3 Stocks That Will Make You Richer in 2024

It’s almost the end of the first quarter of the calendar year, and the good news for investors is that the S&P 500 index has delivered steady gains of 9% in 2024. More importantly, the stock market seems set for more upside as the year progresses thanks to strong earnings performances from major names in the index.

Not surprisingly, analysts have been quickly raising their forecasts about where the S&P 500 could be at the end of the year. Bank of America now expects the S&P 500 to hit 5,400 by the end of 2024 as compared to its earlier forecast of 5,000. Goldman Sachs lifted its forecast to 5,200 last month from 4,700 in December, but it looks like the investment bank will have to further raise its expectations as the index is already past that mark.

This broader stock market rally is going to be a big tailwind for the likes of Nvidia (NASDAQ: NVDA), The Trade Desk (NASDAQ: TTD), and Micron Technology (NASDAQ: MU). All three companies are benefiting from a major catalyst that could help them maintain impressive levels of growth in 2024 and beyond.

Let’s look at the reasons all three stocks are likely to head higher as the year progresses.

1. Nvidia

Nvidia stock has delivered impressive gains of 87% in 2024 as of this writing. And it still has the potential to deliver more gains this year thanks to its aggressive product road map that should allow it to maintain its dominance in the lucrative artificial intelligence (AI) chip market.

Nvidia estimates that data centers are on track to spend $250 billion this year on accelerated computing chips like the graphics processing units (GPUs) that the company sells.

CEO Jensen Huang says this addressable revenue opportunity in data centers is growing at an annual pace of 25%. Nvidia sold $47.5 billion worth of data center chips in fiscal 2024 (which ended in January this year).

Its revenue from this segment more than tripled year over year in fiscal 2024. And the massive revenue opportunity that Huang sees means that the company’s data center business still has a lot of room for growth, especially considering that it reportedly…

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