3 Leading Nasdaq-100 Growth Stocks to Purchase in 2024

When discussing stock market indexes, the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average often dominate the conversation. However, the Nasdaq-100, home to the 100 largest companies on the Nasdaq and accounting for over 90% of the Nasdaq Composite, is a major draw for those looking for large-cap growth stocks. In 2024, Tesla, Broadcom, and Honeywell emerge as prime candidates for investors hunting for growth opportunities within the Nasdaq-100.

Tesla: The Continued Growth Champion

Tesla maintains a formidable 56% hold over the U.S. EV market, yet it still beckons as a high-growth investment. With EV sales climbing by 49% in the first nine months of 2023, Tesla leverages its market dominance not only as a defensive stronghold but also as a vantage point for ongoing market leadership. Tesla's aggressive approach to R&D, including anticipated models like the affordable $25,000 hatchback and ventures into robotaxis, underpin its sustained growth narrative. Despite its massive market capitalization, Tesla remains a compelling growth story with a proven track record and less risk compared to many hyper-growth ventures.

Broadcom: Harnessing the AI Surge

Broadcom may not be as often cited as Nvidia when talking semiconductors and AI, yet it takes a commanding seat in the industry. The company's extensive technology suite, important for device connectivity, automotive electronics, and enterprise software, is buoyed by its leadership in AI. Broadcom's high-speed Ethernet switches are crucial for networks managing hefty AI and machine learning workloads. With revenue projections of $50 billion in 2024, marking a stunning 40% year-over-year growth and with burgeoning AI applications propelling semiconductor revenue, Broadcom is presented as an enticing investment in the AI space.

Honeywell: Ready for a Transformative Leap

Honeywell has historically been perceived as a slow-growth entity, but strategic realignment may be changing that narrative. Focusing on megatrends like automation, the future of aviation, and the energy transition, Honeywell aims to realign its business model to higher-margin ventures and organic growth of 4% to 7%. Its investments in the Industrial Internet of Things (IIoT) reflect a commitment to integrating the digital with the physical, enhancing industrial processes, and boosting efficiency. While currently Honeywell's growth might seem modest, the company is laying the groundwork for what could be a transformative era. Savvy investors might consider Honeywell now or observe a bit longer to witness the unfolding of Honeywell's new strategy.

Tesla, Broadcom, Honeywell