The release of “Dumb Money” has sparked renewed attention in meme stocks to buy and hold, shedding light on the 2021 retail trading frenzy. The interest in meme stocks led to the widespread popularity of stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) which seemingly offered nothing for the savvy investor, marking an important chapter in financial history.
However, investors are quick to dismiss meme stocks as mere social media fads lacking solid fundamentals and attractive growth trajectories. The trending meme stocks discussed in this article are three of the biggest winners in the stock market this year, offering robust long-term upside. Therefore, it is imperative to understand the fusion of finance and online trends show meme stocks as enduring, not temporary. They represent a fresh aspect of investing, where classic strategies merge with modern trends, offering long-lasting opportunities for investors.
Apple (AAPL)
Tech titan Apple (NASDAQ:AAPL) never ceases to amaze. The launch of the iPhone 15 sent ripples across the industry, particularly in challenging markets such as China. Additionally, the iPhone 15 Pro Max boasts an extraordinary 50-day average fulfillment period, as reported by JPMorgan (NYSE:JPM) in September, underscoring its skyrocketing demand.
Moreover, the company introduced the Vision Pro augmented reality headset, a groundbreaking venture that marks Apple’s most significant consumer product unveiling in over a decade. Furthermore, Apple’s financial strength remains unchallenged, with a market capitalization that has ballooned over the $2.9 trillion mark. The latest quarterly figures are a testament to this, with remarkable sales of $89.5 billion and net income soaring to $22.96 billion. TipRanks analysts are echoing this success, predicting a Strong Buy with an 9% upside. This financial prowess, coupled with innovative launches, cements Apple’s dominance in the market.
Meta Platforms (META)
Meta Platforms (NASDAQ:META), boasting over three billion users across its services, remains a digital powerhouse. The company is making waves this year with an emphatic comeback as it makes its foray into AI. The debut of its large Llama language model earlier this year was a strategic move to rival titans such as OpenAI’s ChatGPT. Consequently, the unveiling of Llama 2 further highlights Meta’s commitment to innovation and attracting top developer talent.
At Meta Connect 2023, Meta showcased the Quest 3 VR headset, a tech marvel with a Snapdragon XR2 Gen 2 chipset, and an innovative “pass-through” feature for improved realism. Additionally, the company revealed the Ray-Ban Meta Smart Glasses, with unique frames, enhanced audio and camera features, poised to further expand Meta’s prowess in everyday wearables.
Reflecting this optimism, Meta’s stock performance has been stellar, soaring over 164% year-to-date. Additionally, the average analyst target for the stock at an impressive $381. That points to Meta’s potential for long-term growth in the ever-evolving tech landscape.
Nvidia (NVDA)
Nvidia (NASDAQ:NVDA), a GPU powerhouse, is rapidly advancing in the AI sector, fueled by high demand for its AI training and inference chips. This growing interest is mirrored in its vigorous growth and strategic integration of HGX systems across major cloud platforms, highlighting Nvidia’s technological prowess.
Moreover, Nvidia’s stock showcases extraordinary growth, climbing 240% year-to-date and trading at $483. As a standout in the S&P 500 index this year, NVDA’s market capitalization surpassed the whopping $1 trillion mark. That remarkable surge reflects the company’s robust position in the AI sphere and its ability to consistently innovate.
Furthermore, Citi (NASDAQ:C) analysts forecasted that NVDA will maintain an impressive 90% market share in the AI GPU chip segment over the next few years. That projection, coupled with a Strong Buy rating from TipRanks analysts and a predicted 34% upside, positions Nvidia as a company with a clear trajectory towards even greater heights.
On the date of publication, Muslim Farooque did not hold (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.
