When the Market Is Volatile, Consider These 5 Stocks During a Dip
Written by
Dawn Allcot
Edited by
Nicholas Morine
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Artificial intelligence seems to be everywhere these days, from our favorite shopping apps to job listings seeking experts in AI. Top tech companies developing or using AI right now stand poised for a profitable 2024.
With the Nasdaq Composite and S&P 500 edging up all week, this volatile market gives investors plenty of opportunity to wait for the dip to scoop up shares of their favorite companies.
According to experts, these five tech stocks should be on your radar to buy during the next dip.
No. 1: Apple
The iPhone 16 could include significant improvements to Siri, the AI assistant integrated into iOS. Rumors out of Apple’s 2024 Worldwide Developer Conference indicate Siri might be given generative AI capabilities similar to ChatGPT, according to Apple Insider.
Apple recently invested $1 billion in AI tech. Investors are mixed on the risk/reward profile of Apple, according to The Motley Fool, but don’t count this tech mainstay out.
No. 2: Advanced Micro Devices (AMD)
Silicon chips play a crucial role in AI and computing, and chip manufacturer Advanced Micro Devices (AMD) leads the pack in developing chips with the power to process AI applications. At the company’s Advancing AI event in 2023, the company revealed a new series of chips designed for AI-backed gaming, AMD.com reported.
The stock is currently enjoying a rally, but if it dips, it could be wise to grab as much as you can.
No. 3: Super Micro Computer
Super Micro Computer, a company that manufactures server technology, continues to beat earning estimates thanks to the development of its AI-ready infrastructure solutions for enterprise-level companies — and thanks to a partnership with AMD competitor Nvidia. SMD’s tech helps large businesses optimize costs while minimizing environmental impact, which happens to benefit shareholders, too.
No. 4: Meta Platforms
One of the FAANG family of big tech stocks (Facebook, Amazon, Apple, Netflix and Google), Meta Platforms has shown a steady climb in 2024 so far. Meta is also leveraging Nvidia to enhance its AI efforts, investing up to $9 billion on chips to power its growing AI initiatives, according to a recent Instagram post from Meta CEO Mark Zuckerberg.
No. 5: Microsoft
After announcing its MS Office Copilot AI service for enterprise users, Microsoft has established a stronghold in AI. Investors Business Daily rated Microsoft stock in the 5% buy zone after it hit an all-time high of $394 mid-month. As one of the Magnificent Seven stocks, Microsoft can bolster your portfolio with the stability of big tech at a lower price than Tesla or Amazon.
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