ASML

3 Unstoppable Tech Stocks to Take You From $50,000 to $250,000 (and Beyond)

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While the broader stock market can often be unpredictable, investors continue their search for unstoppable tech stocks for big gains in 2024. Among the top contenders are companies harnessing the power of artificial intelligence, renewable energy and e-commerce.

Often characterized by their significant growth potential and established market positioning, these tech giants demonstrate an unwavering ability to thrive in the face of adversity. Moreover, they have a sound track record of reporting strong revenue and earnings growth over the years. As the digital revolution accelerates, these top unstoppable tech stocks will continue to shape the future.

Now, here are the top three unstoppable tech stocks for big gains in 2024!

ASML Holding (ASML)

Closeup of mobile phone screen with ASML logo on computer keyboard

Source: Ralf Liebhold / Shutterstock

ASML Holding (NASDAQ:ASML) is a Dutch company with a unique footing and dominance in a critical part of the semiconductor industry. They manufacture extreme ultraviolet (EUV) lithography systems, a complex technology essential for producing cutting-edge chips for smartphones, computers and AI applications.

The company is special due to its unique patents and exclusive rights to EUV lithography systems. There are only a handful of companies that have access to these machines, and their monopoly in the market makes ASML an extremely important company. The global chip shortage, which started during the pandemic, has been a positive for ASML. That is because demand remained high for its EUV systems, granting the company significant pricing power. In FY23, ASML delivered a record revenue of $27.6 billion. EPS skyrocketed 41% year-over-year (YOY) to $19.91 per share, with gross margins above street estimates. While this year is labeled as a ‘’transition year,’’ management expects a stronger second half of 2024.

Applied Materials (AMAT)

Applied Materials (AMAT) company sign outside office

Source: michelmond / Shutterstock.com

Applied Materials (NASDAQ:AMAT) remains one of the best unstoppable tech stocks for big gains in 2024. While operating in a different semiconductor segment than ASML, Applied Materials specializes in tools and equipment used in the fabrication of semiconductors.

Applied Materials plays a crucial role in the multi-step process of chip production. The company benefits tremendously from the continued expansion in chip manufacturing by some of the biggest industry players like TSMC (NYSE:TSM), Nvidia (NASDAQ:NVDA) and Intel (NASDAQ:INTC). Over the past 12 to 18 months, the wafer fabrication market saw a huge drop in spending. That inevitably impacted Applied Materials, which is a major beneficiary of this high barrier to entry market. However, it was able to weather the storm, and a rebound in the semiconductor equipment market is underway. In the 2023 fiscal year, revenue increased 3% YOY to $26.5 billion. EPS increased 9% YOY to a record $8.11 per share, with FCF up 65% to $7.6 billion. The turn of the semiconductor cycle is brewing, and Applied Materials valuation leaves a ton of room for growth.

MercadoLibre (MELI)

MercadoLibre (MELI) homepage on a smartphone

Source: rafapress / Shutterstock.com

MercadoLibre (NASDAQ:MELI) is the undisputed e-commerce leader in Latin America. Often referred to as “the Amazon of Latin America,” MercadoLibre is on pace to deliver outsized returns over the next decade. 

The company built a comprehensive ecosystem encompassing online marketplaces, its own payment solution (Mercado Pago) and a robust logistics network. Latin America’s growing middle class and internet usage provide a solid runway for accelerated growth in e-commerce adoption. Additionally, the company’s improving financial performance will be the catalyst to send shares soaring. In FY23, revenue increased an astonishing 37% YOY to $14.47 billion. Net income swelled 104% YOY to $987 million, nearly eclipsing the $1 billion mark. Moreover, the operating margin expanded by 280 bps, with FCF hitting a record $4.63 billion. MercadoLibre is making all the right moves, and its expansive ecosystem and dominance in LATAM make it well-positioned for long-term success.

On the date of publication, Terel Miles did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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