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10 Best Performing Growth Stocks in January 2024

In this piece, we will take a look at the ten best performing growth stocks in January 2024. If you want to skip our take on the market as the new year officially begins, then you can take a look at the top five stocks in this list by clicking 5 Best Performing Growth Stocks in January 2024.

 The start of 2024 shows that even the best of forecast and the most capable of analysts can sometimes be wrong. The first month of the new year is full of news about economic data that is setting the tone for markets and the economy for the rest of 2024. 2024 is an important year, not only because it should see interest rate cuts by the Federal Reserve, but also because it’s election year in the U.S. Elections in America affect not only Americans, as has been evident by the charged environment of recent years, but also the world since decisions made in Washington have global effects.

Last year had started out with investors worrying that rapid and significant interest rate increases by the Federal Reserve would sap economic activity and tip America into a recession. However, the economic data for the fourth quarter shows that the U.S. GDP grew by 3.3% – which is far, far away from a recession and mouth watering when we consider the economic troubles of powerhouses such as Germany and China. Not only did the economy grow by 3.3% in Q4, but for the full year, growth sat at a respectable 2.5%.

However, while economic growth is always welcomed by politicians, given the current market climate, for investors it paints a more complicated picture. This is because while a growing economy is beneficial for businesses and the stock markets, these days it also means that the Fed might be able to keep rates higher for longer. A key balance that Fed officials have to strike now that they’ve avoided a recession in 2023 is to start reducing rates before it’s too late and keep them high enough for just the right time to make sure that inflation does not increase.

Overall, the economy influences investor perceptions about stocks and their future. Stocks are broadly divided into two categories, namely value stocks and growth stocks. Value stocks are those that are reasonably priced with respect to their earnings per share. These are stocks that belong to stable companies with consistent markets that are able to buffer drops in spending power during an economic downturn.

On the other end are growth stocks. These belong to companies that are operating in markets with untapped potential for revenue. The market, sensing this, prices the shares higher with respect to their earnings, and the resulting differential is captured through a price to earnings ratio. The higher this ratio (which uses either the latest twelve month, fiscal year, or forecast/estimated earnings), the more optimistic investors are about the stock’s ability to grow in the future.

As it might also sound intuitive, growth stocks do well when people and businesses have money to spend. This is influenced by the economy and interest rates, both of which influence the ease with which money is available for spending. Therefore, when access to capital is cheap, there is more spending, and high growth industries such as technology end up benefiting as a result.

In fact, picking out the right growth stocks at the right time can often provide an investor with the potential to double or even triple their money. As an illustration, consider the shares of NVIDIA Corporation (NASDAQ:NVDA). NVIDIA’s shares are up by a whopping 1,500%+ over the past five years. So, if you’d bought $100 of stock in January 2019 – less than a year before the pandemic struck – then your small investment would be worth roughly $1,700 now. That’s a big gain, and a $10,000 investment would have meant a profit of $160,000 in just five years – or equivalent to the combined average starting salary for a Master’s graduate in the U.S. for two years.

NVIDIA became the growth stock in 2023 as investors realized the massive potential offered by its products to train mathematical models  commonly known as artificial intelligence. A.I. is a part of the public imagination now, and since it relies on making inferences or predictions using data, its use cases are quite ubiquitous as well. Whether it’s medical science, fraud detection, drug research, logistics, shipping, or even writing, A.I. models carry with them the advantage of having a treasure trove of data to use and inform decision making.

Couple the investor interest in A.I. with the rosier economic conditions we’re seeing at the start of 2024 and one might even start to think that growth stocks could do nothing else but grow this year. One way to see which growth stocks are worth their salt is to see their performance in 2024 so far in response to the shifting economic environment. Today we’ve done just this and the top growth stocks of January 2024 are NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Netflix, Inc. (NASDAQ:NFLX). For more such stocks, you can also read 13 Most Promising Growth Stocks According to Analysts.

A businessperson giving a presentation on a graph demonstrating the growth of a mid-capitalization equity market.

Our Methodology

We ranked the top 30 constituents of the iShares S&P 500 Growth ETF by their year to date share price gains and selected the top ten growth stocks as the best performing growth stocks of 2024.

For these growth stocks we have also mentioned hedge fund sentiment. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.

10 Best Performing Growth Stocks in January 2024

10. Oracle Corporation (NYSE:ORCL)

Year To Date Share Price Gain: 10.17%

Number of Hedge Fund Investors In Q3 2023: 88

Oracle Corporation (NYSE:ORCL) is an enterprise computing firm that provides businesses with software that allows them to conduct their daily operations. The firm kept up the pace on its A.I. announcements in January 2024 when it revealed that its products now integrate models from Meta and Cohere.

During September 2023, 88 out of the 910 hedge funds part of Insider Monkey’s database had bought the firm’s shares. Oracle Corporation (NYSE:ORCL)’s largest investor among these is Ken Fisher’s Fisher Asset Management as it owns 18.7 million shares that are worth $1.9 billion.

Advanced Micro Devices, Inc. (NASDAQ:AMD), NVIDIA Corporation (NASDAQ:NVDA), Oracle Corporation (NYSE:ORCL), and Netflix, Inc. (NASDAQ:NFLX) are some top performing growth stocks in January 2024.

9. Broadcom Inc. (NASDAQ:AVGO)

Year To Date Share Price Gain: 11.01%

Number of Hedge Fund Investors In Q3 2023: 87

Broadcom Inc. (NASDAQ:AVGO) is a semiconductor company that sells chips that enable gadgets and computers to connect to networks. Its shares touched a record high price of $12.54 in January 2024 as investors looked to cash in on Broadcom Inc. (NASDAQ:AVGO)’s IT expansion through its VMware acquisition as well as the firm’s potential to capitalize on the A.I. wave.

As of Q3 2023 end, 87 out of the 910 hedge funds part of Insider Monkey’s database had bought Broadcom Inc. (NASDAQ:AVGO)’s shares. Ken Fisher’s Fisher Asset Management was the firm’s biggest shareholder due to its $1.7 billion stake.

8. ServiceNow, Inc. (NYSE:NOW)

Year To Date Share Price Gain: 11.92%

Number of Hedge Fund Investors In Q3 2023: 99

ServiceNow, Inc. (NYSE:NOW) is a diversified technology company that provides IT, automation, and other associated services. The firm has beaten analyst EPS estimates in all four of its latest quarters and the shares are rated Strong Buy on average.

Insider Monkey dug through 910 hedge funds for their third quarter of 2023 shareholdings and found that 99 had invested in the firm. ServiceNow, Inc. (NYSE:NOW) ‘s largest investor in our database is Rajiv Jain’s GQG Partners as it holds $831 million worth of shares.

7. Lam Research Corporation (NASDAQ:LRCX)

Year To Date Share Price Gain: 11.98%

Number of Hedge Fund Investors In Q3 2023: 74

Lam Research Corporation (NASDAQ:LRCX) is a backend semiconductor company that provides firms with the products that enable them to design and manufacture chips. The fact that its shares are up by nearly 12% year to date is unsurprising given the boost in optimism surrounding the industry this year.

By the end of last year’s September quarter, 74 out of the 910 hedge funds covered by Insider Monkey’s research were Lam Research Corporation (NASDAQ:LRCX)’s shareholders. Ken Fisher’s Fisher Asset Management was the biggest investor due to its $1.8 billion investment.

6. Uber Technologies, Inc. (NYSE:UBER)

Year To Date Share Price Gain: 12.23%

Number of Hedge Fund Investors In Q3 2023: 74

Uber Technologies, Inc. (NYSE:UBER) is a software company known for its ride sharing platform. January 2024 is proving to be a busy month for the firm as it partners up with Tesla to incentivize EV sales and shut down an alcohol delivery unit.

75 out of the 910 hedge funds surveyed by Insider Monkey during Q3 2023 had held a stake in the firm. Uber Technologies, Inc. (NYSE:UBER)’s largest shareholder among these is Brad Gerstner’s Altimeter Capital Management courtesy of its $613 million stake.

Uber Technologies, Inc. (NYSE:UBER), NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Netflix, Inc. (NASDAQ:NFLX) are some of January 2024’s top performing growth stocks.

Click here to continue reading and check out 5 Best Performing Growth Stocks in January 2024.

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Disclosure: None. 10 Best Performing Growth Stocks in January 2024 is originally published on Insider Monkey.

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

  • It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
  • It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
  • It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

  • The AI infrastructure supercycle
  • The onshoring boom driven by Trump-era tariffs
  • A surge in U.S. LNG exports
  • And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

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A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…