Tech stocks saw high volatility throughout 2023 but are entering the new year on a high note. The future of the economy looks promising, with inflation cooling and, hopefully, interest rates coming down. Several economists have revised their growth projections for the economy and are highly optimistic about 2024. That means now is the time to grab tech stocks. Several tech companies saw their stocks hit 52-week highs and are ready to skyrocket this year. The innovation in technology and adoption of artificial intelligence (AI) will change the future of tech companies. If you are ready to make the most of the technological developments, here are the three millionaire-maker tech stocks set to redefine wealth by 2025.
Tech Stocks to Buy: Nvidia (NVDA)
Nvidia (NASDAQ:NVDA) is a clear winner of the AI race and is ready to soar higher in the coming years. If you look at the bigger picture, it looks like Nvidia still has a long way to go. The company’s major revenue generator was the gaming segment, but this has changed with time. In the recent CES Event, the company shared the latest updates to its GPUs, which have enhanced performance and improved efficiency.
Nvidia is already a winner in the AI race, and its financials are proof that it is way ahead of its competitors. NVDA stock is exchanging hands for $560, and is already up 222% in the past year. While it may not be possible for it to repeat the rally, it will continue soaring upwards to $600.
When I recommended the stock back in 2021, it was trading for $222. If you’d bought the stock then, you would be sitting on massive gains today. However, the stock remains a buy and is one of the best tech stocks to get rich.
The company is set to announce earnings in February, and I believe it has the potential to beat expectations again and report a revenue of $20 billion. Nvidia has already sold over half a million chips in 2023, and there is no stopping its momentum. The AI boom is taking Nvidia to unimaginable heights, and as an investor, you could take home massive gains over the next two years.
Advanced Micro Devices (AMD)
The biggest competitor of Nvidia, Advanced Micro Devices (NASDAQ:AMD), is not the one to slow down. The company has already made big moves by launching a new chip and is ready to take on the AI market. AMD stock has the potential to soar in 2024 with a growing market share. The company has released the Instinct MI300A chip as well as the MI300X GPU, which is faster than Nvidia’s H100, and tech giants, including Meta Platforms (NASDAQ:META) and Microsoft (NASDAQ:MSFT), have shown a willingness to use AMD’s chips.
AMD sells the chips for thousands of dollars, which means it is possible to hit a record revenue in the coming quarters. Consumers not willing to wait for weeks to get their hands on Nvidia’s chips will be willing to use AMD chips.
AMD stock recently hit a 52-week high and is trading at $160 today. While it is up 127% in the past year, it still has a long way to go. In the third quarter, the company reported a revenue of $5.8 billion, up 4% year-over-year (YoY), and I believe the upward trend will continue.
While it may not be able to enjoy the same rally as Nvidia stock, it has the potential to keep moving higher throughout 2024. With the top tech firms showing interest in AMD’s chips, there is a high chance of the company gaining a strong market share. I am certain AMD can redefine wealth by 2025.
Alphabet (GOOG, GOOGL)
While we are talking about redefining wealth, Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) is one stock that needs a mention. The company has a strong market share, several growth opportunities and ample cash to keep growing. It is no stranger to the world of tech and AI and has grown tremendously in the last five years.
The company’s Google Search and YouTube are two revenue-generating platforms. With streaming gaming’s importance, YouTube is only going to grow. Advertisers will be happy to put money into advertising to make the most of Alphabet’s market share. The company saw an 11% YoY revenue increase in the third quarter.
Alphabet’s cloud segment is also thriving. It saw the revenue reach $8.4 billion in the third quarter from $6.9 billion in the same period the previous year. This momentum could continue throughout 2024, and we could see the cloud segment bring in higher revenue than the company’s advertising revenue. My InvestorPlace colleague Chris MacDonald gives three compelling reasons to be bullish on Alphabet stock.
It is one of the strongest names in the industry, and its wide network of products will continue generating revenue in the years to come. GOOG stock is a long-term buy and hold, and if you look at the bigger picture, you will see the company has become indispensable in our lives and will only make you richer in the years to come. Alphabet has the potential to deliver market-beating returns, and you will never regret owning the stock.
On the date of publication, Vandita Jadeja 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.