As the stock market reaches unprecedented heights, the winds of momentum favor growth stocks that show promise for savvy investors.
Qualcomm (QCOM)
Delving into the realm of artificial intelligence, Qualcomm (NASDAQ:QCOM) is embedding itself deeper with its Snapdragon 8S Gen 3 chip, tailored for the rigorous demands of AI technology.
Powering on-device generative AI and handling massive language models, including Meta Platforms’ Llama 2 and Alphabet’s Gemini Nano, Qualcomm is making substantial strides.
Riding the success of being featured in Samsung’s Galaxy S24, with rumors circulating about an exclusivity deal for the Galaxy S25, Qualcomm’s future looks bright. Analysts predict a significant price hike for its next iteration, the 8S Gen 4, potentially boosting its financial performance.
While Apple made headlines integrating AI into the iPhone, Samsung’s nod to Qualcomm’s AI capabilities signals a new chapter of growth. With shares soaring 57% in 2024 and 85% over the past year, Qualcomm is positioned for further expansion, especially if the Samsung partnership materializes.
Coinbase (COIN)
In the world of cryptocurrencies, Coinbase (NASDAQ:COIN) stands out as a reliable pick-and-shovel player, offering a secure platform for trading and storing digital assets.
Catering to over 260 digital assets and 300 trading pairs, Coinbase’s versatility appeals to investors seeking exposure to various cryptocurrencies. Despite initial skepticism surrounding the longevity of crypto assets, the undeniable growth and appeal of crypto investments make Coinbase an attractive growth stock.
Nvidia (NVDA)
The Unstoppable Rise of Nvidia Stock
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Nvidia (NASDAQ:NVDA) has ascended to the pinnacle of the stock market. Surpassing the $1 trillion and $2 trillion market capitalization milestones was just the prelude. Now, breaching the $3 trillion mark and dethroning Microsoft (NASDAQ:MSFT) was the grand finale.
One might assume that after tripling in value within a year, Nvidia stock is ripe for a fall. However, that notion has been unequivocally rebutted time and time again.
The Driving Force Behind the Soaring Trajectory
The surge in demand for artificial intelligence (AI) is propelling Nvidia stock to unprecedented levels. As AI technology is still in its nascent stage, Nvidia’s pioneering position in the market ensures that the soaring needs of this technology will continue to propel Nvidia’s growth trajectory upwards.
Continuous Innovation as a Key Strategy
Remaining at the vanguard of AI necessitates relentless innovation from Nvidia. Shortly after commencing production of its Grace Blackwell superchip, Nvidia wasted no time in unveiling another groundbreaking AI chip architecture named Rubin. Although slated for a 2026 release, this strategic move illustrates Nvidia’s unwavering commitment to staying ahead of the curve.
While the announcement of the new chip may potentially impact sales of the Grace Blackwell chip as customers consider waiting for the latest technology, it underscores the rapid evolution of the AI market. Moreover, it underscores Nvidia’s dominant position in the industry, solidifying its status as a premier growth stock that investors should consider.
On the date of publication, Rich Duprey 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.