4 Top Stocks to Tap Nasdaq's New All-Time High

Group 1: Market Overview - The Nasdaq Composite has experienced a strong performance in 2023 and the first quarter of 2024, closing at a record high of 16,511.18 points on May 14, with a year-to-date rally of 10% following a 43.4% increase in 2023, marking its best year since 2020 [1] - Wall Street has seen overall positive trends, with the Dow and S&P 500 also reaching record highs in February, while the Nasdaq caught up later [1] Group 2: Drivers of Nasdaq Rally - The primary driver of the Nasdaq's performance has been the enthusiasm surrounding artificial intelligence (AI), particularly generative AI, which is believed to be in its early stages with significant potential for future business opportunities [2] - The growth of smart devices requiring advanced computing capabilities is further contributing to the expansion of the AI sector [2] Group 3: Semiconductor Industry Impact - The demand for high processing power and improved graphic solutions for AI functions is creating favorable conditions for the growth of the semiconductor industry [3] - The Federal Reserve's indication that further interest rate hikes are unlikely has positively influenced investor sentiment towards technology stocks [3] Group 4: Investment Opportunities - Recommended Nasdaq stocks include Netflix, Inc. (NFLX), Alphabet Inc. (GOOGL), NVIDIA Corporation (NVDA), and Super Micro Computer, Inc. (SMCI), all of which have strong potential for 2024 and are rated Zacks Rank 1 (Strong Buy) or 2 (Buy) [4] - Netflix is focusing on original content, with an expected earnings growth rate of 52.1% for the current year and a 7.4% improvement in earnings estimates over the past 60 days [4] - Alphabet has diversified into various sectors, with an expected earnings growth rate of 30.5% for next year and an 11.8% improvement in earnings estimates [5] - NVIDIA, a leader in visual computing technologies, has an expected earnings growth rate of 85% for the current year, with a 2.1% improvement in earnings estimates [6] - Super Micro Computer is focused on energy-efficient server solutions, with an expected earnings growth rate of 99.1% for the current year and an 8.3% improvement in earnings estimates [6]