If you invested in just about any of the big tech stocks earlier last year, chances are you made a decent return by year’s end. The Nasdaq, which tracks many of the major technology equities, rose by 43.4% in 2023, beating all other major indices. Now that we’re in 2024, it’s time to reexamine some of these tech giants and see which ones are poised for massive growth in the coming quarters.
Advanced Micro Devices (AMD)
Last year, Advanced Micro Devices (NASDAQ:AMD), one of the more prominent fabless CPU and GPU makers in the market, announced how it would tackle the AI market. In particular, during their second-quarter earnings report, the chipmaker finally announced the MI300x GPU chipset, which will compete directly with Nvidia’s A100 and H100 chips used to train LLMs. The chipmaker announced it expects to sell $2 billion in AI chips next year.
While, in 2023, AMD’s shares performed somewhat inconsistently due to traders betting on the company’s long-awaited AI chips but at the same time bearing worries about the slowing PC market, AMD’s stock more than doubled and could be on its way to another great year.
2024 will have to be the year AMD proves it can compete with Nvidia (NASDAQ:NVDA) in churning out high-performance chips for large language models (LLMs) and data centers. AMD has definitely overcome competitors as an underdog, and it would not surprise me if the chipmaker did it again.
CrowdStrike (CRWD)
CrowdStrike (NASDAQ:CRWD) is a cybersecurity firm on the rise, and the company has undoubtedly come a long way. According to IDC, CrowdStrike was the largest player in the Worldwide Endpoint Security market in 2022, even outpacing Microsoft (NASDAQ:MSFT).
CrowdStrike specializes in cloud-based endpoint protection and threat intelligence services. The company’s comprehensive platform leverages artificial intelligence, behavioral analytics, and threat intelligence to detect and prevent breaches.
CrowdStrike’s shares have climbed more than 140% by the end of 2023. The stock’s market cap currently exceeds $62 billion. As the company continues to leverage AI in its endpoint security products, CrowdStrike could attract more customers and grow its business.
Multiple earnings beats in 2023 show CrowdStrike’s solutions were in demand despite a volatile macro-environment. Many enterprises have cybersecurity at the forefront of their digital transformation efforts and uncertainty in the economy is less likely to upend those plans. CrowdStrike has much to benefit from here.
Meta Platforms (META)
Having a massive user base of nearly 4.0 billion monthly active users across its family of apps including Facebook, Instagram, WhatsApp, and Messenger, Meta Platforms (NASDAQ:META) is the third company on this list that is ready for massive growth. The number of cumulative users alone gives Meta an impressive edge in building out and testing its novel social media endeavor.
Today, Meta Platforms has focused on pioneering contemporary metaverse conceptualization. While Meta had certainly dipped its toes in virtual reality (VR) in the past, lately the social media giant has plowed more capital into Facebook Reality Labs, a research division that develops cutting-edge technologies for augmented reality, haptics, and neural interfaces. Operational efficiencies and decent revenue growth brought Meta a very profitable Q3 2023. This can also prepare the company to focus resources on its most innovative products, which could catapult the company into an era of renewed growth.
On the date of publication, Tyrik Torres 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.
