Buy These 3 Turbocharged Tech Stocks Without Pause

In the past year, technology stocks have powered the S&P 500 higher, pushing it out of bear territory and to a record high, confirming a bull market. Technology stocks should continue to rise in these markets since they favor growth stocks.  

Some have improved since last year's best performances. A stock's double- or triple-digit rise doesn't mean it's too late to acquire it. The company's earnings, prospects, and market position must be examined. These can help investors decide if the stock can grow. A strong presence in AI, a fast-growing field, gives a corporation extra points. (The AI market will exceed $1 trillion by the end of the decade.)  

1. Nvidia Over the past year, Nvidia (NASDAQ: NVDA) stock has risen more than 200% on excitement about its AI chip domination. The corporation holds about 80% share, and its leadership is likely to persist due to its increased R&D expenditure and vow to release more powerful processors.  

Nvidia recently revealed the expected release of its Blackwell architecture, which contains six technological advancements, later this year. The world's most powerful CPU and a second-generation transformer engine will let Blackwell double its processing capability. Generative AI can be run on the Blackwell platform with 25 times lower cost and energy usage than before.  

Nvidia's chip dominance has helped company profitability rise in recent years. In the most recent quarter, revenue and net income increased in the triple digits. Given its track record and qualities, the stock appears reasonable at 34 times forward-earnings expectations today.  

2. Meta Platforms (NASDAQ: META) shares have increased over 130% in a year as the company invests in expansion after cost cutbacks. Meta's biggest investment this year is in AI.

You probably know Meta more for its social media than its AI work. Facebook, Messenger, Instagram, and WhatsApp are owned by the business, and over 3.1 billion people use them daily. Due to its brand power, Meta has a robust moat, or competitive advantage, which keeps advertisers coming back to reach app users.

This has helped Meta expand revenue and profit, and the software company launched its first dividend because it's certain it can grow and reward investors. Meta is all-in on AI. Its customers can eventually employ AI to enhance their experiences. Given this, Meta is inexpensive at 25 times forward-earnings forecasts.  

3. Amazon Amazon (NASDAQ: AMZN) stock has risen 70% in the past year as the company recovers and proves its long-term viability. In 2022, Amazon battled with increased inflation but swiftly improved its cost structure, which should allow it succeed in any economy. Amazon's revenue rose double-digits last year, returning to profitability after a 2022 deficit, its first in almost a decade.  

Amazon could gain from its dominance in high-growth industries like e-commerce, cloud computing, and AI. AWS sells AI goods and services to customers, and Amazon is utilizing AI to enhance operations and save money. These measures should boost short- and long-term earnings. Currently selling at 42 times forward-earnings expectations, Amazon doesn't look costly. I'd buy this stock without hesitation.  

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