7 of the Best Meme Stocks to Double Down on in 2023

We saw the rise of meme stocks last year, with everyone hoping to catch lightning in a bottle. Conversely, 2022 was a horrendous year for equities, especially the more speculative plays such as meme stocks.

To be fair, social media-driven investments that dominated headlines last year were mostly speculative wagers. However, we have seen some of the more familiar names in the stock market dominating the social media chatter. The underlying businesses of these stocks have performed remarkably well despite the challenges posed by the current economic climate. These stocks offer hefty upside potential in what is likely to be a more conducive environment next year for investing.

Having said that, the list below includes seven of the top meme stocks to invest in at this time.

Apple (AAPL)

Apple (NASDAQ:AAPL) remains one of the top technology giants with a world-renowned brand and a robust track record of growing its top and bottom lines. The tech giant is known for introducing timeless products to its loyal consumer base, led by the iPhone franchise. This success can be attributed to Apple’s closed-loop ecosystem, which allows them to maintain high gross profit margins while creating lucrative products at premium prices.

Despite news of production issues arising from COVID-19 lockdowns in China, Apple’s positioning remains incredible. Moreover, it remains the largest holding in Warren Buffet’s illustrious portfolio. Additionally, with AAPL stock down over 20% from all-time highs, it’s trading at a hefty discount for value investors. Therefore, all signs indicate this is an excellent time to invest in AAPL stock, as investors benefit from the bear market prices.

Netflix (NFLX)

Despite the roadblocks this year, Netflix (NASDAQ:NFLX) remains a heavyweight in the streaming realm. Although its stock has taken a dive, Netflix still possesses a strong market presence with millions of subscribers across the globe, proving its staying power despite a less-than-perfect year.

The third quarter saw an unexpected surge in net new subscribers during the third quarter when the firm added 2.4 million new subscribers. Moreover, the firm expects 4.5 million new net additions in the upcoming quarter. Recent results have given the company robust stability regarding its subscriber base. With its huge content library and a powerful brand to back it up, Netflix has placed itself at the forefront of the streaming revolution with an enviable head start over its competition.

Walt Disney (DIS)

The past year has been an unprecedented challenge for  Walt Disney (NYSE:DIS) and its shareholders alike, but the return of Robert Iger as CEO may be just the silver lining many have been waiting for. The immediate future of DIS stock is still uncertain, but Iger’s proven track record in delivering long-term success has created a renewed sense of optimism across different industries. With Iger now firmly at the helm, it seems that DIS is poised to reclaim its spot atop the entertainment industry sooner rather than later. It’s clear that Disney has made the courageous decision to stay true to its core values throughout this difficult time, and it looks like luck is finally on its side.

The firm’s long-term outlook is incredibly bright on the back of multiple growth catalysts, especially its streaming service in Disney+. The service has grown its subscriber count from 54.5 million in May 2020 to a whopping 164 million in the third quarter of 2022. Moreover, its Parks and Cruiselines segment is back with a bang delivering solid top-line growth of late.

SoFi Technologies (SOFI)

SoFi Technologies (NASDAQ:SOFI) is a leading fintech business that operates a one-stop-shop banking platform for its users. It operates under three main segments, all of which have performed extraordinarily in recent quarters.

During the third quarter, SoFi added an impressive 635,000 new products, a 69% increase from the previous year. Moreover, its revenues shot up by a tremendous 56% from the prior-year period, with 61% growth in membership numbers. This aggressive approach shows that SoFi is fully committed to comprehensively meeting its customer’s needs, making the platform a valuable asset for its customers and investors. Also, with the firm winning a bank charter recently, it’s expected to gain immensely in terms of operating margin growth down the road.

Taiwan Semiconductor (TSM)

Taiwan Semiconductor (NYSE:TSM) is a global leader in producing semiconductors and integrated circuits. The strength in the semiconductor market has allowed the firm to grow its earnings margins at an incredible pace. Moreover, TSM is preparing for a strong rebound in demand later this year. Additionally, to provide better returns for its shareholders, TSM is tightening its capital expenditure budget for next year and making business decisions that are well-aligned with shorter-term considerations.

The company has taken a strategic step to offset this risk by constructing production plants in the U.S. to take advantage of the CHIPs Act and protect against changing geopolitical conditions. To add to the promising developments for the firm, Warren Buffett recently revealed his acquisition of a substantial stake in the stock. This is an invaluable endorsement that solidifies its growth potential and gives its shareholders greater assurance.

PayPal (PYPL)

PayPal (NASDAQ:PYPL) is a shining example of fintech at its best. The firm delivered robust growth due to the pandemic-led tailwinds but faltered in the current economic climate. However, the ubiquitous payment giant continues to perform well over time and innovate in the sector, which is why it’s often the first company that comes to mind while discussing fintech.

Nevertheless, the platform boasts over 300 million users worldwide and is one of the largest automatic payment companies. PayPal has become popular, particularly with eCommerce, which continues to be a major growth catalyst for the foreseeable future. The increased earnings outlook should give investors cause for optimism as this behemoth continues to innovate and expand its reach. The current downturn has sunk PYPL stock to new lows, providing an attractive entry point for investors for the long haul.

General Motors (GM)

General Motors (NYSE:GM) has had an uphill battle moving the needle for its automotive business this year. Supply chain difficulties and a global decline in sales due to COVID-19 lockdowns in China have proven difficult for GM. However, the firm’s third-quarter results were mighty encouraging, with its earnings per share far ahead of expectations. GM has successfully navigated turbulent waters and can now view the future optimistically.

General Motors’ fierce commitment to electric vehicles is a great sign for consumers and investors. GM’s leadership claims that profits from electric models will match those from gas-powered cars by 2025. This speedy conversion is proof of the positive outcome of its hefty $35 billion investment into electrifying its vehicle fleet. As it gets closer to fruition, General Motors has made its way onto our list of top stocks to buy on the dip and is showing all signs of becoming an industry leader in EV production.

On the date of publication, Muslim Farooque did not have (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.