As of 2023, the United States economy has successfully navigated challenges, managing to cool down inflation and avoid a recession. Policymakers have worked to achieve a “soft landing,” aiming to further slow inflation without triggering a downturn that could lead to mass layoffs. Despite a generally positive outlook among economists. Inflation has shown signs of improvement, and the U.S. economy continues to grow, but caution remains as policymakers strive to maintain stability. With this currently rebounding economy, now is the time to invest in stocks that are on a strong growth tangent. Invest in these three key companies that young investors have in their crosshairs.

Stocks Resonating with Young Investors Block Incorporated (SQ)

Block Incorporated (NYSE:SQ) is a multinational American technology conglomerate, Block has a solid portfolio and extensive growth possibilities.

Exhibiting great financials, Block has beat earnings projections for the last three quarters and currently has a low ESG Risk Score of 19.8. Additionally, 39 Yahoo Finance! investors give it a price range of $40 to $100, with an average of $76.01. The company reports $20.79 billion in revenue in Q3 2023, with a YoY quarterly revenue growth of 24.40%. 

While currently making a loss, this is due to R&D expenditures towards fintech hardware with Bitcoin as a payment option. It sells these point-of-sale (POS) units at a loss but is likely to profit with increased cryptocurrency transactions. The company expands its customer base by partnering with Canadian cannabis firm, Jane Technologies. Additionally, Block makes a great margin through CashApp and Square transactions and subscriptions, amounting to 42%.

Block is a buy stock for millennials who want to invest in what they use, along with its great financials, developing an innovative fintech payment service, and more mentioned above. Make like the young investors and start investing.

Advanced Micro (AMD)

Advanced Micro (NASDAQ:AMD), specializes in semiconductor manufacturing. The company designs computer processing components, including microprocessors, graphics processors, and programmable gate arrays, catering to diverse industries.

Year-to-date, AMD stocks have surged by an impressive 130%. Currently priced at $146, analysts have provided price targets ranging from $54 to $182, with an average target of $121. Analysts recommend AMD as both a “Buy” and a “Strong Buy” option.

AMD has unveiled its latest offerings, the AMD Instinct MI300X accelerators and the AMD Instinct MI300A accelerated processing unit (APU), signaling a significant catalyst for the semiconductor giant. These cutting-edge solutions boast industry-leading memory bandwidth for generative AI, delivering breakthrough performance for large language model (LLM) training and inferencing. The AMD Instinct MI300 Series accelerators, featuring advanced technologies, are poised for widespread adoption in large-scale cloud and enterprise deployments. With key partnerships established with industry leaders such as Microsoft, Dell, HPE, Lenovo and Supermicro, AMD’s innovative hardware and open ecosystem approach position it at the forefront of the burgeoning AI solutions market. As a result, AMD’s strategic advancements underscore its commitment to empowering enterprises with state-of-the-art AI technologies, setting the stage for continued growth and leadership in the semiconductor industry.

In summary, AMD’s capacity to innovate and thrive across diverse industries positions it as a compelling investment opportunity for those seeking stocks with substantial growth potential for millennials. There’s a reason why young investors want to add this one to their portfolios.

Okta (OKTA) 

Okta Inc (NASDAQ:OKTA) is an American business focused on web services and network security. With the prevalence of the internet in the modern day, cybersecurity has jumped into a forefront concern, leading to the recent success of Okta. Valued at $90.60, OKTA saw a strong year-over-year growth of 39.47%.

The global information technology industry has been subject to recent surges in success, growing from $8.2 trillion in 2022 up to 8.9 trillion in 2023. This figure is expected to compound to nearly $12 trillion by 2027, marking a five-year CAGR of 7.9% With Okta being one of the largest players, expect for its market cap to increase by the year.

Largely, Okta has seen recent surges in business attributed to its heavy research and development into artificial intelligence and machine learning for its products. Recently, the company introduced the adoption of Okta AI, a cybersecurity protection using the power of AI for companies’ web pages. Results have been shown through the introduction, as seen by the 90% reduction of bot traffic and fake users. Overall, OKTA’s business strategy of adapting to the changing industry has proven to improve its business and give great forecasts for 2024.

On the date of publication, Michael Que 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.

The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.