Top 10 Stocks to Get Rich in 2024 (Without Getting Lucky)
Top 10 Stocks to Get Rich in 2024 (Without Getting Lucky)
Welcome to our blog post on the top stocks to get rich in 2024! The new year is starting, and you're probably seeing a lot of videos and articles on the best stocks to invest in. But here's the thing - most of them are filled with random companies or cherry-picked price charts. In this blog post, we're taking a different approach. We've carefully selected a list of stocks that work together to ensure you're holding the winners in rapidly growing markets, all thanks to the power of AI. So let's dive right in!
Introduction
Before we get started, we want to make a few things clear. First, we want to emphasize that we are not financial advisors. Our background is in electrical engineering and data science, with years of industry experience using AI to solve real-world problems. The stocks we're sharing are based on our research and are meant for educational purposes only. This is not the ultimate stock list, but a solid foundation for your portfolio in 2024 and beyond. If you're interested in specific companies not on this list, we may have covered them in more detail on our channel.
With that out of the way, let's jump into the list!
The Foundation - S&P 500 vs. NASDAQ 100
Every good long-term portfolio starts with a solid foundation, and that's where a fund comes in. The most common advice is to put a little money in the market every month, usually through an index fund like the S&P 500. The S&P 500 Index consists of stocks from the 500 biggest public companies in the United States. However, the NASDAQ 100 offers some advantages over the S&P 500.
Firstly, the NASDAQ 100 tracks 100 companies instead of 500, allowing for more focused diversification. Secondly, it holds more tech-focused companies that can benefit from the AI boom. Lastly, it can include non-US companies that play a crucial role in advanced chip-making, such as ASML. These factors contribute to the NASDAQ 100 outperforming the S&P 500 over the past five years.
With this in mind, we're adding Microsoft, Google, and Amazon to our list, as they dominate the global cloud services market, which is closely tied to the AI industry.
Investing in Infrastructure - Solar Projects and Cloud Services
While investing in technology giants is a safe bet, there's another form of infrastructure investment that shouldn't be overlooked - solar projects. Climatized, the sponsor of this video, offers the opportunity to invest in solar projects across the US, helping small businesses and communities reduce their reliance on the grid. With expected annual returns of up to 10%, it's a promising investment option.
Now, back to the cloud services market. Microsoft, Google, and Amazon not only dominate this market but also invest billions of dollars in building infrastructure for advanced AI workloads. Their services are essential for businesses to store and secure their data, host applications, and utilize AI and machine learning tools. Their massive global networks of data centers make it difficult for competitors to catch up.
If we consider the hardware aspect of AI, Nvidia and AMD take the spotlight. Nvidia holds a staggering 92% market share for data center GPUs, while AMD is the only direct competition with approximately 4% market share. These companies are at the forefront of AI processing, particularly in the chatbot and natural language processing domains.
Adding Intel, which dominates the data center CPU market, further solidifies our hold on the entire GPU and CPU markets. With just five or six stocks, we have diverse exposure to multiple rapidly growing markets driven by AI.
The Software Side of AI - Cybersecurity and Enterprise Software
Software is an integral part of AI, and we've chosen two example categories to showcase its potential. Firstly, cybersecurity is a booming industry, expected to grow by over 22% annually over the next decade. As AI evolves, there will be an increasing need for cybersecurity solutions to tackle new threats. We've identified Palo Alto Networks as a market leader in identity and access management and data loss prevention, while Fortinet also excels in these areas.
When it comes to enterprise software, Palantir and UiPath are standout companies. Palantir provides high-powered platforms that offer real-time data analysis and optimization for large enterprises. They excel in high-risk and highly regulated markets like national security, heavy industries, and medical fields. UiPath, on the other hand, specializes in software robots that automate tasks traditionally done by humans. Their technology, powered by AI, finds applications in a wide range of industries and processes.
Both Palantir and UiPath face competition from tech giants like Microsoft and Amazon. However, since we already have these tech giants on our list, we're not concerned about the outcome. With these stocks, we ensure broad exposure to the software side of AI.
The Outlook for AI and Conclusion
The global artificial intelligence market is set to grow by a staggering 15x over the next 10 years, with a compound annual growth rate of almost 37%. This growth will benefit not only the hardware companies and cloud service providers but also software companies operating in various domains. By carefully selecting stocks that cover these different aspects of the AI ecosystem, we can build a solid foundation for our portfolio.
In conclusion, investing in AI-related stocks offers a promising opportunity to get rich in 2024 and beyond. By owning the winners in rapidly growing markets driven by AI, we reduce the reliance on luck and increase our chances of success. However, it's important to remember that investing in stocks carries risks, and it's essential to conduct thorough research before making any investment decisions.
Thank you for reading our blog post, and we hope you found it informative and engaging. If you have any questions, feel free to check out our FAQs below. Happy investing!
FAQs:
1. Should I buy all the stocks on this list?
No, this list is meant to provide a solid foundation for your portfolio. You can choose to invest in some or all of the stocks based on your preference and risk appetite.
2. Are these stocks suitable for long-term investment?
Yes, all the stocks on this list have strong growth potential and are well-positioned in their respective markets. They can be considered for long-term investment strategies.
3. What is the minimum investment required for solar projects?
The minimum investment for solar projects on Climatized is just $10. It offers a low barrier to entry for investors.
4. Can I invest in these stocks through a brokerage account?
Yes, all the stocks mentioned in this list are publicly traded and can be purchased through a brokerage account. Consult with your financial advisor or broker for more information.
5. How often should I review my portfolio and make adjustments?
Regular portfolio review is recommended, but the frequency may vary based on individual preferences and market conditions. Keeping an eye on company news and market trends can help you make informed decisions.
Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investing in stocks carries risks, and it's essential to conduct thorough research and consult with a professional before making any investment decisions.
