3 Top Nasdaq Stocks That Are Set to Triple
The current market sell-off has been brutal to wide selection of stocks, but it seems to have affected stocks in the Nasdaq Composite more than the broader market. Tech stocks have historically been listed on the Nasdaq, and they tend to have higher valuations due to the margin profile. These stocks also tend to get hit harder when the market crashes, causing the Nasdaq to drop alongside them.
Today we are going to look at three Nasdaq stocks that have been hit by the sell-off, but also have the real potential to triple in value over the next three to five years. They are Nvidia (NASDAQ: NVDA), dLocal (NASDAQ: DLO), and MercadoLibre (NASDAQ: MELI). Of course, the key here is holding long enough to see these holdings triple, but with the business outlook this trio has, that won't be difficult for investors.
Trading down 52% from its all-time high, Nvidia stock is down the least out of this trio. This $400 billion business designs and builds graphics processing units (GPUs) used in gaming computers, crypto mining, and data centers. While crypto saw a boom last year, this year has been terrible for nearly every cryptocurrency. This headwind may cause some sales pressure, but it is hard to quantify how much because some of the same GPUs used to power gaming computers are also used for mining cryptocurrency.
Source Fool.com
