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Friday, July 19, 2024

The 3 Best Tech Stocks to Buy With $1,000 Right Now

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The quest for the best tech stocks to buy remains a top priority for investors. However, those with smaller portfolios might make the rookie mistake trying to maximize their accounts rather than seeking out high quality companies. However, the truth is that you can still find high quality growth stocks, but the returns might be on the more conservative side. 

This is great if you want to invest for the long term and protect your portfolio from potential downside risks in the market. Tech stocks remain the vanguards of progress, constantly pushing the boundaries and are at the forefront of emerging technologies like artificial intelligence. These three companies exhibit strong fundamentals and are set for continued growth over the next decade. 

Now, let’s unpack the three best tech stocks to buy with $1,000 right now!

Alphabet (GOOG, GOOGL)

Google launches Bard AI. Google search bar on a phone in hand with release information on background. Google Bard AI vs OpenAI ChatGPT. GOOG stock and GOOGL stock.

Source: salarko / Shutterstock.com

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) is one of the best tech stocks to buy in 2024. They’re leading from the front as the artificial intelligence renaissance pulls into full throttle. 

Alphabet provides invaluable software and hardware technology to billions of users around the globe. The company made its mark with its Google search engine, but would later diversify into cloud computing, online advertising, consumer electronics and artificial intelligence. The 2023 fiscal year saw strong double digit growth, and AI will continue to drive meaningful momentum in the cloud. 

Additionally, Alphabet just released its most premium version of their Gemini AI model, offering multimodal capabilities. It is set to compete directly with ChatGPT 4.0, which has been the leading LLM on the market. Artificial intelligence will be the leading catalyst to drive advertising revenue growth in Google Search and Youtube. Now is a great time for conservative investors to scoop up this transformative tech stock before it takes off in 2024.

Oracle (ORCL)

The Oracle (ORCL) sign hangs on an Oracle office in Deerfield, Illinois.

Source: Jonathan Weiss / Shutterstock.com

Oracle (NYSE:ORCL), a name synonymous with enterprise software and cloud services, has carved its niche as a global tech giant. Founded in 1977, the company has a rich history of innovation empowering business across various industries.

Oracle has embraced the cloud revolution, offering a robust and secure platform for businesses to build, deploy, and manage applications. Co-Founder and CTO Larry Ellison is positioning the company to be a leader in AI cloud infrastructure. This will inevitably allow businesses to reduce costs and remain competitive amongst their peers. 

In the latest quarterly financial results, Oracle’s cloud revenue increased 25% YOY to $4.8 billion. Cloud infrastructure revenue saw 52% growth, as demand for generative AI services rose at a rapid pace. The company’s cloud business is currently at a $20 billion annual run rate, and it is currently building 100 new data centers to meet demand. When it’s all said and done, Oracle will be one of the most important AI stocks on the market.  

American Express (AXP)

an American Express (AXP) credit card sticking out of someone's pocket

Source: Shutterstock

American Express (NYSE:AXP) is an American multinational payment services company headquartered in New York, United States. The company offers a vast array of financial products and services catering to individuals, small businesses and corporations. 

American Express is coming off a strong 2023 fiscal year, as credit card processors largely benefited from higher interest rates. The consumer remained extremely resilient, despite cutting back on discretionary spending over the last year. In FY23, the company delivered record revenue of $60.5 billion. EPS increased by 14% to $11.21 per share, as rising retail credit card rates and spending boosted their bottom line. 

The company is heavily focused on the Millenial and Gen Z segments, and demand for its premium products remains strong. So much so, that they announced a 17% hike in their quarterly cash dividend to $0.70 per share. Management is currently guiding 9-11% revenue growth in FY24, with EPS in the $12.65 – $13.15 range. With the prospect of lower interest rates in the back half of 2024, AXP is one of the top tech stocks to buy now. 

On the date of publication, Terel Miles 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.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.

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