Technology stocks continue to lead the market higher. Especially companies associated with artificial intelligence (AI). So far in 2024, the technology-laden Nasdaq index is up 7%, building on last year’s 43% increase. In fact, it is nearing it all-time high.

Despite the bull run, the current rally in technology stocks looks to have legs. With the U.S. economy remaining strong and interest rates likely to come down later this year, market catalysts are moving forward. The likelihood of a sustained bull market is looming. Therefore, investors should take positions now in stocks of companies that are likely to benefit from the next move upwards.

Let’s explore three such tech stocks to buy this month.

Arm Holdings (ARM)

Investors may have already missed the bull run in British microchip designer Arm Holdings (NASDAQ:ARM). It’s difficult to evaluate when the share price is up 50% the day after the company issued its latest financial results.

At one point while typing these words, ARM stock was up 60% from the day before. The parabolic move comes after the microchip and semiconductor designer reported financial results. They beat Wall Street estimates and issued strong forward guidance due to demand from AI.

Arm Holdings reported earnings per share (EPS) of 29 cents versus 25 cents that had been expected among analysts. Revenue in what was Arm’s fiscal third quarter came in at $824 million compared to $761 million of the Wall Street forecast.

As for guidance, Arm, whose chips are used in nearly every smartphone and many personal computers (PCs), said it expects earnings for its current fiscal Q4 of 32 cents on revenue of $900 million. Analysts were looking for earnings of 21 cents and sales of $780 million.

Before this incredible one-day move in the share price, ARM stock had risen 27% since its initial public offering (IPO) last September. How much farther the stock will run remains to be seen.

Alphabet (GOOG/GOOGL)

Google parent company Alphabet (NASDAQ:GOOG/NASDAQ:GOOGL) enjoyed a good run over the last year. Yet, its share price doesn’t look exhausted.

In the past 12 months, GOOGL stock has gained 47%. It’s a strong result but not nearly as big a bull run as we’ve seen in many other technology stocks whose share prices have more than doubled in the same timeframe. And it might be wise to load up on Alphabet’s stock now before the next leg higher, especially as the company begins to monetize its AI offerings.

Further, Alphabet just announced that it is rebranding its main AI chatbot as “Gemini,” replacing the former name “Bard.” The change is being done to reflect Alphabet’s most powerful AI technology and large-language learning models. At the same time, Alphabet is launching a mobile version of its AI chatbot that comes with a paid subscription version called “Gemini Advanced.” Gemini Advanced is priced at $19.99 a month. This is the beginning of Alphabet’s efforts to build a true AI assistant for both consumers and businesses.

Nintendo (NTDOY)

Japanese video game giant Nintendo (OTCMKTS:NTDOY) is also performing well and could see further share price gains in coming months.

The company behind popular game titles such as Mario and Zelda, recently raised its forecast for sales of its flagship Switch video game console this year to 15.5 million units amid strong demand. Nintendo had previously said that it expected to sell 15 million Switch consoles during its current fiscal year.

Also, the upwardly revised sales forecast comes as Nintendo reported better-than-expected financial results for its third quarter. The company had net sales of 598.6 billion Japanese yen ($4 billion U.S.), which was better than the 568.7 billion yen expected among analysts. The company’s profits rose 18% from the same period in 2022. Nintendo said that the popularity of last year’s “Super Mario Bros.” movie and launch of a new Zelda game have helped sales of the seven-year-old Switch remain strong.

NTDOY stock has increased 45% in the last 12 months and is up 120% over five years.

On the date of publication, Joel Baglole held a long position in GOOGL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.