The allure of trillion-dollar stocks has become more pronounced with the advent of artificial intelligence. Reaching the trillion dollar market cap is reserved for only a select few of industry giants. 

As the global economy continues to evolve and technology redefines industries, the opportunities are endless. Several companies are poised to join the ranks of tech titans like Apple and Microsoft. While predicting such stratospheric growth is inherently tricky, these 3 companies exhibit characteristics that could propel them toward this highly coveted milestone. 

Now, let’s explore the 3 best trillion-dollar stocks that are on the path to victory in 2024!

Broadcom (AVGO)

Broadcom (NASDAQ:AVGO) is among the most promising tech stocks to reach the trillion-dollar market cap status. The stock doubled in 2023 after the company’s stellar financial performance and investments in artificial intelligence. 

Their core strength relies on semiconductors, with 79% of their revenue stemming from this sector. The company’s chips power everything from smartphones, to WI-FI routers, data centers, and storage solutions. However, what has been the key growth driver is the company’s customer silicon chips to meet the growing demands of generative AI offerings. This led to the company’s record revenue of $35.8 billion in 2023, driven by investments in network connectivity for AI deployments.

Broadcom saw a record adjusted EBITDA margin of 65% in FY23. Furthermore, the company generated $17.6 billion in FCF and delivered a record EPS of $32.98 per share. Now with the acquisition of VMWare under their belt, they expect adjusted EBITDA to increase to $30 billion in the 2024 fiscal year. This makes Broadcom one of the best trillion-dollar stocks to buy for 2024. This makes it potentially one of those trillion-dollar stocks in the making.

Visa (V)

Visa (NYSE:V) is a multinational payments company and one of the world’s leading payment processors. The company closed off a strong 2023 fiscal year, and the outlook for 2024 remains strong. 

Visa continues to lead the charge in payment processing. Its robust network seamlessly powers everyday purchases for consumers, businesses, and financial institutions. Their unique partnership model offered through their Visa-branded cards has fueled their global expansion over the last decade. Additionally, the company’s brand recognition has served as a ubiquitous symbol of secure and convenient payments. 

In FY23, Visa’s revenue increased 11% to $32.6 billion. FCF swelled to $19.6 billion with GAAP EPS up 22% YOY. Consumer spending has remained resilient despite higher interest rates. They have also continued to see strength in cross-border transactions, which grew 20% from the year prior. This is reflected in their Q1 FY24 results, with cross-border volume up 16% YOY. With the authorization of a new $25 billion share repurchase program, Visa remains a top stock to build wealth through 2030.

ASML Holdings (ASML)

ASML Holdings (NASDAQ:ASML) products play a crucial role in the technology that we use every day. They are the leading manufacturer of advanced lithography systems that make advanced semiconductor chips. 

ASML’s dominance lies in its expertise in extreme ultraviolet (EUV) lithography, the most advanced technique for small, powerful semiconductor chips. Currently, the company holds exclusive rights to EUV systems, making it an indispensable partner to companies like Samsung and TSMC. This has led to ASML becoming the third most valuable company in Europe. Management delivered strong financial results in 2023, and a broad recovery in semiconductor end markets is a promising sign for 2024. 

In FY23, ASML delivered record revenue of $27.6 billion, up 30% YOY. Gross margins remained robust at 51.3%, above guided company and street estimates. The company also saw record net income of $7.8 billion driven by strong order intake. While the company projects 2024 revenues to be in line with 2023, key investments in R&D will lay the foundation for accelerated growth in FY25. 

On the date of publication, Terel Miles 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.