3 Tech Stocks to Buy Before They Take Off in 2024

Stocks to buy

The U.S. economy has defied expectations as it accelerates despite higher interest rates, resumed student loan payments, and geopolitical tensions. Analysts have raised their forecasts, with Goldman Sachs increasing its third-quarter growth estimate to 4% from 3.7%, and High Frequency Economics raising its third and fourth-quarter forecasts. This has led to the emergence of tech stocks to buy.

Despite this momentum, inflation has eased to 3.7% in September, allowing the Federal Reserve to hold off on further rate increases. However, the future remains uncertain, with three possible outcomes: a short-lived momentum, a return of higher inflation and more rate hikes, or a scenario of strong growth with controlled inflation.

No matter the turn-out, now is the perfect time to purchase these future trillion-dollar technology companies; as our economy heals, these tech stocks will follow with strong growth. 

Celestica (CLS)

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Celestica (NYSE:CLS) is a leader in technological business design, manufacturing, and supply chains. Currently focused on supply chains, after-market cycling, and the creation of displays, CLS stock is valued at $25.81, up 182.39% YoY.

The smart manufacturing industry in 2022 was valued at $277.81 billion and is forecasted to grow to $658.41 billion by 2029 at a 13.1% 7-year CAGR. Celestica is dominant in the industry, with branches in other sectors improving CLS’s business.

Financially, Celestica had a fantastic Q2 2023 with YoY growth in every essential metric. Revenue was reported at $1.94 billion, or a 12.94% YoY increase, and net income and EPS at $55.5 million and $1.36 grew by 55.9% and 58.62%, respectively. The past quarter’s financial success amounted to larger quantities of display systems to large industry OEMs such as Cisco and Dell. Supplying these industry giants contributes to guaranteed business for the present and future. This makes it one of those tech stocks to buy.

The strongest factor for the recent growth of CLS has originated from the Advanced Technology Solutions (ATS) unit. With ATS totaling 43% of total revenue recently, large advancements through various technologies in aerospace and defense industries have contributed to significant growth in the past quarter, as well as growth for the upcoming quarters. Furthermore, vast and strong development in AI resources has improved resources and products in both supply chain and ATS services, helping bolster upcoming profits in future years.

Overall, strong financials backed by compounding recent advancements improving ATS services will further contribute towards profit and growth in valuation for the upcoming years.


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IonQ (NYSE:IONQ) is a quantum computing hardware and software company, staying at the forefront of the quantum computing industry through trapped ion technology in its quantum processing units. Yahoo! Finance has 5 analysts predicting a 1-year price range on IonQ to be between $14.00 and $21.00, with a mean of $17.80.

The quantum computing industry is expected to reach a valuation of $4.37 billion by 2028, growing at a 38.1% CAGR. Growth factors include increased utilization in financial services for its computation and cybersecurity utilities, as well as the potential to cut years of time from drug development through running simulations for trials.

IONQ boasts strong financials. The company reports $5.52 million in revenue for Q2 2023, representing a 111.4% 1-year CAGR. IonQ demonstrates its profitability through its 72.4% gross profit margin, well above the sector median. Management has improved upon operational expenditures over the past year through cash from investing, which grew 36.6%, and net change in cash, which grew 11.6%. All in all, it’s one of those tech stocks to consider.

IonQ shows growth potential through its partnerships that put the company in an attractive position for investors. IonQ has partnered with Switzerland-based quantum computing company QuantamBasel to establish a European quantum data center. This partnership drives the organic expansion of IonQ’s European customer base. The company has also renewed a partnership with the United States Air Force Research Lab (AFRL), as the contract is worth $25.5 million. This renewal contract gives AFRL access to IonQ’s trapped ion technology, enabling further AFRL quantum network research and application development.

IONQ is the technology stock that investors should not miss out on because of the quantum computing industry’s growth, strong financials, a partnership that allows for global expansion, and more mentioned above.

AMC Entertainment (AMC)

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AMC Entertainment (NYSE:AMC) is an American movie theater chain with 950 theaters and 10,500 screens globally.

AMC’s stock is down 73.24%YTD at $9.53, but 5 analysts forecast a 12-month price forecast on a median to the high price of $10 to $19 or a 4.1% and 97.7% upside. 

The entertainment industry in 2023 is valued at $27.72 billion and is expected to grow at a CAGR of 7.80% to $40.36 billion by 2028. Key factors for this include the increase in penetration of cell phones and the growing amount of free time for the population in many developed nations. 

From 2020-2023, revenue grew from $1.24 billion to $4.26 billion, representing a 103.47% change from 2020 to 2021, and a growth of 8.95% from 2022 to 2023. CAPEX Growth (YoY) reached 36.02, 778.80% more than the sector median of a measly 4.10%. CAPEX Sales TTM also reached 5.23%, which is 30.66% more than the sector median of 4.00%. Overall, these metrics indicate that AMC is growing quickly while remaining profitable.

AMC is a dominant force in the movie theater industry, primarily owing to its commanding market share in key regions and its astute positioning of theaters, designed to maximize productivity. Furthermore, we anticipate a substantial increase in revenue in the coming months, driven by the highly anticipated releases of blockbuster movies. As excitement continues to build around these upcoming films, it is virtually certain that audiences will flock to their local AMC theaters for an immersive cinematic experience. This surge in patronage is expected to translate into significant revenue spikes, securing AMC’s relevance for the foreseeable future, spanning at least the next decade.

Overall, due to the solid geographic presence offered by AMC and the next generation of exceptional movies tailored to every consumer’s needs, AMC is a stock that is set to skyrocket in growth.

On the date of publication, Michael Que did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

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