CRM) is the leading provider of cloud-based software solutions for customer relationship management (CRM). Aided by enterprises implementing cost-saving digital transformation efforts, including digitizing their CRM practices, Salesforce has been able to grow rapidly over the past decade.

Unfortunately, like many businesses, the software company has been hit with headwinds of the challenging macro environment, which has made it tougher for Salesforce to increase revenue growth from a year-over-year perspective. As a result, Salesforce has had to employ a number of cost-cutting initiatives which have so far helped the company to maintain profitability margins. As the macroeconomic environment improves and the possibility of a “soft-landing” scenario for the U.S. economy becomes more of a reality, Salesforce may be one of the company’s investors should bet on for market beating returns 2024.

On the date of publication, Tyrik Torres 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.