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The tech industry has long been known for its wealth of growth stocks, thanks to companies in a near-constant state of innovation and development. As a result, holding these stocks for the long term is one of the best ways to see substantial gains in your portfolio.

Hanging on to growth stocks can also safeguard your investment from temporary declines, as evident from the sell-off in 2022. Many tech companies suffered steep drops in their stocks last year amid economic headwinds, with the Nasdaq-100 Technology Sector index plunging about 40% over the year. However, despite market declines, many growth stocks still retained solid five- and 10-year stock growth.

So, here are three growth stocks that are screaming buys in March.

1. Apple

Apple (AAPL 3.51%) is the king of consistency and reliability, with its stock up 230% in the last five years and 839% in the last decade. The company’s growth has come alongside steady financial development, which saw its revenue rise 48.47% to $394.33 billion since 2018. Meanwhile, operating income climbed 68.46% to $119.44 billion in the same period.

In the coming years, Apple has multiple opportunities for significant growth. The tech giant reportedly plans to venture into the augmented reality/virtual reality (AR/VR) market this year by launching its first-ever headset. The mixed-reality device will see Apple join the swiftly growing AR and VR market projected to hit $31.12 billion in 2023 and $52.05 billion by 2027 — expanding at a compound annual growth rate (CAGR) of 12.72%.

Moreover, Apple will likely continue profiting from the rise of online subscription services. The company’s digital offerings include Apple TV+, Music, News+, Fitness+, and Arcade, which now earn the second-largest portion of Apple’s revenue. In fiscal 2022, services reported a 14% year-over-year revenue growth of $78.1 billion — double the iPhone’s growth. Services also provided attractive profit margins of 71.7%, while the same metric for products was 36.3%.

Apple’s past performance of consistent growth over the long term and promising developments in its future make its stock a screaming buy this month.

2. Microsoft

As the home of potent brands such as Windows, Office, Xbox, Azure, and LinkedIn, Microsoft (MSFT 1.67%) has strong positions in operating systems, productivity software, gaming, cloud computing, and social media. The company’s diversified business model led its stock to rise 166% in the last five years and 783% in the last decade.

Additionally, Microsoft’s annual revenue increased by 79.66% to $198.27 billion since 2018, with operating income growing 137.8% to $83.38 billion.

A compelling reason to invest in Microsoft’s stock is its priority on investing in future technologies. The company’s launch of its cloud computing platform Azure in 2010 provided substantial gains over the years, with the service reporting revenue growth of 40% in the fourth quarter of 2022.

Meanwhile, Microsoft’s $1 billion investment in start-up OpenAI in 2019 looks likely to pay off well over the long term after the release of ChatGPT, an advanced chatbot capable of producing human-like dialogue based on prompts. According to Grand View Research, the artificial intelligence (AI) market was valued at $136.55 billion in 2022 and is projected to grow at a CAGR of 37.3% through 2030. And Microsoft’s increasing position in the market is promising for its future.

Consequently, Microsoft’s varied business and long-term outlook make its stock a no-brainer buy right now.

3. Nvidia

Nvidia‘s (NVDA 2.47%) stock sunk 50% throughout 2022. However, its rise of 55% since the start of this year proves the importance of holding growth stocks over the long term and through temporary declines.

Despite last year’s sell-off, Nvidia shares enjoyed five-year growth of 292%, rising over 7,000% in the last 10 years. The stellar stock rise has come as annual revenue soared 130% to $26.97 billion since 2019, and operating income has increased 46.6% to $5.57 billion.

Nvidia’s significant year-to-date stock rise has come as investors have grown bullish over the company’s prospects in AI. Considering the company is home to hardware capable of running and developing AI software with its graphics processing units (GPUs), Nvidia likely plays a crucial role in the market’s development.

In fact, research firm TrendForce recently reported that OpenAI’s ChatGPT could increase its demand for GPUs to¬†30,000, up from 20,000 in 2020. Meanwhile, multiple other companies are developing similar services, which will further boost the need for GPUs.

Nvidia suffered in 2022 amid PC market declines. However, its long-term growth has remained strong, with its prospects in AI making it a must-buy this March.

Dani Cook has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Microsoft, and Nvidia. The Motley Fool recommends the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool has a disclosure policy.

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