3 Growth Stocks to Buy in 2024 and Hold for the Long Term

As we proceed through 2024, investors are on the lookout for stellar growth stocks that not only promise returns in the near term but also hold the potential for long-term gains. Identifying companies that are poised for sustainable growth requires a thorough understanding of industry trends, business models, and the capacity for innovation. Among the myriad of choices in the stock market, there are two tickers in particular that stand out with robust prospects: MSFT and NVDA.

The Case for MSFT

MSFT, or Microsoft Corporation, is a household name in technology that has been revolutionizing the way we interact with computers for decades. Operating as a global leader in software, services, devices, and solutions, MSFT is well-diversified across various streams of revenue. Its suite of widely recognized products, including Microsoft Windows, Office, Internet Explorer, and Edge browsers, are complemented by its impact in the hardware space with Xbox and the Microsoft Surface series. Notably, MSFT secured a spot on the Fortune 500 list, ranking 21^ extsuperscript{st} in 2020 and is admired for being the globe's top software maker by revenue as of 2016. The company's sustained success is underpinned by its status as one of the 'Big Five' in the U.S. IT industry. These credentials make MSFT an attractive investment for both short-term gain and long-term wealth generation.

Why Consider NVDA

Turning to NVDA, or Nvidia Corporation, we find a pioneer in visual computing, excelling in GPUs for gaming and professional markets. Additionally, NVDA is at the forefront of innovating system on a chip units (SoCs) which cater to the mobile computing and automotive industries. Nvidia's dedication to cutting-edge technology has cemented its place as a powerhouse in the realms of artificial intelligence and deep learning. With an ongoing demand for high-performance computing, NVDA's leadership in GPUs presents an attractive growth trajectory that investor portfolios can benefit from in the long run.

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