The Top Stocks to Watch in 2024
The market is currently in a new bull market, and investors are searching for stocks that will continue to outperform. The S&P 500 has already risen more than 3% this year after a 24% surge in 2023, reaching a record high of over 4,900. The Dow Jones Industrial Average and the Nasdaq-100 index have also reached all-time highs. Megacap tech companies have been driving most of the market’s gains, and AI remains a strong market theme for 2024, according to CEO Will Rhind of GraniteShares.
Nvidia: The Leader in AI Stocks
Nvidia is considered the top AI stock by Rhind. The company’s shares have surged by 26.1% this year and 206.7% over the past 12 months. Nvidia has consistently beaten earnings expectations and has seen its earnings per share more than double in the last two quarters. However, there are concerns about export controls on strategic and chip technologies, particularly related to China.
AMD: The Best of the Rest
AMD is another chipmaker that Rhind recommends. While it hasn’t received as much attention as Nvidia, Rhind believes it is worth considering in an AI-focused market. AMD shares have risen over 20% this year and 135.8% over the past year.
Coinbase: Leading Crypto Stock
Rhind identifies Coinbase as the top crypto stock. Although its shares have declined by 23.6% this year due to waning enthusiasm for a bitcoin ETF, they have more than doubled over the past year. Rhind expects Coinbase’s earnings to benefit from higher crypto wallet prices.
Alibaba: A Macro Value Play
Rhind sees Alibaba as a promising investment despite concerns about the weak Chinese economy and stock market. He considers it one of the highest quality companies in the Chinese market. The stock has declined by 5% this year but is down 37.8% over the past year. Co-founders Jack Ma and Joe Tsai purchasing shares in Q4 2023 have provided some support.
Meta: Focusing on AI
Rhind favors Meta (formerly Facebook) as it shifts its focus towards AI rather than the metaverse. Meta was one of the top gainers in 2023, with a 164.2% increase over the past year. While Rhind expects lower gains compared to last year, he believes Meta will continue to make AI-focused investments and control costs.
Hot Take: The Top Stocks for 2024
As the market enters a new bull phase, investors are seeking stocks that can outperform. According to GraniteShares CEO Will Rhind, AI remains a strong market theme for 2024. His top five stock picks include Nvidia and AMD, both leading chipmakers in the AI space. Coinbase is his choice for exposure to crypto, while Alibaba offers potential as a macro value play in China. Finally, Rhind recommends Meta (formerly Facebook) for its focus on AI. While last year’s gains may be difficult to replicate, these stocks have promising prospects for the year ahead.
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