Tech stocks have been hot property over the past few months. With the growing adoption of Artificial Intelligence and the massive demand for data centers, several companies are making the most of this phase and reporting impressive revenue numbers. While Nvidia (NASDAQ:NVDA) is already an industry leader, and it can become difficult to match its rally, other tech stocks are slowly but steadily expanding their market share and could report impressive numbers in the coming weeks. The earnings season is an ideal time to invest in stocks that show high growth potential. Here are the three tech stocks post-earnings ready for take-off. Grab them before they are gone!
Advanced Micro Devices (AMD)
The biggest competitor of Nvidia this year could be the year of Advanced Micro Devices (NASDAQ:AMD). The company has faced several challenges in the past but its recent fourth-quarter results are impressive. It beat analyst expectations, and the revenue saw a 10% year-over-year increase to $6.2 billion. The net income hit $667 million, which is a significant rise from $21 million in the same quarter the prior year.
This is an impressive feat, and there is no stopping AMD. Higher revenue and improved profits are driven by the improvement in the data center segment and the company’s ability to focus on the core business areas. The data center saw a 38% year-over-year increase in the fourth quarter, and I believe the company is only getting started. This is a sign that the company’s new products have got a positive response and it could enjoy a robust performance in the market.
The stock has the potential to double in the coming months. It might not be able to enjoy a rally like Nvidia, but it can generate significant gains. AMD has already positioned itself as one of the best alternatives for Nvidia chips with the new chip launch.
Several tech giants including Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META), have shown interest in using AMD chips. It also enjoys a price advantage over Nvidia’s chips. AMD has a diverse range of products that meet the needs of every consumer. Improved revenue stream and higher adoption of the chips will help AMD soar to new highs this year. Buy the stock before it skyrockets.
Oracle (ORCL)
Oracle (NYSE:ORCL) is a tech giant, and the company has been a winner in the AI space. It already has an established market and is known for its database software which is growing due to generative AI offerings. The company has seen strong demand for its cloud services and saw a significant 52% revenue jump in the cloud infrastructure for the third quarter which came in at $1.6 billion. One big reason to invest in Oracle stock is its partnership with Microsoft Azure, where it is ramping up the data centers and building new ones.
The future of Oracle is cloud, and this is where it will achieve success. I am expecting record quarterly revenue from the company, and the stock could take off after the earnings. ORCL stock is up by 8% year to date. Once the company reports results, we could see the stock soar. It also boasts a modest dividend yield of 1.40%.
I consider Oracle to be a safe haven stock and have recommended it in the past as well. Since most of its success comes from cloud infrastructure services, it is here to stay and has become highly reliable in terms of revenue growth. The company is aggressively building data centers, and as it scales up the cloud segment, we could see an improvement in the operating margin.
After the quarterly results, the management mentioned that the demand for its data centers was “astronomical” and this is something to be excited about. Oracle is now stronger than ever, and this is the time for cloud computing businesses. You will regret not buying this stock.
Amazon (AMZN)
One of the best tech stocks to add to your portfolio, Amazon (NASDAQ:AMZN) is known as a global e-commerce giant, but it is so much more than that. It has become more of a tech company today and is using AI to leverage sales.
While Amazon needs no introduction, its subsidiary, Amazon Web Services (AWS) is the largest cloud services company in the world with a massive market. The company might have announced results while you read this, and I am certain that the positive numbers will take the stock on an upward momentum. I believe Amazon will report an exceptional quarter driven by Prime Day, holiday shopping, and a rise in advertising revenue.
2024 could be a stellar year for the company as it shows positive signs of growth with rising demand for AWS. In the third quarter results, AWS revenue increased 12% year over year to hit $23.1 billion, and with the generative AI offerings, we should expect the same level of growth to continue in 2024. The total operating income in the quarter was $11.2 billion out of which $7 billion was from AWS. I am highly optimistic about the future of Amazon and believe it will soar this year.
The stock is up by 52% in the year and is close to the 52-week high of $161. The stock hasn’t moved much over the past month but could take off post-earnings. This is one blue-chip stock to buy and hold forever.
On the date of publication, Vandita Jadeja 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.