3 No-Brainer Stocks You Must Own in 2024
The U.S. equity market is all geared up to end 2023 on a strong note. So far in 2023, the benchmark S 500 index has gained nearly 19%, while the technology-heavy Nasdaq Composite is up by 35.5%. According to ING Economics, the Federal Reserve's interest rate hike cycle has not only come to an end but the central bank is expected to cut interest rates multiple times in 2024. This bodes well for the U.S. stock market.
Investors keen to take advantage of the improving stock market sentiment can consider buying high-quality stocks riding strong tailwinds. Here's why Nvidia (NASDAQ: NVDA), Super Micro Computer (NASDAQ: SMCI), and ServiceNow (NYSE: NOW) fit the bill.
Semiconductor giant Nvidia's shares have soared by nearly 220% so far in 2023, driven mainly by its uncontested leadership in the artificial intelligence (AI) chips and software markets. Since the training and deployment of large language models (LLMs) in generative AI applications involve the use of huge amounts of computing power, demand for Nvidia's cutting-edge GPUs from data centers, content service providers, and enterprises has significantly surpassed available supply.
Source Fool.com
