The technology industry has performed well over the past year. The generative AI boom and other innovative technology products and services have caused significant changes in the market.
A benchmark ETF, Technology Select Sector SPDR Fund (NYSEARCA:XLK), up more than 38% last year. S&P500 Only 26% have returned.
Despite experiencing massive rallies, much of it could provide investors with further upside potential through 2024.
Here are three technology companies that performed well. Particularly in the last year, there has been an overall interest and excitement around companies that have adopted AI technology and are achieving strong buy ratings.
Celestica (CLS)
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Celestica (New York Stock Exchange:CLS) provides supply chain and cloud technology services and products to a variety of industries, including industrial, aerospace, defense, and communications.
Over the past year, CLS stock has more than tripled. One reason for this is the company's strong revenue growth and growing list of generative AI products.
On January 29, Celestica reported its full-year 2023 fourth-quarter earnings, in which it said total revenue increased 5% year-over-year and net income nearly doubled to $84 million. It also provided guidance for the first quarter of 2024, with expected revenue for the quarter between $2.025 billion and $2.175 billion, which is consistent with revenue reported in the fourth quarter of 2023. He said that
Celestica has been able to ride higher than last year, largely because of the tech boom across the stock market. Celestica's increasing exposure to cloud technology and generative AI products and services makes it a solid and strong buying option. CLS is poised to continue its upward trajectory and continue to provide investors with a fair valuation.
Nvidia (NVDA)
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Nvidia (NASDAQ:NVDA) is a semiconductor manufacturer that primarily produces GPUs for gaming PCs, cloud-based software, and data center applications. We also provide hardware and software for machine learning and generative AI platforms.
On February 21, Nvidia announced its fiscal 2024 fourth quarter financial results, announcing that total revenue more than tripled year-over-year to more than $22 billion. Earnings per share in the fourth quarter of 2023 were 57 cents, which increased to $4.93 in the fourth quarter of 2024. Most notably, data center revenue increased by more than five times his, and total revenue for the professional visualization division doubled from his year-ago period.
The company's stock price soared more than 16% after an impressive earnings report that beat analysts' expectations and continues to grow.
Nvidia is a very strong choice for investors looking for exposure to the technology industry, which has had a very impressive trajectory recently. There is a strong focus on the burgeoning generative AI industry and other related areas, where NVDA is playing a major role. This has contributed to a significant rise in Nvidia's stock price, which has more than tripled since April 2023.
Viant Technology (DSP)
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vaiant technology (NASDAQ:DSP) is an advertising technology company that provides a data platform that uses AI to determine cost-effective media solutions and omnichannel marketing services for marketing agencies.
The company's stock price has more than doubled in the past year. After starting public trading in 2021 and seeing a significant drop in the stock price, investor interest is increasing again.
Investors are looking for more exposure to the online advertising industry, which has been doing very well lately. Metaplatform (NASDAQ:meta), for example. The company's advertising revenue is its most profitable segment, with revenue increasing by more than 24% from Q4 2022 to Q4 2023.
On March 4, the company announced its full-year 2023 fourth-quarter earnings, which stated that total revenue increased 18% year-over-year. It reported a net loss of $8 million for the fourth quarter of 2022 and a net income of $3.3 million for the fourth quarter of 2023. These profits were broadly in line with analyst expectations. The company issued first-quarter guidance with expected revenue in the range of $49 million to $52 million.
Viant got off to a rough start in 2021 when it went public, but has recently performed remarkably well over the last year. The growing importance of online advertising makes it a great time for investors to consider investing in his DSP. DSP is still trading at a high valuation and a strong buy rating could provide significant upside potential.
As of this writing, Noah Bolton does not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing Guidelines.
