The Nasdaq: A Historical Bull Market Indicator History Indicates the Nasdaq Will Soar in 2024: Top 10 Stocks to Consider Before It Happens

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By Ronald Tech

It was a rollercoaster ride in 2022 as the stock market plunged by over 25%, only to make a spectacular rebound in 2023. The closing bell on Tuesday signaled the S&P 500 coming within touching distance of its all-time high, pointing towards the potential emergence of the next bull market. Historical data spanning back to 1957 reaffirms the average longevity of bull markets nearing a five-year mark, with investors typically reaping over 169% in gains. Moreover, a deep dive into Nasdaq Composite‘s performance since its inception in 1972 unveils the tech-focused index’s impressive 19% average annual growth in the years following a market revival.

The economy may be an enigma, but history paints a hopeful picture of what lies ahead for investors in the coming year.

There are diverse reasons for purchasing stocks, but a prevailing motive is the anticipation of financial returns. Furthermore, as the saying goes, a rising tide lifts all boats, and a bull market tends to be a boon for numerous stocks. Presented herein are the top 10 growth stocks set to thrive in 2024, in anticipation of the impending bull market resurgence.

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Image source: Getty Images.

Alphabet: A Multifaceted Catalyst

Digital advertising faced a significant downturn in 2022, and cloud spending growth came to a standstill, impacting Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG). However, with the economy on the mend, a rebound is on the cards. Google remains a global search leader, the largest online advertiser globally, and part of the “Big Three” cloud infrastructure providers, serving as a sturdy bedrock for its continued prosperity.

A pivotal driver of growth for Alphabet is its foray into artificial intelligence (AI). The rollout of Gemini, purportedly the most advanced generative AI system to date, and the offering of over 100 prebuilt AI models via Google Cloud, along with custom productivity tools, are poised to be game-changers.

These impending developments present Alphabet with multiple catalysts to elevate its stock in 2024. Trading at merely 4 times forward sales, this stock is historically undervalued.

Amazon: Weathering the Storm and Onward

The onslaught of inflationary pressures in 2022 weighed heavily on Amazon (NASDAQ: AMZN). Nonetheless, glimmers of growth are surfacing across its expansive operations. Digital retail is staging a comeback, while AI is bolstering cloud expenditure, fueling its main growth arenas.

The company has firmly marked its territory in the realm of AI, offering clients all premier generative AI models through Amazon Web Services (AWS). AI is being seamlessly integrated into every aspect of its operations, driving operational efficiency.

The combined tailwinds of a resurgent economy and AI innovation are set to propel Amazon to greater heights. At a modest 2 times forward sales, this stock is nothing short of a bargain.

MercadoLibre: A Rising Force

Not as widely recognized, MercadoLibre (NASDAQ: MELI) reigns as the premier provider of e-commerce and digital payment services in Latin America, with its business in the region thriving. Amid record-setting growth in the past year, the company achieved a 69% revenue surge in the third quarter, alongside a staggering 194% surge in operating income.

With the region’s swift embrace of e-commerce, coupled with its populace of almost 668 million, double the size of the U.S., MercadoLibre boasts an extensive pool of potential customers. When merged with the company’s margin expansion and robust cash flow, this Latin American powerhouse should not be underestimated.

Microsoft: Pioneering the AI Renaissance

Facing similar hurdles as its tech counterparts, Microsoft (NASDAQ: MSFT) embarked on the AI gold rush by catalyzing a $13 billion investment in ChatGPT creator OpenAI. Subsequently, it immersed itself in a whirlwind of AI integration across its suite of products and services, along with AI cloud offerings. The AI-infused digital assistant, Copilot, has been garnering significant demand, spearheading the “fastest-growing $10 billion business” in Microsoft’s annals.

The burgeoning demand is unmistakable, with Microsoft’s Azure cloud revenue outstripping rivals in the third quarter of the calendar year, aided, in part, by a three-percentage-point AI-driven growth spurt.

Selling at 32 times forward earnings, Microsoft’s stock is particularly enticing, given its auspicious prospects.

Nvidia: Navigating the AI Chip Conundrum

Nvidia (NASDAQ: NVDA) has long dominated the field as the quintessential choice for gaming, data centers, and artificial intelligence (AI) applications, capitalizing on the AI boom that unfolded last year. A dearth of AI chips is projected to persist through 2024. Nvidia has responded by ramping up production to meet the burgeoning demand, whilst sustaining its considerable investment in research and development, delivering ever-refined solutions.

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The company has achieved triple-digit year-over-year revenue and profit growth in the last two quarters, with the insatiable AI demand expected to persist. With a price/earnings-to-growth ratio (PEG ratio) of under 1, this stock offers exceptional value.

Palantir Technologies: Ancient Wisdom Meets Modern Innovation

Boasting decades of experience, Palantir Technologies (NYSE: PLTR) stood primed when the AI frenzy gripped the world in the preceding year. The company’s fortitude lies in its unique ability to convert data into actionable insights, serving as the lynchpin of its clients’ business operations.

Top AI and Tech Stocks to Watch in 2024

Top AI and Tech Stocks to Watch in 2024

Palantir Technologies

Palantir Technologies, known for its robust data analytics, has adapted by integrating generative AI models into its repertoire. This strategic move has led to the creation of the Artificial Intelligence Platform (AIP), generating significant interest. Management has noted a surge in demand for AIP, a trend unlike anything witnessed in the past two decades.

While the stock may appear pricey at 11 times forward sales, it has achieved four consecutive quarters of profitability and is on the verge of being considered for inclusion in the S&P 500. Positioned as one of the few pure-play AI stocks, Palantir is primed to capitalize on the ongoing AI frenzy.


Despite facing challenges in recent years, Roku remains the leading streaming platform globally, commanding 51% of the market. With the revival of ad spending and a vast user base across 76 million active accounts, Roku presents an irresistible opportunity for advertisers, driving ad growth on its platform.

Furthermore, the shift from broadcast to streaming, propelled by cord-cutting and waning broadcast viewership, benefits Roku as the primary channel to engage highly captivated viewers consuming approximately 3.9 hours per day. Investors are presented with an appealing prospect at roughly 3 times forward sales.


For Shopify, the dark days are behind, as the resurgence of e-commerce spending bodes well for the company. As the top provider of software tools for online merchants, Shopify is strategically poised for success. The company’s release of new generative AI tools and its stake in Global-e Online, catering to merchants eyeing international expansion, further enhance its prospects.

Shopify’s strategic streamlining, including staff optimization and divestment from its logistics business, has fueled strong growth and profitability, rendering it an enticing opportunity for investors.


Tesla, often regarded as a battleground stock, continues to defy naysayers. Notably, the Model Y became the world’s best-selling car by a significant margin last year, marking a groundbreaking achievement for an electric vehicle. Despite challenges and price adjustments affecting temporary profit declines, Tesla has maintained its momentum, making headway into the automotive mainstream.

With inflation on the decline and anticipated interest rate cuts on the horizon, Tesla stands to benefit from more favorable conditions, potentially facilitating the company’s return to its long-term production goal and profit margin expansion. Moreover, with a valuation at 5 times forward sales, Tesla’s stock price gains of over 2,300% in the past decade make it reasonably valued.

The Trade Desk

The impact of the decline in marketing spending in 2022 has been surprising for The Trade Desk. Despite the challenges, the company’s self-service digital advertising platform outperformed competitors, gaining market share from industry giants such as Alphabet and Meta Platforms, even as their revenues declined year-over-year.

The Trade Desk’s introduction of the Koa AI copilot is expected to further boost its success, aiding advertisers in optimizing their ad campaigns. With a price/earnings-to-growth (PEG) ratio of under 1, signaling an underpriced stock, The Trade Desk presents a compelling investment opportunity.