I asked Google Bard to give me the names of seven stocks it believes will double in 2024. I agree with many of the recommendations it gave. Google’s algorithm clearly has identified technology, electric vehicles, semiconductors, e-commerce and a shifting employment landscape as key factors.
These sectors appear to be poised to thrive in 2024. In fact, nearly every sector should do better next year. The markets are currently pricing in peak rates from the Federal Reserve. In turn, there’s a strong expectation that rate cuts will follow beginning in early to mid-2024.
Thus, there is a very good argument to be made for investing in anticipation of those shifts. Here are the top Google Bard stock predictions you should consider for your portfolio.
Meta Platforms (META)
Meta Platforms (NASDAQ:META) was the first stock Bard recommended investors purchase in 2024. I fully agree with Bard’s recommendation here. Meta Platforms is underpinned by several revenue-generating giants in social media platforms Facebook and Instagram. Its so-called family of apps is doing well and continues to improve. Further, Meta Platforms has positioned itself amongst the best metaverse firms moving forward.
It continues to get more and more difficult to argue against the company’s 2021 rebrand. The decision to drop its Facebook moniker in favor of a metaverse-inspired theme is looking smarter and smarter. Multiple leading tech firms are also heavily engaged in the augmented reality space. Next year will see Apple (NASDAQ:AAPL) release its Vision Pro headset. Many other tech companies are developing hardware, software, apps and other assets that will contribute to the greater development of the metaverse.
Meta Platforms is a particularly strong choice because the primary machine of the company, its family of apps, has rebounded. Revenues are strong again. Those revenues should get stronger as the macroeconomic situation improves in 2024 and businesses spend more on advertising.
Tesla (TSLA)
The second recommendation Bard gave me was Tesla (NASDAQ:TSLA). Right off the bat, I have to say that it’s going to be tough for Tesla’s stock to double in 2024. I say that because Tesla’s high target price on Wall Street is $380. It currently trades for $235. So, the stock would have to do better than any Wall Street analyst is currently predicting. Impossible? No, just unlikely.
Whether Tesla shares double or not, I can definitely get behind the logic for investing in the stock. Tesla remained fairly transparent in 2023 about its objectives: cost reduction, maximizing deliveries and investing in the company’s future direction.
Automotive revenue growth hasn’t been particularly impressive. Vehicle sales grew by 5% in Q3.
Total revenue grew by 9% over the same timeframe. Tesla is investing in energy storage and AI. The company has established itself as the dominant EV manufacturer. It won’t be as exciting in that regard in the future. The EV market is facing growing pains. I’m not suggesting it’s a dying sector by any means. However, it’s going to continue to be tough because of things like range issues and the availability of fast-charging infrastructure. That’s why more and more investors will look at Tesla’s Optimus AI robots and the company’s potential to reinvent itself further.
Lithium Americas (LAC)
Lithium Americas (NYSE:LAC) is bound to pop up on many buy lists for 2024. The stock certainly has the potential to double in the next 12 months with continually low lithium prices.
Lithium Americas will be one of the most interesting new energy stocks for years to come. The company separated its Thacker Pass operations into the current LAC stock very recently. Thacker Pass is located in Nevada and sits on one of the largest lithium deposits on Earth. The parent company decided to separate those operations in order to capitalize on the potential of it as a production source. The site is expected to begin producing lithium in 2026.
So, it’s very easy to see why investing in Lithium Americas remains so dicey. A lot can change between now and then. Lithium prices are volatile, as recent history has shown. However, if factors conspire in its favor, Lithium Americas will multiply in price. That could easily result in a doubling in 2024 if lithium prices rebound.
Solid Power (SLDP)
It’s very evident that Bard believes in the continued potential of electric vehicles. I say that because Solid Power (NASDAQ:SLDP) is the next stock it recommended.
A note of caution: Solid Power is a penny stock and certainly poses a risk to investors. It also has the potential to double very easily. The company is developing solid-state battery cells for application in the EV market.
Solid-state batteries promise to revolutionize the EV industry. Faster charging, much greater range and higher safety mean if solid-state battery technology succeeds, a lot more people will be buying electric vehicles.
In the third quarter, Solid Power delivered sample cells to its automotive partners for qualification. Time will tell how those cells perform, but it’s fair to say the company remains on track. Fundamentally, solid power isn’t a particularly bad stock. Revenues continue to grow rapidly proving that early demand for its products is strong. That said, the company’s losses are growing and went from under $10 million through the first 9 months of 2022 to above $46 million during the same period in 2023.
Alibaba (BABA)
Alibaba (NYSE:BABA) was recommended by Bard because of China’s growing middle class and the country’s rapid adoption of e-commerce overall.
While those factors generally hold true, Alibaba’s top-line results haven’t been great. Revenues grew by 9% during the most recent period. That level of growth isn’t weak by most standards, yet it clearly isn’t the same level of growth the company has grown accustomed to. In any case, at nearly 10%, that top-line growth provides a reason to believe that narratives of China’s collapse continue to be overblown.
Alibaba continues to find ways to increase its segment performance. For example, The company’s International Digital Commerce segment grew by 73% in the quarter. Remember, this is a Chinese company accustomed to doing business in its home country. It isn’t easy to adapt to the retail environment in other countries. So, to report revenue growth above 70% in an international market is impressive.
Beyond that, Alibaba also continues to heavily invest in its cloud, particularly in relation to artificial intelligence (AI). It’s another reason to continue believing in BABA stock as an investment. Investors who believe in the application of AI to the AWS cloud should believe in Alibaba for the same reason.
Fiverr (FVRR)
Fiverr (NYSE:FVRR) is an interesting start to consider at the moment. It doesn’t benefit from being a growth stock, so it isn’t cyclically positioned to boom in 2024 due to expected rate cuts. However, Fiverr certainly benefits from secular trends and a pivot into profitability. Those two factors are more than enough to make it a reasonable recommendation. And yes, it does have the potential to double in price based on current ratings.
Fiverr is a digital e-commerce platform that allows service providers to offer their skills across the gig economy. The gig economy continues to grow as freelance engagements boom and more and more employees demand remote options. Thus, Fiverr is positioned to take advantage of continuing secular trends.
Just as importantly, Fiverr is a fundamentally strong firm. The company reported $3.33 million in net income in the third quarter from $92.5 million in revenues. A year ago, the company posted an $11 million loss on $82.5 million in revenues.
Taiwan Semiconductor (TSM)
Taiwan Semiconductor (NYSE:TSM) is a strong recommendation among tech stocks heading into 2024. Bard recommended Taiwan Semiconductor based on the idea that the digitization of multiple leading industries will propel the demand for chips higher during the year.
Remember, TSM is the largest foundry in the world. That means it produces semiconductors for all of the leading tech names that you know, including Nvidia (NASDAQ:NVDA), AMD (NASDAQ:AMD), Intel (NASDAQ:INTC) and more.
The company has really no other comparison in the world aside from South Korea’s Samsung. The world is becoming increasingly digitized. Connecting everything to the internet requires semiconductors. Firms across the globe will purchase more chips as the cost of lending decreases in 2024. That’s one prime reason to consider Taiwan Semiconductor. Further, the AI gold rush isn’t going to slacken by much — if at all. That, too, requires more and more chips and makes TSM stock a strong choice in 2024 and beyond.
On the date of publication, Alex Sirois 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.