The future of the U.S. economy looks promising. Economists predict faster growth, reduced inflation and healthy job creation in 2024. This marks a significant improvement from the recession fears in 2023. Factors such as a resilient job market, gradual interest rate cuts and positive sentiments driven by record-breaking stock markets contribute to this optimistic outlook. Investing in these stocks will help to skyrocket your wealth, buy these millionaire makers now!
Microsoft (MSFT)
Microsoft (NASDAQ:MSFT) is an American multinational technology company that is known for its various software products. MSFT has shown superb financial growth, headlined by its year-over-year (YOY) revenue growth. It grew to $227.58 billion, representing an increase of 11.51%. EBIT margin was solid at 44.59% compared to the sector’s median of 4.87%. Gross profit margin also showed promise at 69.81%. These metrics reaffirm Microsoft’s status as a first-class stock while demonstrating that it can maintain high financial performance.
MSFT has recently expanded its dedication to AI by partnering with Mistral, an open-source AI company, making it MSFT’s second AI Deal. This deal will see Mistral’s languages becoming available on Microsoft’s Azure AI. This has the potential to compliment Chat GPT and if capitalized correctly, could become a cash cow for the company.
Overall, due to Microsoft’s solid financials and new AI deal, it deserves a “buy” rating. I expect to see its stock skyrocket as its products evolve.
Meta Platforms (META)
Meta Platforms (NASDAQ:META) is primarily a telecommunications company and owns Facebook, Instagram and WhatsApp. In addition to its social media brands, Meta also owns Reality Labs, a virtual-reality-focused subsidiary.
The social media giant has consistently beat earnings estimates, but did so substantially in Q4 2023. A profit margin of 28.98%, EBITDA of $61.38 billion and return on equity of 28.04% show management’s financial success.
The company has set a revenue growth target of 20% YOY for Q1 2024. While this alone is encouraging, Meta also states that it will streamline costs, leading to a higher net profit. Adding to this, its efforts to maximize shareholder value have led to it giving out an annual $2 dividend, making it an attractive buy.
Management is expected to continue to streamline expenses and increase shareholder value via stock buy-backs and dividends. Rapid stock growth earlier this year is also expected to continue due to managerial effectiveness. Additionally, rising profits and overall trends make META a stock investors should buy and hold.
Uber Technologies (UBER)
Uber Technologies (NYSE:UBER) is the largest ridesharing company on the market, now competing as one of the most prominent city-wide transportation for consumers.
As the king of the rideshare industry, Uber is largely responsible for the $47.62 billion the industry is expected to gross in 2024. With exponential growth up to this point, the rideshare industry is forecast to continue its growth until 2029, with projections marked at $86.99 billion or a promising CAGR of 12.81%.
Financially, Uber continues to record greens across the board in every key financial metric. Q4 of 2023 continued their yearly dominance, reporting $9.94 billion last quarter, or a 15.44% increase compared to 2022. Similar successes are mirrored at net income of $1.43 billion, and a diluted EPS of 66 cents. This marked YOY increases of 140.17% and 127.59% respectively.
Overall, UBER’s performance in both the market and its finances shows strong future projections for its stock valuation. The tailwinds of increasing market dominance are apparent as Uber continues to differentiate itself from competitors, increasing its market presence through accessing a global economy compared to Lyft’s North American presence. Additional economic growth signifies a strong company, with operating income exponentially growing in Q4 2023 by 559.15%. Uber has all the factors for a near-monopoly on the market for the perceivable future.
On the date of publication, Michael Que 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.
The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.