3 Growth Stocks to Buy Now: June 2024


  • The stock market is dismissing concerns over fading hopes for interest rate cuts making these companies growth stocks to buy now.
  • Qualcomm (QCOM): The mobile handset chipmaker’s move into AI is opening new doors for additional growth.
  • Coinbase (COIN): Buying a picks-and-shovels stock is the best way to play the cryptocurrency market.
  • Nvidia (NVDA): The AI chipmaker absolutely dominates the market and is leaps and bounds ahead of the competition in innovation.
growth Stocks to Buy Now - 3 Growth Stocks to Buy Now: June 2024

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I guess it’s okay to stop worrying about Federal Reserve interest rate cuts. While the stock market continued climbing to new all-time highs as we moved from possibly six cuts this year to three, then to one, new reports of much higher-than-expected industrial production in May suggests we may not get any cuts until next year. Still, that’s apparently a risk-off event and the stock market rose yet again. 

While a rising tide lifts all boats, some growth stocks to buy now look better than others because they have catalysts that are driving them higher. That’s what investors should look for in a frothy market, businesses with fundamental reasons for growing.

These three growth stocks below should be on your shopping list this month. They all have valid, business-related reasons for their growth trajectories. Although each is trading at or near record highs of their own, they could rise much higher very fast.

Qualcomm (QCOM)

An image of the top half of a black smartphone with a white screen displaying a blue "Qualcomm" logo, with a blurry white "Qualcomm" logo on a blue design in the background.
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Mobile handset chipmaker Qualcomm (NASDAQ:QCOM) is increasingly immersing itself into artificial intelligence (AI). Its Snapdragon 8S Gen 3 chip has the necessary power to handle the complex processing chores the technology demands.

The 8S Gen 3 supports on-device generative AI and can run large language models (LLM) of up to 10 billion parameters, which includes Meta Platforms (NASDAQ:META) Llama 2 and Alphabet’s (NASDAQ:GOOG, GOOGL) Gemini Nano from Google.

The chipset is featured on Samsung’s Galaxy S24 and Qualcomm may become the exclusive provider for the smartphone maker’s new Galaxy S25. Analysts believe the chipmaker’s next chip iteration, the 8S Gen 4, is also in line for a price hike by as much as 25% to 30%. That should significantly boost Qualcomm’s top and bottom lines.

While a lot of attention was paid to Apple (NASDAQ:AAPL) introducing AI to the iPhone, Samsung was happy to give its rival a John McClane-esque “welcome to the party, pal” greeting. In acknowledgment of Qualcomm’s chips giving the S24 AI capabilities last year, Samsung tweeted, “Adding ‘Apple’ doesn’t make it new or groundbreaking. Welcome to AI.” 

Shares of the chipmaker are up 57% in 2024 and 85% higher over the past year. If this news of a Samsung partnership proves true, Qualcomm could be starting a new leg of higher growth.

Coinbase (COIN)

A close-up of the Coinbase (COIN) app install option.
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I’ll be the first to admit that cryptocurrencies aren’t my thing. I don’t quite understand them and most seem more like penny stocks where traders look for the greater fool to sell to. There is no utility in most of the coins being bid up, which can only lead to disaster. That’s why investors should stick with cryptos that have actual utility, such as Bitcoin (BTC-USD). In that same vein, I’d prefer a picks-and-shovels crypto player that provides the tools investors need versus buying the actual coins themselves. It’s why Coinbase (NASDAQ:COIN) makes for a natural growth stock to buy now.

It offers a secure online platform for buying, selling, transferring and storing crypto. It is agnostic regarding which crypto you choose. Investors can use it even if they want to go out on a limb with some riskier coins out there. Not every coin is supported, of course. However, the site says it supports more than 260 digital assets and 300 different trading pairs. It also offers custody for more than 425 digital assets.

Although I was skeptical of the staying power of crypto (I told a friend to sell the Bitcoin he bought for $600 when it hit $7,000 — fortunately he didn’t listen), it is clear it is a viable asset to buy, sell and hold. It will also grow in value. Even for a confused doubter like me, Coinbase is an obvious choice to grow even larger in size and value.

Nvidia (NVDA)

Nvidia Corporation logo on smartphone screen. Against stock prices, stock chart. Investments in securities.. NVDA stock
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Nvidia (NASDAQ:NVDA) is now the most valuable stock on the market. Having blasted through the $1 trillion and $2 trillion market capitalization marks, it was only a matter of time before it crashed through $3 trillion, too. Then it set its sights on Microsoft (NASDAQ:MSFT) and quickly achieved the top spot.

So it’s natural to think that after tripling in value in one year, Nvidia stock is poised for a fall. At the least, it might not have much more to add. I thought that once and was quickly proven wrong.

The rise of AI is what has Nvidia stock hurtling to new heights. Because the technology is so much in its infancy and the chipmaker is so far out in front of the competition, the increasing demands of the technology will keep powering Nvidia higher.

Nvidia also needs to keep innovating to maintain pace with the advances of AI. No sooner did it begin production of its Grace Blackwell superchip than it announced another new AI chip architecture, Rubin. It’s not due out until 2026 but we can see that Nvidia is continuously looking forward.

It is possible the announcement could hurt sales of the Grace Blackwell chip. Customers might wait for the new chip out of Nvidia instead of buying the “obsolete” technology. Yet it shows how rapidly the AI market is evolving. It also indicates just how far in front of the field Nvidia is. It makes the chipmaker the premiere growth stock to buy now.

On the date of publication, Rich Duprey 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 InvestorPlace.com Publishing Guidelines.

Rich Duprey has written about stocks and investing for the past 20 years. His articles have appeared on Nasdaq.com, The Motley Fool, and Yahoo! Finance, and he has been referenced by U.S. and international publications, including MarketWatch, Financial Times, Forbes, Fast Company, USA Today, Milwaukee Journal Sentinel, Cheddar News, The Boston Globe, L’Express, and numerous other news outlets.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/3-growth-stocks-to-buy-now-june-2024/.

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