Three AI stocks that did particularly well last year were Nvidia (NASDAQ: NVDA), C3.ai (NYSE: AI), and Tesla (NASDAQ: TSLA), all doubling in value in 2023. But the big questions are whether they can do it again, and is it too late to invest in these businesses?
A good return on investment is generally considered to be around 7% per year, based on the average historic return of the S&P 500 index, adjusted for inflation. The average return of the U.S. stock market is around 10% per year, adjusted for inflation, dating back to the late 1920s.
Overall, 2023 was a great year for stocks, as the markets rallied to near-record highs in late December. However, not all companies surged. The year's worst-performing name among the U.S.-listed firms covered by Morningstar analysts was ChargePoint CHPT, which fell 75.5%.
Walmart (NYSE:WMT) stock is a strong buy in 2024. The company' incredible pricing power allows them to thrive during periods of high inflation. Walmart's omnichannel strategy and strong growth of their e-commerce business is a promising sign for the future.
Amazon's stock has been on a great run since the start of 2023, but has only attained levels last seen at the 2020 bottom. So, from a historical perspective, Amazon's stock still looks cheap. If Amazon's revenue growth continues to increase, today's price would be a bargain for the stock.
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