CLS:CC - Top 10 Tech Stocks For 2024 (SA Quant)
2024-02-13 05:00:00 ET
Summary
- The Tech Sector, XLK, dominated market performance in 2023, with seven of the biggest names capping off a banner year.
- SA Quant’s Top 10 Tech Stocks for 2023 were up 43.6%, outperforming the S&P 500 by almost 20%, including SMCI +255%, ACLS +68%, and FN +50% through December 31st*.
- For 2024, the SA Quant Team selected a new list of 10 tech stocks with a focus on emerging technologies and innovation, particularly companies eager to leverage AI and ChatGPT.
Technology is on track for its best year since 2021, as shown by its price performance below, tracked using the Technology Select Sector SPDR ETF ( XLK ). Driven by seven of the most significant stocks in the market, tech’s terrific bounce-back from 2022 marked a stellar rebound amid a year of changes and groundbreaking advancements. Although past performance does not guarantee future results, this year’s tech stocks reflect some of the best Quant ideas from early February, as highlighted by their Quant Strong Buy rating.
The Technology Sector ((XLK)) rallies through year-end
The Technology Sector (XLK) rallies through year-end (SA Premium)
Year In Review: 2023 Tech
The macro and geopolitical headwinds of 2023 affected industries worldwide, with the rapidly evolving tech industry needing a boost from 2022 drawdowns. The ripple effect of Silicon Valley Bank’s collapse , preceded by the multi-billion-dollar collapse of crypto exchange FTX , sent shockwaves through the industry. When you factor in inflation-related setbacks and controversies surrounding privacy and ESG regulations, tech has experienced volatile price swings over the last few years....
Top 10 Tech Stocks For 2024 (SA Quant)