1. Alphabet (GOOG 0.48%) (GOOGL 0.50%)
Alphabet takes the top spot on the list of top stocks for 2024. With its revenue streams derived from ad sales through Google search engine and YouTube, Alphabet is poised to benefit from the rebound in advertising spending. In addition, Alphabet’s advancements in artificial intelligence (AI) with its Gemini generative AI model will further boost the stock in 2024. With a low valuation of only 20 times 2024 earnings, Alphabet presents an attractive investment opportunity.
2. Amazon (AMZN 1.73%)
Amazon is projected to have a strong year in 2024, thanks to its improving margins and consistent revenue growth. Despite a less favorable year for its Amazon Web Services (AWS) cloud computing business, the rise of artificial intelligence is expected to drive demand, leading to a successful 2024 for Amazon. With its substantial market presence and continued margin improvement, Amazon remains a solid pick for investors.
3. Airbnb (ABNB -0.45%)
Despite facing challenges such as recessions and short-term rental bans, Airbnb continues to deliver excellent results. In the third quarter, Airbnb recorded an 18% revenue growth, generating significant cash flow. Regardless of the economic climate in 2024, Airbnb’s ability to generate cash and repurchase its own stock make it a reliable choice for investors.
4. CrowdStrike (CRWD 2.93%)
CrowdStrike is a key player in the cybersecurity market, offering comprehensive protection to businesses and customers. With rising cyber threats, the demand for top-notch cybersecurity solutions is increasing. CrowdStrike’s annual recurring revenue showed substantial growth of 35% year over year in the third quarter, indicating its bright future in a vital market. Investing in CrowdStrike presents an opportunity for long-term growth.
5. MercadoLibre (MELI 0.17%)
Latin America’s MercadoLibre stands out with its dual-path growth strategy, combining commerce and fintech. The company’s remarkable growth in commerce and fintech revenue in Q3 demonstrates its success. With analysts projecting strong revenue growth of 23% for 2024, MercadoLibre is poised to maintain its impressive performance. With a massive market opportunity in Latin America, MercadoLibre is well-positioned for another strong year.
6. Taiwan Semiconductor (TSM -0.88%)
Taiwan Semiconductor is expected to have a strong performance in 2024 as the chip demand cycle reaches its bottom. The production of its advanced 3nm chip will further boost revenue, driven by the integration of game-changing technology into popular products like iPhones and Nvidia’s GPUs. With an attractive valuation of 16 times 2024 earnings, Taiwan Semiconductor presents a compelling investment opportunity.
7. UiPath (PATH 0.04%)
UiPath provides robotic process automation (RPA) software, offering a range of AI tools to automate various tasks. The company has already captured a significant portion of the market, with its annual recurring revenue growing 24% year over year in Q3. As UiPath maintains its leadership position, it is well-positioned for continued growth in the coming years, making it an attractive investment, considering its current valuation.
8. dLocal (DLO -2.46%)
dLocal offers a game-changing payment processing infrastructure for companies operating in regions like India, Peru, Nigeria, or Bangladesh. By allowing companies to outsource financial transactions, the business has gained trust from customers like Amazon, Shopify, Nike, and Spotify. Despite being relatively small, dLocal consistently turns a profit. With a favorable valuation of 21 times 2024 earnings, dLocal is worth considering for investors in 2024.
9. PayPal (PYPL -0.99%)
PayPal stands out as one of the cheapest stocks on the market with solid business results. With a favorable valuation compared to the S&P 500, PayPal is well-positioned for a recovery in 2024. The company’s new CEO and market-beating earnings growth projections make PayPal an attractive investment choice.
10. Adobe (ADBE 0.01%)
While known for its digital media creation tools, Adobe is expanding into generative AI. Despite trading at 30 times 2024 earnings, Adobe’s valuation is attractive considering its historical average. Investors should keep an eye on Adobe as it enters 2024 with potential for growth.
While the reasons behind the selection of these stocks vary, these top picks for 2024 offer investors a range of opportunities across different sectors. With careful consideration and potential for market-beating performance, these stocks present attractive investment options for the upcoming year.