7 Growth Stocks to Buy in June for Great Gains

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7 Growth Stocks to Buy in June for Great Gains

InvestorPlace06-07

Meet Louis Navellier Microsoft (MSFT): This company wants to stay hungry and humble as it continues to grow. Nvidia (NVDA): Now valued at more than $3 trillion, the company will execute a stock...

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So far in 2024, the Nasdaq composite and the S&P 500 are up over 12%, demonstrating that there’s a robust market environment that is conducive to the best growth stocks.\nGrowth stocks refer to shares in companies that are expected to grow at an above-average rate compared to others in the market. These firms typically reinvest their earnings back into the business rather than paying dividends. Instead, the focus is on expanding market share, developing new products or entering new markets.\nThe recent success in the Nasdaq composite and the S&P 500 creates an opportune moment to find growth stocks to buy. The tech-heavy Nasdaq, in particular, includes many prominent growth companies that have significant earnings momentum.\nWe are using the Portfolio Grader to identify the best growth stocks to buy, based on earnings performance, growth, momentum and analyst sentiment. Each of these outstanding equities gets an “A” or a “B” rating in the Portfolio Grader and should not be ignored by investors seeking growth.\nMicrosoft (MSFT)\nSource: VDB Photos / Shutterstock.comIf you’re looking for consistency and long-term performance in a growth stock, it would be hard to top Microsoft (NASDAQ:MSFT). \nThe software company’s package of office products — Word, Excel, PowerPoint, Outlook and Teams — are must-own products for businesses and individual users.\nMicrosoft is now the world’s most valuable publicly traded company publicly traded company in the world, valued at $3.15 trillion. \nIt used its $13 billion investment in OpenAI to bring generative AI to everyday use through ChatGPT, incorporating it into its products like Edge and Bing.\nAnd there’s no indications that Microsoft is going to slow down. CEO Satya Nadella told Fortune that his company must “stay humble, stay hungry, and exhibit a growth mindset.”\nMicrosoft’s new Surface model laptops could be a big part of that strategy. The company says the Surface are the “ultimate Copilot+ PCs, delivering incredible performance and brand-new AI experiences.”\nIf Microsoft can revolutionize the computer/hardware industry as much as it has the software industry, there’s no telling how high MSFT stock could climb. It’s not out of the question that it could touch $500 per share.\nMicrosoft stock is up 12% this year and gets a “B” rating in the Portfolio Grader.\nNvidia (NVDA)\nSource: rafapress / Shutterstock.comWhile Microsoft is the most valuable company, Nvidia (NASDAQ:NVDA) is newly minted as No. 2 on the list. The semiconductor company has now topped $3 trillion in market cap and I wouldn’t be surprised to see it surpass Microsoft by the end of the summer.\nNvidia’s mammoth run — the stock is up 212% in the last 12 months — is fueled by generative AI as well. Nvidia makes the powerful graphics processing units that are required to operate machine learning and generative AI applications, and has a mammoth market share of that business.\nAnd the business is just getting bigger. Elon Musk is creating a generative AI startup, xAI, to compete with OpenAI, and he reportedly plans to buy 100,000 of Nvidia’s H100 GPUs to power his business. Each of those H100 GPUs could cost $40,000, so the purchase order would be roughly $4 billion, for one company.\nAnd don’t forget that Nvidia declared a 10-for-1 stock split effective at the end of the business day June 7, so when the market opens on June 10, NVDA shares will be priced at $120 instead of $1,200. That’s much more appealing to retail investors and should give the stock yet another boost.\nNVDA stock is up 147% in 2024 and gets and “A” rating in the Portfolio Grader.\nAlphabet (GOOG)\nSource: Castleski / Shutterstock.comAlphabet (NASDAQ;GOOG, NASDAQ:GOOGL) is another blue-chip name that’s a great growth stock. Its search engine, Google, has roughly 90% of global search traffic. \nThe company’s Chrome browser and YouTube platform add to the company’s mighty portfolio that brought in $80.5 billion in the first quarter. The majority of that was the result of advertising revenue.\nWhile Bing is powered by ChatGPT, Alphabet isn’t sitting still. The company is working to improve its Gemini generative AI product and allow it to do everything from captioning photos and videos to generating artwork.\nAnd this is a stock that has plenty of momentum. After a lackluster second half of 2023, GOOG stock is up 32% since March as investors have shaken off fears that the company could lose market share in its lucrative search engine business. I’m expecting the stock to continue to increase to the $200 mark.\nGOOG stock gets a “B” rating in the Portfolio Grader.\nSoundHound AI (SOUN)\nSource: rafapress / Shutterstock.comSoundHound AI (NASDAQ:SOUN) is an innovative AI company that makes voice recognition products that are powered by AI. The company’s platform allows users to ask questions about vehicle maintenance and provides step-by-step interactive training for employees.\nSoundHound’s platform is also used by restaurants to automate food ordering. Through its Dynamic Interaction platform, customers can verbally place complicated orders at a kiosk and pay without the intervention of an employee.\nShares of SOUN stock really took off earlier this year when Nvidia disclosed that it invested $3.7 million in the company, taking a 0.6% stake.\nRevenue in the first quarter was $11.6 million, up 73% for the fast-growing company. And while the company hasn’t yet posted a profit, it has dynamic potential — its subscription and booking backlog was $682 million, up 80% from just a year ago.\nSOUN stock is up 134% this year and gets a “B” rating in the Portfolio Grader.\nSuper Micro Computer (SMCI)\nSource: rafapress / Shutterstock.comThere may be some who believe that Super Micro Computer (NASDAQ:SMCI) grew too much, too fast in the last year. The stock is up 258% in the last year, but pulled back dramatically since April, falling from $1,188 to around $800 at the time of this writing.\nBut I’m not bailing out on this one. I think Supermicro has a lot of juice left in it, and the success of companies like Nvidia and the AI craze have a lot to do with it.\nSupermicro designs and manufactures server architecture and hardware that is essential to cluster Nvidia’s GPUs so they can perform generative AI tasks. That’s why the company’s sales have tripled from a year ago, and why Supermicro increased its guidance from $14.3 billion to $14.7 billion previously, to $14.7 billion to $15.1 billion currently.\nBernstein analysts project that Big Tech capital expenditures could total $200 billion this year, with much of this figure going into the build out of AI capability. Supermicro will get a healthy percentage of that kind of business.\nEven with the recent pullback, SMCI stock is up 180% in 2024. It gets an “A” rating in the Portfolio Grader.\nMeta Platforms (META)\nSource: Blue Planet Studio / Shutterstock.comMeta Platforms (NASDAQ:META) famously changed its name from Facebook in 2021 in order to focus its attention on CEO Mark Zuckerberg’s vision of the future — the metaverse. But it’s been a return to the company’s core values that really triggered growth in META stock over the last year.\nAfter struggling through 2022 and spending tens of billions of dollars on the metaverse, Zuckerberg wisely reduced spending and staff to reorient the business on profitability. While the metaverse is still an aspiration, Meta is doing a much better job in 2023 and 2024 on improving its core assets and bringing value to META stock.\nIts using AI wisely — to create interesting generative AI products that improve the user experience for Facebook, Instagram, Threads and WhatsApp. AI also helps the advertising platform to efficiently get targeted messages to the users who are most likely to interact with them.\nMeta is looking to do more, including reportedly looking to form deals with media publishers to access to content for use in training its large-language models. Meta may also be making strides with its move into AI video generation software.\nI would not be surprised to see META shares at $600 within a year. The stock is up 39% this year and gets a “B” rating in the Portfolio Grader.\nInnovative Eyewear (LUCY)\nSource: tete_escape / Shutterstock.comTrue, there are a lot of blue-chip names on this list of growth stocks. But it’s also worth taking a look at a smaller name like Innovative Eyewear (NASDAQ:LUCY), whose shares are still priced at less than $1 and sports only a market cap of $17 million.\nInnovative Eyewear makes smart glasses — eyeglass frames that can incorporate wearable technology. Powered by ChatGPT, the company’s Lucyd glasses responds to voice commands to play music, take phone calls, or respond to queries.\nThe company launched a partnership with Eddie Bauer devices that includes four distinct styles that feature polarized sunglasses lenses and the first sale of smart glasses without rims.\nLUCY stock is up 81% this year and gets a “B” rating in the Portfolio Grader.\nOn the date of publication, Louis Navellier had long positions in MSFT, NVDA and SMCI. He did not hold (either directly or indirectly) any other positions in the securities mentioned in this article. \nThe InvestorPlace Research Staff member primarily responsible for this article had long positions in NVDA and SMCI. The staff member did not hold (either directly or indirectly) any other positions in the securities mentioned in this article.\nArtificial Intelligence, Cloud, Semiconductor, Communications, Media, Social Media, Software, TechnologyGrowth Stocks\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\n Louis Navellier\nEditor, Market 360\n\n\nMeet Louis Navellier\nLouis Navellier is one of Wall Street’s renowned growth investors. Providing investment advice to tens of thousands of investors for more than three decades, he has earned a reputation as a savvy stock picker and unrivaled portfolio manager.\n\n\n\t\t\t\tLearn more about Louis\t\t\t\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/market360/2024/06/7-growth-stocks-to-buy-in-june-for-great-gains/.\n©2024 InvestorPlace Media, LLC","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}