Two companies that investors should consider purchasing shares of are Nvidia and Upstart Holdings, as these companies could double in the next five years. The tech-heavy Nasdaq-100 index has shown a strong recovery in 2023 and has increased nearly 19%, due to investor confidence in tech stocks, signs of cooling inflation, a potential pause in the Federal Reserve’s rate hikes, and the emergence of hot growth opportunities such as artificial intelligence.
Nvidia controls an estimated 95% of the artificial intelligence (AI) graphics card market, and its GPUs are the backbone of the AI industry. With the global AI chip market expected to generate $263 billion in annual revenue by 2031, Nvidia is expected to experience tremendous growth in its business over the next five years.
Upstart Holdings’ shares have fallen 82% in the past year due to rising interest rates, which have led to a sharp pullback in the company’s growth. However, the market is undervaluing Upstart’s potential, as its platform has grown quickly, and the company could grow five times over the next five years. Investors should consider buying shares of both companies.