2024-01-25 09:00:00 ET
In the stock market , certain patterns tend to repeat over the long term. And if you analyze Nasdaq
Composite data going back to 1971, the tech-heavy index has risen by 19% every year after a recovery year like the one in 2023. This trend suggests that 2024 could be an ideal year to buy stocks, especially as macroeconomic headwinds like inflation and high interest rates eventually start subsiding.
AI-related companies like Nvidia (NASDAQ: NVDA) and Palantir Technologies (NYSE: PLTR) could be a great way to bet on the pattern continuing. Let's discuss their growth catalysts for this year and beyond.
After a spectacular bull run in 2023, Nvidia also started 2024 with a bang, with its shares rising 24% in January. The company still enjoys widespread optimism about its fast-growing artificial intelligence (AI) chip business. And while competition is set to increase, Nvidia still has what it takes to maintain its long-term advantages.
For further details see:
History Says the Nasdaq Will Surge in 2024: Here Are 2 Top AI Stocks to Buy Before it Does