Last Updated on October 29, 2023 by SPN Editor
For mid-sized stock investors, the challenge often lies in the art of timing. It’s a familiar scenario: when you finally have the funds ready to invest, the stock prices may not align with your desired entry point. Conversely, when stocks hit your target price, you might find your investment capital lacking. This classic investor’s dilemma can be a tough one to crack. The top five AI-driven stocks to invest in 2024 picked by Google Bard are Nvidia (NVDA), Adobe (ADBE), Fiverr International (FVRR), Datagod (DDOG), and Sociedad Quimica y Minera de Chile (SQM). Here, I’m offering a selection of 5 stocks to Invest in 2024. You have a generous 60-day window to prepare and save, ensuring that you’re well-prepared to invest when the time is right.
It’s worth noting that this selection isn’t just based on personal preferences. These recommendations come with a nod of approval from Google Bard, an AI tool gaining popularity for its data-driven insights.
Please keep in mind that you don’t need to invest in all five stocks. You have the freedom to pick and choose from these options, aligning your investments with your financial goals and risk tolerance. However, I strongly recommend adopting a long-term investment perspective, ideally holding onto your chosen stocks for a duration of 5 to 10 years. This approach allows you to weather short-term market fluctuations and potentially benefit from the growth of these companies over time.
For those who find themselves with limited capital, a systematic investment plan (SIP) is a wise strategy. This approach involves buying stocks in smaller, regular amounts, typically on a monthly basis. Over time, SIPs can accumulate into substantial investments, helping you build wealth steadily and consistently.
The key takeaway is that timing is crucial, but it’s not everything. Staying informed, diversifying your portfolio, and adopting a long-term perspective are valuable strategies in your investment journey. Whether you’re saving up to invest a lump sum or opting for periodic SIPs, these recommendations aim to guide you toward a more secure financial future in 2024 and beyond.
Please see these 5 Stocks to Invest in 2024:
1. Nvidia (NVDA): Unleashing the Power of GPUs
Nvidia is a semiconductor giant renowned for its Graphics Processing Units (GPUs). These versatile GPUs find applications in a wide array of industries, including gaming and artificial intelligence (AI). As the leading provider of GPUs for gaming PCs and consoles, Nvidia has solidified its position in the multi-billion dollar gaming industry. Moreover, the company is strategically positioned to leverage the surging trend of cloud gaming, offering cost-effective alternatives to hardware-intensive gaming experiences.
Over the past decade, Nvidia has carved an extraordinary growth story. Imagine investing $1,000 in Nvidia’s stock in October 2013, which would now be valued at around $115,000, reflecting a jaw-dropping return of 11,400% over ten years. While replicating such exponential growth is challenging, Nvidia is embarking on an exhilarating transformation by pivoting towards Artificial Intelligence (AI) technology.
Capitalizing on AI: Nvidia’s strategic focus revolves around AI, primarily through its advanced GPUs. This approach positions Nvidia as a key player in the AI landscape, aiming to maximize market opportunities while mitigating risks.
Signs of Growth: Nvidia is already reaping the benefits of its AI-centric strategy. In the third quarter, the company reported record-breaking revenue of $13.5 billion, marking an 88% increase from the previous year. This extraordinary growth was chiefly driven by the data center segment, which witnessed a remarkable surge of 171%. Nvidia’s enterprise GPUs played a pivotal role in meeting the soaring demand for computationally-intensive AI applications in data centers.
Diversifying the Future: While the gaming and automotive segments recorded growth rates of 22% and 15%, respectively, there’s significant potential for transformation in the coming decade. Nvidia’s gaming segment, encompassing GPUs for personal computers and consoles, may witness cyclical rebounds, especially with the increasing GPU intensity of video games and the emergence of cutting-edge technologies like augmented and virtual reality.
Automotive Innovations: Nvidia’s automotive division is setting ambitious goals in pioneering self-driving software as a service. Despite the current limitations of autonomous driving technology, analysts foresee a future where it could generate annual revenues of $300 billion to $400 billion by 2035, presenting a massive opportunity for early movers in the industry.
2. Adobe (ADBE): Empowering Digital Content Creation
Adobe, a software juggernaut, offers a suite of creative products that include Photoshop, Illustrator, and Acrobat. As the shift towards digital content creation gains momentum, and the subscription-based software model gains popularity, Adobe stands to benefit. The proliferation of social media, e-commerce, and streaming video has fueled the demand for digital content creation, with Adobe’s creative products serving as essential tools for content creators.
Adobe’s current stock price stands at $508.12. The forecast for Adobe’s stock price in the coming years is as follows: By mid-2024, it’s expected to reach $600, with further projections of $700 by the end of 2025, $800 in 2026, $900 in 2027, and $1,000 in 2028. Looking ahead to 2030, the estimate is $1,100, followed by $1,200 in 2032, $1,300 in 2034, and a potential increase to $1,400 in 2035.
In the short term, from 2025 to 2029, the forecast suggests a 47% potential increase in stock price, starting the year 2025 at $642, reaching $651 by mid-2025, and concluding the year at $748. Further into the future, from 2030 to 2034, it’s projected to start 2030 at $1,080, rise to $1,102 by mid-2030, and end the year at $1,125, representing an expected 25% increase, which translates to approximately +121% from the current value.
3. Fiverr International (FVRR): Flourishing in the Gig Economy
Fiverr International operates a dynamic freelance marketplace that connects businesses with freelancers worldwide. The company is strategically positioned to thrive in the burgeoning gig economy and meet the increasing demand for remote work. Fiverr offers a wide spectrum of services, making it one of the leading freelance platforms. The gig economy is experiencing rapid expansion, and Fiverr’s services, which include web design, graphic design, writing, and video editing, are in high demand. Furthermore, the rising popularity of remote work presents an excellent opportunity for Fiverr, allowing businesses to tap into a global talent pool.
In the short term, the Fiverr International stock forecast for tomorrow predicts a value of $21.37, indicating a 0.62% gain compared to the current price. Over the next week, it’s expected to increase by 2.55% and reach $21.78.
In the long term, based on the 10-year average growth of Fiverr International (FVRR), here’s what the forecasts suggest:
- 1 year from now (2024): $98.00, marking a potential increase of 361.41%.
- 2025: $103.90, reflecting a substantial 389.18% increase.
- 2030: $5,499.14, indicating a remarkable growth of 25,790.48%.
4. Datadog (DDOG): Empowering IT Infrastructure Monitoring
Datadog offers a cloud-based monitoring and analytics platform that aids businesses in tracking and troubleshooting their IT infrastructure. The company is set to gain from the continuous growth of cloud computing and the rising demand for monitoring and analytics solutions. As cloud computing becomes the fastest-growing segment of the IT industry, Datadog’s platform helps businesses manage their cloud infrastructure efficiently.
Datadog (NASDAQ: DDOG) has captivated investors with its exceptional growth rates since going public in September 2019. The data visualization company’s revenue experienced a compound annual growth rate (CAGR) of 79% between 2017 and 2021, and it anticipates further growth of 60%-61% in 2022.
Datadog’s stock journey witnessed an ascent from its IPO price of $27 to an all-time high of $196.56 in November 2021. While the stock currently trades at approximately $70 a share, its market value remains significant. At its peak, Datadog boasted a value of $61 billion, which was 37 times the expected revenue of $1.65 billion in 2022. It’s currently valued at $22 billion, still a substantial ten times the expected revenue of $2.21 billion in 2023.
In the fourth quarter (Q4) of 2022, Datadog reported sales of $469 million, signifying a 44% year-over-year increase. The company concluded the year with 23,200 customers, a notable rise from 18,800 in 2021. Furthermore, Datadog ended 2022 with 2,780 customers generating annual recurring revenue
5. Sociedad Quimica y Minera de Chile (SQM): One of the world’s largest lithium producers
Sociedad Quimica y Minera de Chile (SQM) is a Chilean mining company renowned as one of the world’s largest lithium producers, a vital component in electric vehicle batteries and various electronic devices. With the global shift towards clean energy and the growing popularity of electric vehicles, SQM is strategically positioned to capitalize on the rising demand for lithium. Thanks to its substantial lithium reserves and efficient production processes, SQM is well-prepared to meet this surging demand.
Looking forward, here are the stock predictions for Sociedad Química y Minera de Chile S.A.: In the short term, the 1-year forecast for 2024 suggests a stock price of $27.46, reflecting a -46.25% change. Moving ahead to the mid-term, the 5-year prediction for 2025 anticipates a stock price of $71.49, indicating a significant 39.93% increase. For the long-term outlook, by 2030, the projection stands at $165.60, reflecting substantial growth of 224.13%.