1 Super Tech Stock (Besides Nvidia) to Buy Hand Over Fist in 2024

Nvidia stock surged 83% in a year to its all-time high. Besides Nvidia, this super tech stock is also worth buying in 2024. Here’s why.

| More on:

Recently, Nvidia (NASDAQ:NVDA) stock made a lot of hype after it posted bombastic results for the fourth quarter of 2023. The generative artificial intelligence (AI) boom drove Nvidia’s data centre revenue by a whopping 409% to US$18.4 billion. The data centre segment alone accounted for 83% of Nvidia’s fourth-quarter revenue. Many industries have adopted generative AI across different use cases. Nvidia’s graphic card performance is unbeatable in training and inference of gen AI and large language models.

Nvidia: A super tech stock 

In May 2023, when Nvidia stock crossed the US$400 milestone, it looked like a pretty expensive stock. However, the potential and scalability of AI is such that it can revolutionize the way we do things. And Nvidia is at the core of the AI. This US$400 stock price became US$880 in less than a year. The fundamentals are such that it could continue to grow. 

The stock might look expensive, trading at 36 times its sales per share. But its triple-digit sales growth and competitive edge make it worth a buy.

Other than Nvidia, there is another super tech stock that can give you 80-100% growth in the short term. But the problem with this super tech stock is it is highly volatile and falls at the same speed as it grows. So, you have to invest actively in this stock and play around the $4-$8 range. 

A super tech stock besides Nvidia 

Another super tech stock besides Nvidia is Hive Digital Technologies (TSXV:HIVE). While one Nvidia stock trades above US$880, one Hive stock trades at around $4.5. Hive is a Bitcoin mining company and has ventured into cloud services. It is offering its Nvidia graphic card-powered data centres to companies that want to perform high-performance computing tasks like AI.

You can think of Hive as a part of the AI supply chain. Unlike Nvidia, Hive doesn’t have any competitive edge and unbeatable technology. However, it has the advantage of entering early in crypto mining in 2010. This early mover advantage helped it mine more Bitcoin at a cheaper rate. 

Bitcoin prices keep fluctuating depending on the adoption of cryptocurrency. Since Hive has significant Bitcoin inventory, its stock price moves alongside the BTC price, while its cloud business reduces the downside risk. 

Comparing the two stocks’ last 12-month performance

Created with Highcharts 11.4.3Nvidia PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

Nvidia is a long-term growth stock. It has surged 280% in the last 12 months. The strategy for this stock is to buy and hold for the long term and keep buying more at every dip. That is not the case with Hive. 

The blockchain stock is highly volatile and influenced by BTC prices. However, it has established a range of $4-$8. The strategy for this stock is to buy at $4 and sell when the stock reaches close to $7. 

Created with Highcharts 11.4.3Hive Digital Technologies PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

In the last 12 months, Hive stock has surged 29.7%. But during this time frame, it saw three rallying cycles, with peaks of $8.5, $7, and $6, respectively. If you purchased 100 shares of Hive at $4-$4.5 in each of the cycles, you could have converted your $400-$450 into $2,050, selling them at $8, $7, and $5.5 in respective cycles. However, a US$400 investment in Nvidia would have become US$880 today, but the risk of downside is also less. 

Should you invest $1,000 in Plaza Retail Reit right now?

Before you buy stock in Plaza Retail Reit, consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Plaza Retail Reit wasn’t one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $21,345.77!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 24 percentage points since 2013*.

See the Top Stocks * Returns as of 4/21/25

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Puja Tayal has no position in any of the stocks mentioned. The Motley Fool recommends Bitcoin and Nvidia. The Motley Fool has a disclosure policy.

More on Tech Stocks

semiconductor manufacturing
Tech Stocks

The Smartest Small-Cap Stock to Buy With $900 Right Now

With its strong foothold in high-growth sectors, this small-cap stock can navigate economic uncertainties well and deliver massive gains.

Read more »

A shopper makes purchases from an online store.
Tech Stocks

If I Could Only Buy and Hold a Single Growth Stock, This Would Be It

Despite strong buying on positive investor sentiment, this healthy growth stock still trades at a discount.

Read more »

Car, EV, electric vehicle
Tech Stocks

Blackberry: Buy, Sell, or Hold in 2025?

Blackberry is a high risk, but potentially high reward stock suitable for some torque in a well-diversified portfolio.

Read more »

stocks climbing green bull market
Tech Stocks

Why CAE Stock Popped 9% After Earnings

Few Canadian stocks offer the stability and growth as this one, especially after earnings.

Read more »

The letters AI glowing on a circuit board processor.
Tech Stocks

The Smartest AI Stock to Buy With $2,200 Right Now

This AI stock is posied to grow revenue and free cash flow at an enviable rate through 2028. Is the…

Read more »

Tech Stocks

The Smartest Tech Stock to Buy With $4,000 Right Now

Down almost 50% from all-time highs, this tech stock offers significant upside potential to shareholders in May 2025.

Read more »

Income and growth financial chart
Tech Stocks

2 Canadian Stocks That Could Turn $10,000 Into $100,000

If you're looking for growth and income, these two are some of the best options out there.

Read more »

money goes up and down in balance
Tech Stocks

1 Magnificent Tech Stock Down 27% to Buy and Hold Forever

Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) is starting to look severely undervalued after its latest drop!

Read more »