The Nasdaq-100 index is up 10% so far in 2024, and that’s not surprising since it has benefited from the solid growth reported by its major constituents, which are benefiting from the increasing demand for artificial intelligence (AI) and cloud computing.
The good part is that the Nasdaq-100 could keep heading higher as the year progresses. Deutsche Bank estimates that the index could rise 19% in 2024 based on cooling inflation and solid economic growth in the U.S. Meanwhile, the proliferation of AI is likely to remain a top driver for technology stocks in 2024, and it could play a central role in boosting the Nasdaq-100.
Let’s take a closer look at two Nasdaq-100 components — Nvidia (NASDAQ: NVDA) and Qualcomm (NASDAQ: QCOM) — that are delivering outstanding results from AI adoption. We’ll see why it makes sense to buy these two AI stocks before the Nasdaq clocks more gains.
