3 Affordable Tech Stocks to Buy to Turn $5K Into $25K by 2030


  • Below are the top three affordable tech stocks set to outperform the market through 2030. 
  • Taiwan Semiconductor (TSM): There is no AI without TSMC foundry services. 
  • American Express (AXP): Management forecast strong double digit growth in revenue and EPS in FY24. 
  • Qualcomm (QCOM): They are one of the cheapest semiconductor stocks to benefit from the AI boom.
Affordable tech stocks - 3 Affordable Tech Stocks to Buy to Turn $5K Into $25K by 2030

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Investing in technology stocks can be a very thrilling, yet often expensive endeavor. This is where affordable tech stocks come in, to give investors an edge and avoid the inevitable turmoil from a market correction. 

The most well-known names in the tech industry sometimes boast hefty valuations, making it challenging to build a portfolio for the every-day investors. However, if you are able to look beyond the hype you can find hidden gems trading at relatively cheap valuations. By carefully selecting undervalued companies within the innovative tech space, you can position your portfolio for substantial gains by 2030.  

Now, here are the top 3 affordable tech stocks to buy in 2024 and beyond!

Taiwan Semiconductor (TSM)

image of TSM semiconductor office building
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Taiwan Semiconductor (NYSE:TSM) is the world’s leading semiconductor foundry and is at the heart of the technology revolution. The company will get a boost in revenue and profits in 2024, and will be a major beneficiary of the sky high demand for AI GPUs.

Taiwan Semiconductor is arguably one of the most important companies in the world. They currently hold more than 50% market share in semiconductor foundry services, which deals in the fabrication of advanced semiconductor chips. TSMC powers nearly everything from smartphones, laptops, refrigerators, electric vehicles (EVs), and advanced AI applications. Wall Street is starting to take notice of the company after management forecasted more than 20% revenue growth this year on AI demand. Furthermore, TSMC will benefit from a $5 billion grant through the U.S. Chips and Science Act to build a new fabrication plant in Arizona. With a forward PE of 22, TSM stock is one of the top affordable tech stocks to buy in 2024.

American Express (AXP)

the American Express logo etched into wood
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American Express (NYSE:AXP) traditionally known for its credit cards, continues to adapt to changing consumer preferences. They have showcased strong revenue and earnings growth over the years, and their valuation is still a bargain in comparison to other tech stocks on the market.

American Express has adapted well to the changing payments landscape, offering a diverse array of digital payment solutions and merchant services. AXP has maintained a strong brand reputation and loyal customer base, holding a significant competition advantage in the marketplace. Their affordability comes from its attractive valuation compared to other fintech giants like Visa and Mastercard. The company’s PE ratio of 19 suggests it is undervalued. Especially when considering their growth trajectory and guidance for the 2024 fiscal year. In their latest quarterly results, revenue increased 11% YOY to $15.8 billion. Earnings per share skyrocketed 39% YOY to $3.33 per share, with the Millenial and Gen Z segment accounting for over 60% of new accounts. With management guiding double digit growth in revenue and EPS in 2024, AXP should certainly be kept on your radar.

Qualcomm (QCOM)

A photo of the Qualcomm (QCOM) logo on a gray building against a blue sky.
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Qualcomm (NASDAQ:QCOM) continues to pave the way in wireless connectivity, and is now a major player in the burgeoning generative AI market. Their Snapdragon platform is seeing unprecedented demand, and will be a key growth driver in the 2024 fiscal year. 

Qualcomm’s chip technology is critical for powering next-generation 5G networks. This new generation of wireless connectivity underpins a new era of connected devices, autonomous vehicles and Internet of Things (IoT). While Qualcomm’s growth has been somewhat dampened by the recent slowdown in the smartphone market, the company’s strategic diversification into new areas presents an exciting opportunity. Their AI CPU, Snapdragon X Elite, is set to revolutionize the PC market and accelerate revenue and earnings growth. This specialized AI chip will meet the growing demands of AI workloads and run generative AI models 2X faster than its competition. Moreover, its latest processors include support for lightning fast 5G networks, Wi-Fi 6E and Bluetooth 5.2. Qualcomm currently trades at 17X forward earnings, leaving a lot of room for upside through 2030.

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.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.

Article printed from InvestorPlace Media, https://investorplace.com/2024/04/3-affordable-tech-stocks-to-buy-to-turn-5k-into-25k-by-2030/.

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