SPECIAL REPORT The Top 7 Stocks for 2024

What Are the Top Growth Stocks to Buy Right Now? 3 Picks


  • These growth stocks are positioned to dominate their respective industries, setting the stage for a robust outlook.
  • Nvidia (NVDA): Nvidia impresses with a 235% stock surge, $18.12 billion revenue, and leading AI chips, signaling strong future growth in AI-driven markets.
  • Li Auto (LI): LI’s groundbreaking electric car, the MEGA, and a vast retail network fuel a 138% stock rise and a 271.3% revenue bump, marking a significant market impact.
  • Microsoft (MSFT): Microsoft’s AI-driven strategy boosts revenue to $56.5 billion, with in-house AI chips enhancing its leading position in tech innovation.
top growth stocks - What Are the Top Growth Stocks to Buy Right Now? 3 Picks

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The landscape for top growth stocks in 2023 is radiating with potential after an unimpressive 2022. With signs of inflation slowing, investors are reevaluating their approach to these dynamic equities. During this market rally, it’s an opportune moment to identify and choose promising growth stocks, a strategy that could yield significant benefits in the changing financial landscape.

However, investing wisely goes beyond merely following trends; it’s crucial to look ahead with a discerning eye. By focusing on a long-term strategy and selecting companies with a consistent growth history, investors can protect their portfolios from short-term market volatility and secure strong returns over time.

Additionally, astute investors are keenly searching for key drivers poised to lift certain companies and their stock values. Therefore, these three growth stocks have demonstrated remarkable potential for sustained growth. Historically resilient, they have thrived even through challenging times, marking them as wise picks for investors eyeing long-term rewards.

Nvidia (NVDA)

Nvidia corporation (NVDA) logo displayed on smartphone with stock market chart background. Nvidia is a global leader in artificial intelligence hardware.
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Nvidia (NASDAQ: NVDA), renowned for its graphics processing units (GPUs) and artificial intelligence chips, is experiencing an extraordinary year. The tech giant’s share price has impressively soared by 235% year-to-date, reflecting its dominant position and innovative prowess in the industry.

Moreover, Nvidia’s third-quarter results impressively exceeded expectations, with its non-GAAP earnings per share reaching $4.02, surpassing forecasts by 63 cents. Additionally, the company’s revenue soared to a remarkable $18.12 billion, a 205.6% increase year-over-year, and exceeding predictions by $2.01 billion, highlighting Nvidia’s significant growth.

Consequently, Nvidia’s robust earnings this year are largely attributed to its A100 and H100 chips, pivotal in powering large language models (LLMs) essential for training AI. These chips drive the advanced applications and programs at the heart of AI’s growth. With the chip slump waning and the demand for AI chips escalating, Nvidia is poised for a notable earnings surge in the near term, promising significant benefits for both the company and its shareholders.

Li Auto (LI)

Li Auto (Li Xiang) brand logo and electric car in store. A Chinese EV(electric vehicle) company
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Li Auto (NASDAQ:LI) has made a notable impact in the global EV market. The company boasts a robust network with 361 retail stores across 131 cities. It is complemented by 318 servicing centers, authorized bodies, and paint shops in 213 cities. Reflecting this expansive footprint, the company’s stock has surged 138% over the past year.

Recently, Li Auto has created a buzz by unveiling the LI MEGA model, swiftly garnering over 10,000 orders in just two hours. This overwhelming response underscores strong consumer interest and sets an optimistic stage for its commercial deliveries, slated to commence in February 2024.

Financially, Li Auto is in a strong position with a cash reserve of a robust $12.1 billion as of the third quarter. Its financial strength is further highlighted by a significant revenue jump to an impressive $4.75 billion, marking a 271.3% increase year-over-year. This rapid growth signals a promising outlook for the company’s future.

Microsoft (MSFT)

Microsoft logo close up. Microsoft (MSFT) Flagship Store Fifth Avenue, Manhattan, NYC.
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Microsoft (NASDAQ:MSFT) is one of the largest broad-based technology providers in the world, dominating the PC software market with more than 80% share. The tech giant has strategically embraced artificial intelligence across its offerings. Microsoft Office now includes the AI-powered CoPilot, and the company is integrating AI in numerous ways within its Azure cloud platform.

Moreover, in the first quarter of 2024, it showcased financial prowess with $56.5 billion in revenue, up 13% year-over-year, and a 27% increase in net income. The Microsoft Cloud, especially the Intelligent Cloud segment, played a key role, achieving a 19% revenue growth.

Furthermore, Microsoft’s AI evolution takes a significant leap with its new in-house AI chips, Azure Maia 100 and Cobalt 100. This development reduces reliance on suppliers like Nvidia, cuts costs, and paves the way for more in-house AI advancements, marking a strategic move in AI integration and positioning Microsoft at the forefront of AI technology innovation.

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

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

Article printed from InvestorPlace Media, https://investorplace.com/2023/11/what-are-the-top-growth-stocks-to-buy-right-now-3-picks/.

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