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Finding the best tech stocks to buy remains a top priority for investors. However, those with small portfolios may make rookie mistakes trying to maximize their account instead of looking for high-quality companies. But in reality, you can still find quality growth stocks, but the returns can be more conservative.
This is ideal if you invest for the long term and want to protect your portfolio from potential downside risks in the market. Tech stocks remain pioneers of progress, constantly pushing the boundaries and being at the forefront of emerging technologies such as artificial intelligence. These three companies exhibit strong fundamentals and are expected to see continued growth over the next decade.
So let's unpack the three best tech stocks to buy for $1,000 right now.
Alphabet (GOOG, GOOGL)
alphabet (NASDAQ:googleNasdaq:Google) is one of the best tech stocks to buy in 2024. As the renaissance of artificial intelligence reaches full throttle, the company is leading the charge.
Alphabet provides valuable software and hardware technology to billions of users around the world. The company rose to fame with its Google search engine, but would later diversify into cloud computing, online advertising, consumer electronics, and artificial intelligence. We will see strong double-digit growth in fiscal year 2023, and AI will continue to provide significant momentum in the cloud.
Additionally, Alphabet has just released its most premium version of the Gemini AI model, which offers multimodal functionality. It is set to compete directly with ChatGPT 4.0, the leading LLM in the market. Artificial intelligence will be a major catalyst for advertising revenue growth on Google Search and Youtube. For conservative investors, now is a great time before this innovative tech stock takes off in 2024.
Oracle (ORCL)
oracle (New York Stock Exchange:ORCL) is a name synonymous with enterprise software and cloud services, carving a niche for itself as a global technology giant. Founded in 1977, the company has a rich history of innovation that powers businesses across a variety of industries.
Oracle has embraced the cloud revolution and provides a robust and secure platform for enterprises to build, deploy, and manage applications. Co-founder and CTO Larry Ellison positions the company as a leader in AI cloud infrastructure. This naturally allows companies to reduce costs and remain competitive with their peers.
In its latest quarterly results, Oracle's cloud revenue rose 25% year over year to $4.8 billion. Cloud infrastructure revenue increased by 52% as demand for generative AI services increased rapidly. The company's cloud business currently has an annual operating rate of $20 billion, and it is currently building 100 new data centers to meet demand. At the end of the day, Oracle will be one of the most important AI stocks on the market.
American Express (AXP)
american express (New York Stock Exchange:AXP) is an American multinational payment services company headquartered in New York, USA. The company offers a wide range of financial products and services for individuals, small businesses and corporations.
American Express is ending its 2023 fiscal year on a strong note as credit card processors benefited greatly from rising interest rates. Despite cutting back on discretionary spending last year, consumers remained very resilient. In fiscal year 2023, the company achieved his record revenue of $60.5 billion. EPS increased 14% to $11.21 per share as higher retail credit card interest rates and spending boosted earnings.
The company focuses on the Millennial and Gen Z segments, and demand for premium products remains strong. It was so big that the company announced it was increasing its quarterly cash dividend by 17% to $0.70 per share. Management is currently guiding for FY24 revenue to increase 9-11% and EPS to be in the range of $12.65-13.15. With interest rates expected to fall in the second half of 2024, AXP is among the top tech stocks to buy now.
On the date of publication, Terrell Miles did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are influenced by InvestorPlace.com. Publishing guidelines.