High Growth Tech Stocks to Watch in December 2024

As the year draws to a close, investors are keeping a close eye on several high-growth tech stocks poised to capitalize on innovative products and strategic partnerships. Two standout companies in this regard are NVIDIA Corporation (NASDAQ: NVDA) and AMD (NASDAQ: AMD), both of which have shown impressive performance and growth potential.

NVIDIA Corporation, with a market capitalization of $323.27 billion, has been a driving force in the AI and data center markets. Its Graphics Processing Units (GPUs) have become the go-to choice for AI applications, and the company's recent launch of the Blackwell platform, designed for generative AI and quantum computing, is expected to further boost its growth. NVIDIA's strong earnings growth, fueled by AI and data center demand, is expected to continue, with analysts forecasting a forward P/E ratio of 29.79.

AMD, another high-growth tech stock, has a market capitalization of $161.54 billion and is expected to grow its revenue and adjusted EPS by 13% and 25% respectively in 2024. Its strong performance in the data center market, driven by its EPYC CPUs and Instinct GPUs, is a primary driver of growth. AMD's acquisition of Xilinx in 2022 expanded its reach into programmable chips, further bolstering its growth prospects.

Both NVIDIA and AMD have strong analyst recommendations, with NVIDIA at a 'trong buy' and AMD at a 'buy' consensus. Their innovative products and strategic partnerships have positioned them well to capitalize on the ongoing AI boom and the transition to more advanced data center hardware.



The growth prospects of these tech stocks are supported by historical data and market trends. NVIDIA's stock price has surged by 170% year-to-date, while AMD has gained 5,110% over the past decade. Both companies are well-positioned to benefit from the growing demand for AI and data center infrastructure, making them attractive investments for long-term growth.



In conclusion, investors looking for high-growth tech stocks in December 2024 should consider NVIDIA Corporation and AMD. Both companies have demonstrated impressive performance and growth potential, driven by innovative products and strategic partnerships. Their strong analyst recommendations and positive market trends make them compelling investment opportunities for those seeking long-term growth in the tech sector.