History Suggests the NASDAQ Could Soar in 2024: 2 Artificial Intelligence (AI) Stocks to Buy Before It Does
Patterns tend to repeat themselves in the stock market. And according to an analysis of the Nasdaq Composite going back to 1971, the tech-heavy index has risen by an average of 19% every year following a recovery year like 2023.
To be fair, past performance is not a guarantee of future results. But new innovations in artificial intelligence (AI) could help the market maintain its momentum. And for investors who want to bet on the bullish trend continuing in 2024 and beyond, buying shares of Amazon (NASDAQ: AMZN) and Meta Platforms (NASDAQ: META) could be great ways to do so.
Amazon stock rose by 60% over the last 12 months, which was almost enough for it to fully recover from the sharp dip it experienced in 2022. Shares now trade at a forward price-to-earnings (P/E) multiple of 44, a premium over the market average of 22. However, investors should still be optimistic because of the company's potential in AI and other opportunities.
Source Fool.com
Meta Platforms Inc. Stock
With 9 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
With a target price of 500 € there is a slightly positive potential of 16.55% for Meta Platforms Inc. compared to the current price of 429.0 €.
