Tech stocks have long been one of the most dynamic and lucrative sectors in the stock market. With their potential for rapid growth and the increasing integration of technology into every aspect of our lives, it’s no wonder that investors continue to flock to this space. While the future is never certain, tracking the performance of top tech stocks can offer valuable insights into potential investment opportunities.
For tech stocks, past performance can often be a strong indicator of future potential. Companies like Amazon and NVIDIA have consistently delivered impressive returns over the years. Although past performance doesn’t guarantee future results, monitoring high-performing tech stocks can help identify those with the potential to continue their growth trajectories.
However, investing in individual stocks requires a deep understanding of the company and the industry’s operation. Fortunately, we selected the seven best tech stocks to consider in Q4 2024, each selected for its strong market position, innovation, and growth potential.
Related: Top 5 Must-Buy AI Growth Stocks to Propel Your Portfolio in the AI Race in 2024
7 Best Tech Stocks in Q4 2024
1) NVIDIA (NVDA)
NVIDIA has been at the forefront of the AI revolution and tech stocks, with its GPUs powering some of the most advanced AI systems in the world. Over the past year, NVIDIA’s stock saw a dramatic rise, with its value soaring from a 52-week low of $39.23 to a high of $140.76 by June 2024. The growing demand for AI technology fueled this surge, leading to a 10-for-1 stock split and a 150% increase in its dividend in 2024.
However, the market’s enthusiasm for AI stocks has recently shown signs of caution. On September 3, 2024, Nvidia’s shares fell by 9.5%, erasing $279 billion in market capitalization in a single day. This significant drop reflects growing investor caution about the long-term sustainability of the AI-driven rally.
Despite this, NVIDIA’s Q2 fiscal results showed a 122% year-over-year sales increase, indicating heavy product demands. Moreover, in 2023, NVIDIA reported a 206% year-over-year increase in revenue. With its upcoming Blackwell GPU platform, Nvidia remains a crucial player in the tech stocks sector, although investors should be mindful of potential volatility.
2) InterDigital, Inc. (IDCC)
InterDigital, a lesser-known but influential player, specialises in wireless, video, and AI technologies. The company licences its innovations to tech giants worldwide, contributing to the backbone of modern communication and entertainment systems. In 2024, InterDigital reported record revenue for Q1 and Q2, leading to an upward revision of its full-year revenue guidance.
InterDigital’s strength lies in its robust patent portfolio, with about 32,000 U.S. and foreign patents. The company’s steady revenue growth and focus on cutting-edge technologies make it an attractive option for investors looking for stable, long-term growth in tech stocks.
3) Microsoft (MSFT)
Microsoft (MSFT) has been on a tear recently, with its tech stock upping 35% since May 2023. The tech giant has captivated investors with its consistent growth, driven by its dominance in software, gaming, cloud computing, and, most notably, artificial intelligence (AI). Founded nearly 50 years ago, Microsoft has established itself as a leader in multiple markets, with its flagship products like Windows, Office 365, Azure, and Xbox used by billions of people worldwide.
This broad-based success has propelled Microsoft to a market capitalization of over $3 trillion, making it the world’s most valuable company. Furthermore, in its third quarter of 2024 (ending March 2024), the company reported revenue of $62 billion, a 17% increase year-over-year, surpassing analysts’ expectations by more than $1 billion. Operating income also saw a robust 23% growth, reaching nearly $28 billion.
As Microsoft continues integrating AI into its core products, investors looking for a combination of stability and growth potential should look no further than Microsoft, as its track record and future prospects suggest it could be a “screaming buy” right now.
4) Credo Technology (CRDO)
Credo has made significant strides in the high-speed internet connections market and tech stocks, with its advanced chips and cables supporting everything from 100 gigabit to 1.6 terabit connections. The company reported a remarkable 89.4% increase in revenue for 2024, driven by AI deployments.
Massive companies like Microsoft are beginning to adopt Credo technologies, and we expect other cloud giants to follow suit. With a projected 62% revenue growth in fiscal 2025, Credo is poised to capitalise on the expanding demand for high-speed data transfer solutions.
5) Advanced Micro Devices Inc (AMD)
AMD has carved out a significant niche in the semiconductor industry, competing directly with Intel in CPUs and NVIDIA in GPUs. AMD’s success in gaining market share in both the PC and server markets has been noteworthy, with its Q2 2024 results showing substantial growth in unit share across various segments. In addition, in 2023, AMD reported $22.7 billion in revenue, driven by strong demand for its data centre products.
Besides, AMD is positioned to benefit from Intel’s recent struggles, including potential asset sales and capital spending cuts. Moreover, AMD’s strategic focus on AI and high-performance computing will definitely drive future growth. The company’s Instinct AI accelerators, launched in December 2023, are set to compete with Nvidia’s offerings, further solidifying AMD’s position in the AI space.
6) Qualcomm Inc. (QCOM)
Qualcomm has transitioned from primarily a wireless communications firm to a broader player in the intelligent edge and AI markets. The company’s Snapdragon mobile platforms are key drivers of its tech stock growth, enabling high-performance computing and connectivity in various devices, from smartphones to AI PCs.
Qualcomm’s strong performance in 2024, with a 52% stock gain, reflects its success in capitalising on the rollout of 5G technology and its diversified revenue streams. The company’s partnerships with industry giants like Microsoft further bolster its position as a leader in the AI and mobile computing markets.
7) Apple Inc (APPL)
Apple continues to dominate the tech stocks and landscape with their strong emphasis on AI as a crucial growth area. Recently, Citi identified Apple as its top investment pick for 2025, reflecting confidence in the tech giant’s ability to lead in this space.
Apple’s strategic moves, such as the potential investment in OpenAI, underscore its commitment to staying at the forefront of technological innovation.
The company’s stable corporate environment, highlighted by a well-received CFO transition, further strengthens investor confidence. Apple’s continued focus on AI and its robust product ecosystem make it a compelling choice for investors seeking exposure to cutting-edge technology.
Key Metric: Revenue Growth (2023): +22.52% YoY
Closing Notes
With everything considered, Tech stocks offer immense opportunities and significant challenges. While the sector’s complexity requires careful research and a solid understanding of market dynamics, patience is also crucial as the tech stocks market rewards those who hold onto their investments for the long term.
As Warren Buffett wisely notes: “The stock market is a no-called-strike game. You don’t have to swing at everything because you can wait for your pitch.”
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