Coming off a year where the Nasdaq 100 gained 55%, you wouldn’t expect there to be many Nasdaq 100 tech bargains, let alone the index to have a repeat performance in 2024. Yet, the technology-laden benchmark is leading the way again a month into the new year. It’s up over 3% so far in January, which would lead to another annual gain of about 45% if it maintained that pace!

Of course, it’s unrealistic to expect the market to keep growing like that. For example, Intel (NASDAQ:INTC) just offered near-term guidance that cut the knees out of its stock, and other chipmakers sympathized. Semiconductor stocks had been among the best performers last year. You can expect continued volatility in the sector and other markets, too.

Even so, while the index is still near its all-time highs, Nasdaq 100 tech bargains are available. What follows are the seven best opportunities to cash in on future growth.

Nasdaq 100 Tech Bargains: Cisco Systems (CSCO)

The reason Intel’s guidance sucked was because companies are rushing headlong into artificial intelligence (AI) data center chips and away from standard processors. While Intel is late to the game, those same forces are exactly why Cisco Systems (NASDAQ:CSCO) is taking off. Shares are up 10% over the past few months. I see that as only the beginning.

Cisco sees massive orders piling up for its AI-based Ethernet architecture that runs under the GPU architecture. CEO Chuck Robbins sees $1 billion in order flow coming in fiscal year 2025, or twice as much as previously predicted. That’s because that’s when the Ethernet buildout will really take off. Cisco already has its Ethernet fabric deployed at three major hyperscalers. The world’s four largest hyperscale platforms are Amazon’s (NASDAQ:AMZN) AWS, Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google Cloud, Meta Platforms (NASDAQ:META), and Microsoft’s (NASDAQ:MSFT) Azure. Together, they account for around 78% of total capacity.

Cisco also works with Nvidia (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD), and even Intel to develop Ethernet technologies for GPU-enabled infrastructure. That makes the networking hardware leader part of this tightly-knit growth industry that shows no sign of letting up.

Fortinet (FTNT)

The ongoing buildout of the cloud also means the data transitioning from brick-and-mortar data centers needs protection. Fortinet (NASDAQ:FTNT) is a leading provider of cybersecurity solutions for enterprises, service providers, and government organizations. And it’s not just with the underlying architecture where AI plays a leading role. Next-generation data and app security driven by AI tools is in high demand. After two disappointing quarters, though, Fortinet is growing again.

Much of the cybersecurity specialist’s business was centered around hardware-based firewalls monitoring traffic for physical data centers. As we said before, enterprise spending was moving to the cloud. But Fortinet has heavily invested in AI, and its secure access service edge (SASE) offerings are expanding. Fortinet says SASE is a $17 billion market growing at a 20% compounded annual rate and is expected to hit $36 billion by 2027. It sees continued momentum of its SASE solutions that were adopted by internet providers, including AT&T (NYSE:T), British Telecom (OTCMKTS:BTGOF), Telefonica (NYSE:TEF), and others. 

FTNT stock is up 50% from the lows it hit after earnings, but more growth will come.

Nasdaq 100 Tech Bargains: Lam Research (LRCX)

The pell-mell rush into AI chips also boosts Lam Research (NASDAQ:LRCX), the premier manufacturer of specialized semiconductor equipment. Its etch and deposition tools allow for more sophisticated chips and advanced packaging techniques that AI requires. Etching is the selective removal of film and material from a wafer to create features customers want.

This is another tremendous growth opportunity because of the new chip design technology under development. Called gate-all-around (GAA), manufacturers can have material on all four sides of a transistor instead of three. It could greatly increase chip speed and efficiency.

Lam Research sees it as alone being a $1 billion opportunity. As Lam is one of the few equipment manufacturers that could handle such an increase, it can reap the benefits. It is already approaching a 75% market share in the space.

Sales and profits are growing, as its recently released earnings report indicated. Yet, trading at only 23 times next year’s earnings estimates is a bargain stock to buy.

Palo Alto Networks (PANW)

Palo Alto Networks (NASDAQ:PANW) is also cashing in on the demand for cybersecurity products. Unlike Fortinet, however, it has been hitting the mark each quarter. Its stock is up 115% over the last 12 months and is 16% higher so far this year. Sales and profits are on a rocket-ride higher with earnings increasing 10-fold year over year last quarter.

Driving this performance is its new AI-powered Cortex platform (I’m sensing a theme with what makes a business successful these days). Cortex now has 5,300 customers, up 25%, and it was the first to achieve 100% detection and prevention from cyberattacks in industry-standard testing.

What sets Palo Alto Networks apart from the crowded cybersecurity field is its agnostic approach to protection. It offers SASE products, cloud, on-site, hybrid protection solutions, next-gen firewalls, and more. By giving the customer what it wants, it has met the broadest needs of the market. With Wall Street expecting earnings to grow 22% annually for the next five years, Palo Alto Networks should record a sonic boom in growth.

Nasdaq 100 Tech Bargains: ASML Holding (ASML)

Like Lam Research, ASML Holding (NASDAQ:ASML) offers specialized semiconductor equipment for AI chip production. It differs from the competition because it has a monopoly on extreme ultraviolet lithography (EUV) machines. It is the world’s only manufacturer of the machines needed by Taiwan Semiconductor Manufacturing (NYSE:TSM), Intel, Samsung, and other chipmakers.

These machines are not exactly mass-produced either. It built just 345 lithography systems last year, 81 immersion systems, and only 40 EUV machines. But what it lacks in volume, ASML makes up for in price. The EUV equipment, for example, goes for around $200 million a pop.

Yet ASML is in the process of further cementing its dominance by developing next-generation high-numerical aperture (high-NA) lithography systems. These will allow its customers to produce even smaller chips. They’re also not bargain-basement priced. These next-gen machines sell for about $300 million each. It shipped the first one to Intel in December.

That’s why the stock is still undervalued despite ASML stock trading at an all-time high. It already enjoys rich profit margins, and analysts forecast it will grow earnings 24% annually for the next five years.

T-Mobile (TMUS)

The ongoing 5G infrastructure rollout is arguably the biggest driver of future growth for telecom giant T-Mobile (NASDAQ:TMUS). It marks the first major upgrade to the country’s telecom infrastructure, allowing greater download speeds. Because data consumption is the biggest profit center for telecoms, the upgrade will help boost earnings further. The analysts at PwC forecast global data consumption over telecom networks will grow nearly three-fold from 3.4 million petabytes (PB) in 2022 to 9.7 million PB in 2027.

T-Mobile stands to benefit the most as it recently became the largest U.S. wireless carrier, edging out Verizon (NYSE:VZ). It recorded 21.6 million prepaid users, while its rival slipped to 21.4 million. 

I’ve noted before Wall Street forecasts T-Mobile will enjoy an incredible run-up in earnings over the next few years. Analysts estimate profits will expand 43% a year in the long term. At that rate, the stock trades at just a tiny fraction of that growth rate. Investors can expect explosive gains to continue.

Roper Technologies (ROP)

Roper Technologies (NASDAQ:ROP) is arguably one of the most under-the-radar technology stocks. It plies its trade in application software, network software, and tech-enabled products, giving it broad market coverage. It’s not flashy like other tech stocks, but it says it is the leader in most markets in which it operates. At the same time, no single competitor competes with it over many product lines. It’s the jack-of-all-trades of tech stocks.

Yet Roper still mastered growth. Over the past three decades, Roper Technologies generated total returns of over 33,200%. In contrast, the S&P 500 managed just 2,100% returns. It’s up 24% in the past year and just plods on, growing year after year.

Wall Street expects long-term earnings growth to triple compared to the last five years. It pursues a growth-by-acquisition strategy, buying asset-light, cash-generating businesses. It then reinvests this excess cash in businesses seeking incrementally higher rates of return. 

Roper Technologies has a decades-long track record of success and seems equally prepared for decades of growth.

On the date of publication, Rich Duprey held a LONG position in T stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.