I expect that these popular stocks for 2024 will continue to be in prominence for many years to come. So here are seven of these companies to consider.
Apple (AAPL)
Apple (NASDAQ:AAPL) is consistently a favorite among investors due to its strong brand and innovative products.
I expect that this year will be a strong one for AAPL, thanks in part to the release of the Apple Vision Pro, a mixed-reality headset. It combines elements of virtual and augmented reality to allow users to tap into digital worlds and could be a way to dive head-first into the metaverse. The headset is equipped with twin 4K displays, offering HDR picture quality with high pixel density. The visuals are designed to be clear and realistic.
Furthermore, AAPL is partnering with companies like Disney (NYSE:DIS) to offer its users exclusive content, which may give consumers an independent reason to take a look at it. Pre-orders have already started for the headset, and the release date is scheduled for February. This then makes it one of those popular stocks for 2024.
Tesla (TSLA)
Tesla (NASDAQ:TSLA) is a popular choice for investors interested in technology and sustainability thanks to its innovations in electric vehicles and batteries.
It should be noted, though, that TSLA stock has suffered recently. Notably, revenue growth has slowed, and its cash generation has decreased, primarily due to increased competition in the electric vehicle market.
But there are two sides to every story. On the other hand, TSLA’s EPS is expected to surge in the low double-digits throughout FY2025 and FY2026. That’s 31.39% and 32.26%, specifically, and that also comes with higher revenue projections for those years.
Although TSLA is feeling the heat from some of the newer entrants to the market, specifically from Chinese automakers like Xpeng (NYSE:XPEV), which offer competitive Advanced Driver Assistance Systems (ADAS), I believe that TSLA’s all-American appeal will continue to be a strong one, which may give some buffer to its competitive moat.
Amazon (AMZN)
As a leader in e-commerce and, more recently, cloud computing, Amazon (NASDAQ:AMZN) is a mainstay in many investment portfolios.
The company is popular enough to have redefined how millions of Americans shop for essential goods. Having Amazon AWS certifications for developers and network engineers is also becoming increasingly important, so Amazon is redefining huge aspects of society.
While AWS has been growing more slowly compared to Microsoft’s (NASDAQ:MSFT) Azure, it is expected to pick up steam. This is due to the progressive implementation of generative AI, which could be another realm in which it will compete.
AMZN’s EPS is expected to surge this year, by 34.80%. There’s an 11% projection for its top line to increase as well, which makes it one of those popular stocks for 2024 for investors to keep on top of.
Microsoft (MSFT)
Microsoft has many forks in the fire that make it among those popular stocks for 2024. These growth drivers include software, cloud services, and, increasingly, hardware.
It’s also branching out into fields such as quantum computing, and, of course, its partnership with OpenAI has breathed some new life into its Bing search engine.
These initiatives have all done their part to make investors feel they are doing the right thing by holding MSFT stock, but there’s more. Microsoft has been performing very well, with revenue in its most recent quarter rising by 13% year over year and earnings per share (EPS) soaring by 27%.
Looking ahead, things look accretive for the company as these growth drivers continue to unfold.
Alphabet (GOOG, GOOGL)
Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) has a wide range of interests in technology, from search engines to self-driving cars. Google is one of the most recognizable brands on the planet and is one of the few companies ever to have its business name coined as a verb: “Google it,”
Alphabet also owns two of the most-visited websites on the Internet (Google and YouTube) and has one of the most popular smartphone operating systems (Android) and one of the largest ad networks. As one of the key members of the Majestic 7, the GOOG stock price surged over 57.01%. This came amid the AI-induced craze and the company releasing its chatbot, Claude.
Looking ahead, and things only look positive from here for the company. Analysts predict that there will be low double-digit growth for its EPS from 2024 to 2028, growing to $13.14 per share as the median estimate. As Alphabet continues to maintain its relevance, there could be appreciable stock price increases on the horizon as well, moving in step with a growing top line and swelling profitability.
Meta Platforms (META)
Meta Platforms (NASDAQ:META) is a major player in social media and is investing heavily in the development of virtual and augmented reality. META opened the floodgates to Web 2.0, and I expect that it will continue to remain strong and relevant throughout this year and beyond.
This brand recently reached a $1 trillion market capitalization, which underscores that investors are increasingly willing to bet on the metaverse and Mark Zuckerberg’s vision for the future.
As I’ve discussed in previous articles, I believe that the metaverse is more than just virtual headsets and living in independent realities, but rather a continued shift of blurring the physical reality with our digital lives, which has been ongoing since even before the release of social media. META’s top line is expected to swell from $154.36 billion in FY2024 to $225.44 billion in FY2028. This then makes it one of those popular stocks for 2024, and beyond that, investors should follow closely.
Nvidia (NVDA)
Nvidia (NASDAQ:NVDA) is at the forefront of graphics processing technology and is making significant strides in artificial intelligence and gaming.
Before the advent of cryptocurrencies, NVDA still made some of the best GPUs around and shared a close rivalry with Advanced Micro Devices (NASDAQ:AMD). Today NVDA stock has pulled far ahead of its rival, and has many forks in the fire for future growth.
NVDA stock is one of the new brands in the Majestic Seven that still carry a “Strong buy” rating along with a projected increase in its stock price. This, combined with its strong position in the consumer electronics market and cryptocurrency mining space, makes a strong contender to watch for capital appreciation
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.