In the dynamic stock market realm, the term “best meme stocks” transcends being a mere catchphrase, encapsulating a pivotal movement. Fueled by social sentiment, the recent documentary “Dumb Money” shed light on the remarkable retail trading surge of 2021, which left Wall Street pundits scratching their heads.
Additionally, the impact of meme stocks has been profound, catapulting companies such as GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) into the spotlight, marking a significant chapter in financial history. But it’s important to acknowledge that the appeal of meme stocks goes beyond just their social media fame.
As such, the social media forces driving the meme stock phenomenon are here to stay. As the world ventures deeper into digital realms, the online culture is expected to wield a greater sway over market trends. This evolving investment landscape presents unique opportunities for savvy traders to combine the thrill of viral movements with serious stock trading.
Nvidia (NVDA)
Nvidia (NASDAQ:NVDA), leading in artificial intelligence (AI) chip technology, excels in the stock market with key partnerships like Amazon Web Services, highlighting its role in AI and cloud integration. Concurrently, the company’s strong presence on social media platforms like Reddit, X (formerly Twitter) and Discord enhances community engagement and market visibility, potentially influencing market dynamics.
Financially, its third quarter results were exceptional, with a staggering non-GAAP earnings per share (EPS) of $4.02, exceeding expectations by 63 cents, and a revenue surge to $18.12 billion, up 205.6% year-over-year (YOY). Its data center revenue also set a new record at $14.51 billion, marking significant quarterly and annual growth.
Furthermore, Nvidia’s financial success this year is mainly attributable to the impact of its A100 and H100 chips, instrumental in powering advanced AI training models. Additionally, the company is poised to unveil the GH200 AI chip in mid-2024, a development eagerly anticipated by the tech industry. With staggering financial and technological accomplishments recently, NVDA isn’t just any meme stock, it’s going to be one of the best meme stocks for 2024.
Advanced Micro Devices (AMD)
Advanced Micro Devices (NASDAQ:AMD), a global semiconductor leader, has seen an impressive 14.38% surge in the past month. This stellar growth can be primarily attributed to the introduction of AMD’s groundbreaking Ryzen 8040 microchips, which have been a driving factor in the company’s recent success.
Furthermore, the company’s innovation is showcased by the MI300X accelerator microchip now available for purchase, posing a direct challenge to Nvidia’s AI data center chips. The significance of this strategic move is underscored by tech giants Meta (NASDAQ:META) and Microsoft (NASDAQ:MSFT) both favoring AMD’s more cost-effective MI300X chips over Nvidia’s pricier H100 chips.
Financially, these developments project a $400 billion total addressable market by 2027, up from a forecast of $150 billion in August. Bolstering this view are strong third quarter results, with non-GAAP EPS at 70 cents, surpassing expectations by 2 cents, and $5.8 billion in revenue reflecting solid 4.1% YOY growth. AMD’s prominence in AI signals a bright future for the company and its investors, making it another one of investor’s top picks for best meme stocks for 2024.
Meta Platforms (META)
In 2023, Meta Platforms reinforced its dominance in the social media realm through key AI innovations. Demonstrating its technological prowess, Meta’s AI-driven products, coupled with its collaboration in the AI Alliance with IBM (NYSE:IBM), highlight its leadership in AI development, signifying a strategic shift towards redefining digital interactions.
Moreover, Meta’s recent partnership with Amazon (NASDAQ:AMZN) exemplifies its innovative approach. This collaboration aims to streamline the shopping experience by integrating Amazon ads into Meta products, enabling users to shop and checkout directly. This synergy not only enhances user convenience but also promises mutual benefits for both Meta and Amazon.
Financially, Meta showcased robust performance, with a GAAP EPS of $4.39, surpassing expectations by 76 cents. Its revenue escalated to $34.15 billion, a 23.2% increase from the previous year, outstripping forecasts by $700 million. This financial success is further complemented by enhanced user engagement on Facebook and Instagram, a testament to the efficacy of Meta’s AI-enhanced feed algorithms.
On the date of publication, Muslim Farooque 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.