More often than not, investors should not just consider the upside risk of stocks but also the potential downside risk. While established companies like Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOG,NASDAQ:GOOGL) continue to innovate, there are other notable companies at the forefront of groundbreaking technologies. This includes areas such as artificial intelligence (AI), telecommunications, streaming and renewable energy. 

When investors have the ability to distinguish from the hype, they have the opportunity to get very rich in the next technological revolution. 

Now, here are 3 revolutionary tech stocks that are set to skyrocket in 2024!

Qualcomm (QCOM)

Qualcomm (QCOM) logo on an outdoor sign

Source: Akshdeep Kaur Raked /

Qualcomm (NASDAQ:QCOM) takes the cake as one of the top revolutionary tech stocks to buy in 2024. The semiconductor giant is set to make a mark in the generative AI space, and their core business is showing promising signs of a turnaround.

Qualcomm had itself a tough 2023 fiscal year, with revenue declining 19% YOY. Net income and EPS declined 44%, respectively. The company was still overcoming the semiconductor shortage in the back half of 2022, as well as the double digit declines in the handset market. Furthermore, there was a general weakness in IoT spending, heavily influenced by slower demand in the industrial market. 

However, their latest quarterly results are pointing to a recovery, and Qualcomm continues to make strategic investments into generative AI. In Q1 FY24, revenue increased 5% to $9.9 billion. EPS increased by 24% as they continue to build momentum for their Snapdragon platforms. Furthermore, the company plans to release a CPU AI chip (Snapdragon X Elite) this year expected to run generative AI models 2X faster than its competitors. With the handset segment posting 16% YoY growth in the quarter, this could be a positive sign of a swift recovery underway.

Netflix (NFLX)

Netflix (NFLX) logo displayed on smartphone on top of pile of money.

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Netflix (NASDAQ:NFLX) is one of the best in class tech stocks for 2024. Their new ad membership plan and cost-cutting measures in 2023 are laying the groundwork for accelerated growth. Furthermore, price increases have further demonstrated their pricing power capabilities, as they aim to increase streaming services market share. 

The past 12 months have been transformative for Netflix, and a number of catalysts signal upside ahead. Netflix new ad-plan membership has been a game changer, and shareholders have yet to see the long-term revenue growth opportunities. The new ad-plan membership is growing 70% quarter over quarter, boosting Netflix’s FCF from operations. 

In FY23, Netflix’s revenue grew 12% YoY, and operating margin expanded 300 basis points from FY22. However, what got Wall Street excited was the company’s FCF hitting a record $6.9 billion. Restructuring efforts, which also included cracking down on password sharing, has been extremely instrumental to the company’s goal of driving long-term shareholder value. Netflix’s pricing power has been a huge strategic advantage for the company, making them ripe for new highs in 2024.

Arista Networks (ANET)

Image of Arista Networks (ANET) logo on the side of a building

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Arista Networks (NYSE:ANET) is an American company in the world of computer networking and cloud computing. The company specializes in multilayered network switches that cater to large data centers, cloud computing and other high-performance computing environments.

Arista’s network infrastructure is critical for the rapid scaling and deployment of generative AI applications. Their sophisticated network switches allow for greater flexibility, automation, and control over network operations. Arista’s EOS (Extensive Operating System), is the backbone of their solutions with over 75 million cloud network ports deployed in the campus, WAN, and hyperscale environments. Additionally, their Cloudvision platform will drive network flow optimization for data centers.

It is clear that data centers are the backbone of the artificial intelligence revolution. In Artista’s FY23 results, revenue skyrocketed 34% YOY to $5.86 billion. Net profit surpassed $2 billion for the first time, with EPS up an astonishing 54% to $6.58 per share. Operating margin increased to 38.5%, with the company remaining focused on driving profitable growth. Artista continues to invest in R&D while achieving outsized performance in a tougher macroeconomic environment. 

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 Publishing Guidelines.

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

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