Blast-Off Alert: 3 Hyper-Growth Stocks Ready to Rocket Higher in 2024


  • Despite the valuations many of these hyper-growth stocks are seeing, there may be more room for upside.
  • Nvidia (NVDA): NVDA has emerged as a top semiconductor stock for investors looking to play the AI trend. 
  • Shopify (SHOP): SHOP has strong forward momentum, given recent analyst commentary around its growth prospects.
  • Meta Platforms (META): META has strong earnings, propelling smart money to pile into this hyper-growth stock.
hyper-growth stocks - Blast-Off Alert: 3 Hyper-Growth Stocks Ready to Rocket Higher in 2024


Last year was certainly a fantastic one for growth stocks. The S&P 500 bounced back and experienced a 24% increase after being down 19% in 2022. The index is currently hovering above 5,000 points for the first time ever and has officially entered a full-blown bull market. The resurgence, fueled by AI and other trends, certainly has a lot of optimistic sentiment brewing in the markets.

Of course, this is also the time for many more price-conscious bears to ramp up their efforts. Many top hyper-growth stocks look overvalued. Thus, I think 2024 could become a battle between the bulls and the bears. I have no idea who will win, but I do know which stocks have the most momentum right now.

Here are three hyper-growth stocks I think could have further room to run before bearish sentiment takes over. For those looking to play momentum strategies this year, here are three stocks to focus on.

Nvidia (NVDA)

Nvidia corporation (NVDA) logo displayed on smartphone with stock market chart background. Nvidia is a global leader in artificial intelligence hardware and software
Source: Poetra.RH /

With its strong revenue drivers and being the leader in the AI and GPU computing space, Nvidia (NASDAQ:NVDA) is a must-have in every growth investor’s portfolio. The company has thrived in recent months, driven to new all-time highs as investors look for ways to play what could be the next Industrial Revolution.

With artificial intelligence (AI) viewed as the lynchpin of this revolution, companies like Nvidia supplying the chips (and computing power) to support companies in this sector primes this company for years of growth. Of course, the fact that Nvidia’s 2023 returns, which saw the stock more than triple, may have priced in most of this growth, it’s clear the runway for Nvidia is a lot longer than many bulls previously thought. Thus, for those seeking a window into innovation, Nvidia remains the top option to consider.

Already up 46% year-to-date, Nvidia could certainly see a cool-down in its valuation as investors take a breather. But at just 36 times forward earnings, NVDA stock isn’t exorbitantly priced. In fact, on a valuation basis, it’s among the cheapest it’s been in years.

I’m not saying Nvidia can surge higher forever. Trees don’t grow to the sky. However, what I am saying is that 2024 could be a much better year than many bears are projecting for this stock. It’s one I think is dangerous to short at current levels right now, which many in the market agree with.

Shopify (SHOP)

Shopify (SHOP) logo on a smartphone which is next to a miniature shopping cart and miniature cardboard boxes
Source: Burdun Iliya /

Another top hyper-growth stock that has been on a tear is Shopify (NYSE:SHOP). This e-commerce platform provider comes in second on this list of hyper-growth stocks but remains a top company I’m bullish on for the coming year.

Shopify anticipates more successful earnings and revenue for Q4 2023 because of consumer holiday splurges. The stock’s price movement post-earnings will depend on whether it has surpassed or neglected expectations. The management and its commentaries will also highly influence the market sentiment.

Citi (NYSE:C) analysts recently lifted Shopify’s price target to $96 from $87, implying a potential 13% increase from Wednesday’s close. Despite the upgrade, Citi maintained a neutral rating due to concerns about tech layoffs and email authentication issues.

The economic recovery and lower inflation are expected to drive consumer spending, benefiting Shopify. Additionally, the company’s Q4 earnings report is just around the corner, and investors and analysts are anticipating good news and robust performance. Focusing on profitability, Shopify has optimistic free cash flow since 2020. Analysts are seeing a 20% increase in revenue and adjusted earnings per share. All that accounted for, the company is now in an excellent position, suggesting SHOP stock should remain a buy for investors.

Meta Platforms (META)

In this photo illustration the Meta logo seen displayed on a smartphone and in the background the Facebook logo
Source: rafapress /

Surging 20% since February 3, Meta Platforms (NASDAQ:META) shows strong earnings, optimistic year guidance, and innovative shareholder initiatives. That has helped the company drive its way to a $1.2 trillion market capitalization.

In Q4, Meta posted adjusted earnings per share of $5.33 on $40.11 billion in revenue, surpassing expectations. It also raised its buyback by $50 billion and initiated a $0.50 per share quarterly dividend. Q1 revenue is forecasted at $34.5B to $37B. Meta CEO Mark Zuckerberg emphasized vital investment areas, notably AI. He aims to develop top-tier AI products and services, aiming to provide users with advanced AI assistants.

Meta announced plans to utilize 350,000 Nvidia H100 chips and raised its 2024 capital expenditures guidance. In other META news, the company announced a new feature: labels on AI-generated images on Facebook and Instagram to distinguish real from fake content. That aims to address concerns regarding the spread of misinformation. While its effectiveness remains uncertain, I think Meta’s management team is making all the right moves right now. Accordingly, I think this is a stock that’s going to be hard to bet against for the coming year, earning it a spot on this list.

On the date of publication, Chris MacDonald did not hold (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 Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

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