The Year’s 3 Best Performing Stocks as of August 2023

Stocks to buy

Navigating the kaleidoscope of the stock market, it’s clear that the reasons for a short-term rally are as diverse as the companies themselves. Some stocks rebound with gusto, while others catch the investor’s eye due to the sheer brilliance of their outlooks, morphing into must-buy top performers. However, these top stocks for 2023 stand out as some of the best investments in the current scenario, having performed exceptionally this year.

2023 has unfurled its drama, offering us market volatility, bearish plunges, and moments that tested the grit of every investor. However, amidst the ebb and flow, one thing remains unchanged smart money is on high-return stocks as of August, which promise sustained prowess ahead. With that said, here are three of the top high-quality stocks posting the highest year-to-date percentage gains.

Nvidia (NVDA)

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In the bustling realm of semiconductors, Nvidia (NASDAQ:NVDA) stands out as a true titan, with its stock growing over 200% year-to-date. This growth isn’t just a blip; the company’s prowess in producing top-tier graphics processing units (GPUs) for diverse fields, including artificial intelligence, virtual reality, and self-driving cars, underlines its sustained market relevance.

This year, the narrative in the tech world has been dominated by generative A, with Nvidia as one of the forerunners in the sphere. With a staggering 80% to 95% market share in AI computing, the company is at the heart of what Wall Street is buzzing about. Analysts echo this optimism, projecting Nvidia’s leadership to remain uncontested through 2027.

Dubbed the “AI arms dealer, ” the corporation recently amped up its second-quarter guidance, a testament to its foresight in meeting robust computing demands. Even if the AI whirlwind subsides, technological trends favor Nvidia’s ongoing ascendancy. This makes it one of those top stocks for 2023.

Super Micro Computer (SMCI)

Source: Andrey Suslov/Shutterstock

While Nvidia has been basking in the limelight, Super Micro Computer (NASDAQ:SMCI) has silently made its own waves. With a share price that more than quadrupled this year, SMCI’s financial narrative is nothing short of extraordinary.

Moreover, investing titans have upped their bets on this dark horse. For instance, under the strategic eye of billionaire Alex Sacerdote, Whale Rock Capital increased its SMCI holdings by 42% in the first quarter. Additionally, Jim Simons’ renowned Renaissance Technologies augmented its stake by 22.7% during the same period.

Diving into the numbers, Super Micro Computer’s fiscal fourth quarter Non-GAAP earnings-per-share of $3.51 surpassed expectations, beating them by 60 cents. With revenues surging to $2.18 billion, marking a 32.9% year-over-year bump, the company’s trajectory seems incredibly promising. Furthermore, projections for the fiscal year 2024 set an ambitious target of net sales between $9.5 billion to $10.5 billion, a figure that notably outpaces the consensus of $6.92

Meta Platforms (META)

Source: Blue Planet Studio / Shutterstock.com

Resurgent Meta Platforms (NASDAQ:META) isn’t just any tech player; it’s strategically harnessing the powers of AI and product diversification to expand its market share further. With a staggering user base of 3.8 billion spanning across flagship apps, including Facebook and Instagram, the sheer magnitude of its platform reach is underscored by its consistent and robust engagement metrics.

The AI arena has seen Meta innovating persistently. The company is revolutionizing user interaction, from innovative features such as Reels, elevating content discovery, to AI-optimized advertising solutions such as Meta Advantage. Also, open-sourcing initiatives, including the Llama-2 AI model, highlight Meta’s leadership in fostering industry-wide AI research and innovation.

Layer that up with its Metaverse ambitions, potentially becoming a multi-billion dollar new market. Through investments in mixed reality tech, evidenced by products like the Quest 3 headset, its commitment to immersive experiences signifies a promising trajectory in this burgeoning domain. Meta’s roadmap is clear as it looks to be at the forefront of digital evolution, shaping and leading tomorrow’s interconnected realm. All in all, it’s one of those top stocks for 2023.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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