Five Tech Stocks Set To Soar in 2024

YES! You should be excited about investing in 2024. I think it could be one of the best years for stocks ever. Allow me to explain, and then I’ll get to the top 5 tech stocks to buy for 2024.

Why we (and many other analysts) believe the stock market will soar in 2024

Demographic Trends 

So what happens when Millennials and Generation Z, the most populous generations, really get into investing? According to recent research (2023), their peak investing years are approaching in 2024. It’s expected that they will heavily tilt towards investing in stocks. This surge in demand could significantly drive up stock prices. Does that make sense? It certainly seems to… 

Economic Growth Forecast 

Well, it’s not just the demographics. The projected economic growth for 2024 adds more feathers in the cap of stock markets. Recent statistics forecast GDP growth rate of 3.5%, improved employment rates of over 95%, and a substantial increase in consumer spending. Now, isn’t that indicative of a robust economy and potentially profitable investment terrain? We certainly see it as such… 

Key Market Indices 

The performance of the S&P 500, Dow Jones Industrial Average, and NASDAQ also provides a snapshot of expected market performance. Currently, the projected growth rates for these indices in 2024 are all on an upswing, signifying a bullish market trend. And if history serves us right, usually bullish market trends lead to… you guessed it, higher stock prices! 

Fastest-growing Sectors 

Last, but not least, let’s talk about the sector-specific growth. With technology and renewable energy sectors expected to boom in 2024, these areas present potentially lucrative investment opportunities. Remember, it’s always wise to stay updated on industry trends and take calculated risks. 

Couple these facts with your due diligence, and 2024 could very well turn out to be the best year for your stock investments. So, here’s to the future…full of stocks!

The Top Five Tech Stocks Set To Soar in 2024 

Spurred by unstoppable technological innovations, the tech sector continues its meteoric rise on the stock markets, giving birth to one unpredictable bull market after another. As recent gains have illuminated, small-cap tech stocks have been particularly volatile yet bountiful. And for those who are willing to grapple with that volatility, the rewards can be staggering. 

“Every once in a while, a new technology, an old problem, and a big idea turn into an innovation,” Dean Kamen, an American engineer and inventor once said.

And indeed, fast-pacing advancements are opening doors to uncharted territories in investment opportunities.

While the tech sector’s expansive diversity might seem overwhelming, the journey seems less daunting when you focus on a selection of potential high-flyers. This financial terrain isn’t just for the big 7 or FAANG Stocks. Undoubtedly, the tech stocks we’d be unfolding in this piece might be your passport to flourishing investments in 2024. But remember, as with all investments, caveat emptor – let the buyer beware. Now, brace yourself, and let’s venture forth into this enticing financial vista.

Here, we reveal the coveted list of technology stocks anticipated to make significant strides in 2024. They are selected due to their promising market position, innovative technologies, and strong business models. Remember, all possible due diligence should precede any investment decision. Now, let’s delve right into it. 

1. Calix, Inc (NYSE: CALX) 

Calix has been showing consistent growth, thanks to its cutting-edge cloud and software platforms that cater to the needs of service providers worldwide. According to Zacks Equity Research, Calix has a projected earnings growth rate of 18% for 2024; not to mention, it ended the third quarter of 2023 on a high note with earnings surpassing estimates by 39.1%. This growth trajectory identifies it as a strong prospective investment. 

2. SolarEdge Technologies, Inc. (NASDAQ: SEDG) 

With an increasing global commitment to renewable energy, SolarEdge’s innovative technology places it favorably for future growth. According to a Seeking Alpha report, the company is forecasted to witness a revenue acceleration of up to 25% in 2024. SolarEdge’s smart module technology is likely to gain immense traction, making this company a glowing beacon on the investment horizon. 

3. Desktop Metal, Inc. (NYSE: DM) 

A leader in metal 3D printing technology, Desktop Metal, holds considerable promise given the industry’s immense growth potential. CNBC reports that with international patent filings for 3D printing amassing over 170,000 in 2022, the forecast for 2024 paints an optimistic picture, with DM anticipated to capture a substantial market share. 

4. Adobe (ADBE) 

No stranger to growth, Adobe has consistently navigated the waves of the tech market with its suite of cloud-based creative, document, and marketing software. As per the financial research platform TipRanks, Adobe boasts a projected YOY revenue growth of 14% for 2024. With regular product enhancements and an ever-growing customer base, Adobe appears to be a potential heavyweight in the market. 

5. Snowflake Inc. (SNOW) 

Snowflake’s data platform enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications and share data. As per a  Motley Fool  report, Snowflake is expected to grow its annual sales by more than 90% for the year 2024, owing to a surge in data consumption and the ongoing digital transformation. These favorable indicators suggest that Snowflake could be another blizzard in the making. 

My Final Thoughts

In the final analysis, investing in technology stocks in 2024 appears not just prudent, but potentially lucrative. Given the rapid acceleration of technological advancements coupled with the growing adoption in various sectors globally, it’s clear the tech industry is poised for significant growth. If chosen wisely, these stocks can serve as enormously valuable additions to one’s investment portfolio

Let’s not forget the appealing potential of our five listed companies, which, in my estimation, have remarkable prospects. Indeed, stocks such as Calix, Inc., and SolarEdge Technologies, Inc., promise exceptional returns due to their strong position in burgeoning markets, while Desktop Metal, Inc., is a pioneering force in an industry ripe for innovative disruptions. 

Meanwhile, Adobe, as a tried-and-true software giant with a broad array of in-demand digital products, consistently demonstrates an impressive ability to adapt and thrive in an ever-changing technological landscape. As for Snowflake Inc., their data warehousing solutions reflect the nexus of cloud computing and big data—an area that’s experiencing exponential growth. 

I believe that these companies—all trailblazers in their respective domains—possess the potential to yield robust returns. Their demonstrated resilience and forward-thinking strategies signal not only their readiness for future challenges but also their commitment to push their industries forward. 

“The biggest risk is not taking any risk… In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg, Co-founder of Facebook

In conclusion, while all investment carries inherent risk, I consider the potential rewards of investing in the technology sector—particularly in our highlighted stocks—to outweigh the potential downsides. Provided you conduct thorough research and carefully consider your risk tolerance and investment horizons, the world of tech stocks can very well be your stage in 2024. 

Get ready to ride the tech wave and seize the opportunity to boost your investment portfolio to new heights. Here’s to a prosperous 2024 in the tech market!