With 2023 turning out to be a positive year for the stock market, where some of the biggest stocks have experienced substantial gains, investors might wonder whether this trend will continue in 2024.
Added to the potential rate cuts by the Federal Reserve System (FED) in 2024 and optimistic targets for the S&P 500 index, stocks might be set for another year of gains.
With this in mind, Finbold has utilized the artificial intelligence (AI) chatbot Google Bard to find the best 5 stocks to buy in 2024. Bard has proved a worthy tool for potential price movements and predictions.
Picks for you
Alphabet Inc (NASDAQ: GOOGL)
Whether Bard is basing its suggestions on nepotism or not, we do not know. Still, Alphabet (NASDAQ: GOOGL) makes a solid case to be added to investors’ portfolios; with its strong 2023 performance and recent reaching of an 18-month high, 2024 looks promising.
“Google’s parent company still holds a dominant position in online advertising and search, and its investments in artificial intelligence and cloud computing could drive further growth,” said Bard.
The GOOGL stock was trading at $141.49, marking an increase of 0.76% from its previous close on December 22. This stock has experienced an impressive 58.76% increase in its value year-to-date.
Amazon (NASDAQ: AMZN)
Amazon (NASDAQ: AMZN), the e-commerce powerhouse, has exhibited remarkable stock market performance in 2023. The primary drivers behind this year’s growth have been the robust performance of its AWS business and strategic forays into the artificial intelligence sector.
As per Google Bard, “the e-commerce giant continues to expand its market share and diversify its offerings, including cloud computing (AWS) and healthcare.”
Before the market closed on Friday, December 22, AMZN stock traded at $153.42, showcasing a decrease of -0.27% from the previous session. This stock has experienced a surge of 78.77% in the last 365 days.
MercadoLibre Inc (NASDAQ: MELI)
MercadoLibre (NASDAQ: MELI), frequently called the “Amazon of Latin America” due to its commanding e-commerce platform, boasts not only rapid growth in its e-commerce domain but also features a burgeoning payments platform, a robust logistics network, and a thriving credit business. Despite its substantial expansion, the company continues to deliver remarkable growth.
Bard says, “Latin America’s leading e-commerce platform is poised to benefit from the region’s growing middle class and increasing internet penetration.”
The stock was trading at $1,589 on its previous market close, adding 92.36% year-to-date.
On Holding AG (NYSE: ONON)
Over the next five years, On Holding (NYSE: ONON) anticipates a substantial profit boost. The organization’s focus on innovation, athletes, and its direct-to-consumer division is poised to drive noteworthy growth. Moreover, there is potential for the company to achieve an outstanding compound annual growth rate (CAGR) of 45% in earnings per share (EPS) throughout the upcoming five-year period.
This is what Bard thought about ONON stock, “this activewear brand caters to the booming athleisure market and has shown strong revenue growth and brand loyalty.”
On December 22, this stock closed at $28.03, representing a decrease of -3.71% from the previous closing. In the last 12 months, this stock has added 64.21% to its price.
Roku Inc (NASDAQ: ROKU)
The investment rationale for Roku (NASDAQ: ROKU) is straightforward. As per a report from data analytics provider Pixalate, Roku is the most extensively utilized streaming platform globally, commanding a 50% market share. This signifies the company’s most robust performance and extensive market reach since early 2020.
“As streaming continues to take over TV viewing, Roku’s smart TV platform is well-positioned to capture ad revenue and user data,” as per Google Bard.
As of December 22, the closing price of this stock was $91.34, indicating a decrease of -0.70 compared to the previous closing. Over the past 12 months, it surged by an impressive 125.20% value.
These five stocks, selected through AI technology, encompass diverse industries, showcasing strong market potential.
Despite the inherent risks associated with investing, these companies exhibit promising prospects for future growth, rendering them noteworthy choices for investment considerations in 2024.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
