On Nov. 25, 2022, I mentioned three stocks to buy that could soar in 2023. At the time, those included Advanced Micro Devices (NASDAQ:AMD), which ran from $73 to $121.53; Apple (NASDAQ:AAPL), which ran from $146 to $191.45; and Nvidia (NASDAQ:NVDA), which ran from $152 to $504.
Today, I was asked for a new list of stocks to buy that could double in the new year. So far, I like what I still see with artificial intelligence (AI), cryptocurrencies and gene editing.
Advanced Micro Devices (AMD)
Believing Advanced Micro Devices could push even higher in 2024, I’m adding it to the top of my list of stocks to buy again. For one, AMD is a key player in the artificial intelligence (AI) chip race. Two, it just released its MI300A and MI300X chips, which are expected to strengthen AMD’s data center business to potentially generate about $1 billion in sales.
Three, AMD CEO Lisa Su says AI is still the company’s “largest and most strategic long-term growth opportunity.” She also noted the data center market could grow from $30 billion to more than $150 billion by 2027, as noted by Seeking Alpha. Even more impressive, the AI market could grow from about $208 billion today to about $1.85 trillion by 2030.
With AMD dominance only expected to strengthen, I’d like to see the stock well above $200 in the new year.
Marathon Digital (MARA)
With growing excitement for a potential Bitcoin (BTC-USD) ETF, the digital currency has been explosive. Last checked, BTC was up to $37,000, which is great news for BTC mining stocks, like Marathon Digital (NASDAQ:MARA). After all, the higher BTC goes, miners typically follow.
Since the start of October, MARA ran from a low of about $7.18 to a recent high of $10.64. From here, I’d like to see it retest $14 initially, given the excitement about a potential ETF. Helping, MARA just produced 3,490 BTC in the third quarter — a 467% year-over-year jump.
Even better, the company just posted net income of $64.1 million, or 35 cents per diluted share, compared to a year-earlier net loss of $72.5 million, or 62 cents per share. Revenues were up to $97.8 million, well above the $12.7 million posted a year earlier — all thanks to a massive increase in produced Bitcoin.
Editas Medicine (EDIT)
At just $10.84 a share, Editas Medicine (NASDAQ:EDIT) has a good deal of potential upside moving forward. For one, its main competitor, CRISPR Therapeutics (NASDAQ:CRSP), is racing higher on hopes the U.S. FDA will approve its treatment for sickle cell in early December. Two, as I noted earlier this week, EDIT has a major catalyst of its own on Dec. 11.
In fact, I noted, “The company will share clinical data updates from the RUBY trial for severe sickle cell disease (SCD) and the EdiTHAL trial for transfusion-dependent beta-thalassemia (TDT) in a company-sponsored webinar and in a poster at the American Society of Hematology (ASH) annual meeting on Monday, Dec. 11.”
Both events from EDIT and CRSP could set the sector on fire over the next few weeks. Also, should EDIT’s treatment see FDA approval, it won’t see $10.84 again.
— Ian Cooper
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Source: Investor Place