3 unstoppable growth stocks that can make you rich in 2024

Most basketball players don’t play the game just because they like dribbling. they want to win. Similarly, most investors don’t buy stocks just because they like a company’s product. they want to make money.

It’s much easier to make money when you invest in companies with strong fundamentals and exceptional growth prospects. Here are three unstoppable growth stocks that could make you richer in 2024.

1. Amazon

own shares in Amazon (AMZN 1.20%) I would have made enough money in 2023. The stock price soared nearly 81%. I think Amazon’s impressive momentum will continue this year.

One reason for Amazon’s rapid growth last year is improved profitability. The company’s third-quarter revenue soared more than 240% year over year. This impressive jump is largely due to Amazon’s focus on streamlining its operations in an effort to increase profits. We expect these efforts to continue to bear fruit over the coming quarters.

Growing interest in generative AI stood out as another major tailwind for Amazon in 2023. Don’t expect this AI boom to be just a short-lived experience. I predict that Amazon will benefit from this in all areas of its business for years to come.

In particular, more organizations are likely to move their apps and data to the cloud to harness the power of generative AI. This should work in favor of Amazon Web Services, which ranks as a leading cloud service provider based on market share.

2. MercadoLibre

mercadolibre (Meri 3.86%) It is sometimes called the “Amazon of Latin America”. There are certainly similarities between the trajectories of his two stocks. MercadoLibre stock has risen nearly 86% in the last year.

MercadoLibre operates a huge e-commerce platform that operates in 18 countries in Latin America. The platform is ranked as a market leader based on unique visitors and page views in all major countries in the region.

The company is also a leader in fintech in Latin America with its Mercado Pago business unit. This is a key growth market for MercadoLibre, as evidenced by the triple-digit jump in total online payments in Q3 2023.

I am also optimistic about MercadoLibre’s new business. The company’s total credit card transaction volume recently exceeded $1 billion for the first time. It also launched Mercado Play, an ad-supported streaming service. MercadoLibre’s short video platform Clips is gaining momentum. All in all, this business and stock seems unstoppable.

3. Vertex Pharmaceuticals

vertex pharmaceuticals (VRTX 0.47%) was the worst performer of these three stocks in 2023. But that’s no shame, considering this biotech stock was up 41% last year after gaining 31.5% in 2022. I also have a good feeling about Vertex’s prospects this year.

Just a few days ago, the company received a second approval for Kasugevy from US regulators. Gene editing therapies are now approved for use in the treatment of both sickle cell disease and transfusion-dependent beta-thalassemia. It will take a while for Casgevy’s revenue to increase. goldman sachs The project’s annual revenue reaches $3.9 billion at its peak.

Two other new products may be coming soon. Vertex hopes to move forward with a regulatory filing for its non-opioid analgesic candidate VX-548 and a combination treatment for cystic fibrosis featuring vanzacaftor, tezacaftor, and dutycaftor. Both have the potential to be blockbusters if approved.

In the meantime, sales of Vertex’s current cystic fibrosis franchise should continue to grow. The company’s goal is to launch yet another drug, inaxaprine, for the treatment of APOL1-mediated kidney disease (AMKD) in the not-too-distant future. This could open up a huge new market for Vertex. AMKD affects more patients than cystic fibrosis worldwide. If approved, inaxaprin would be the first therapy to treat the root cause of the disease.