The stock market has risen impressively so far in 2023, thanks to multiple reasons, such as a resilient U.S. economy and slowing inflation, which could keep the Federal Reserve from raising interest rates further. Some analysts are predicting the market will make further gains in 2024.

The S 500 index has gained 18% so far this year. Technology stocks, meanwhile, have delivered stronger gains, with the Nasdaq Composite index rising 36% so far in 2023. The solid surge in tech stocks can be attributed to a major catalyst in the form of artificial intelligence (AI), as the adoption of this technology is helping multiple companies unlock new growth opportunities.

Advanced Micro Devices (NASDAQ: AMD) and Super Micro Computer (NASDAQ: SMCI) are two tech stocks that are capitalizing on AI growth. Both companies have delivered solid returns so far this year, yet they are trading at relatively attractive valuations. So if you have $1,000 in investable cash right now -- which means that your bills are paid, you've paid off any high-interest loans, you have enough saved for a rainy day, and you won't need the money in the near term -- it could be a good idea to put that money into these stocks.

Continue reading

Source Fool.com