Two Stocks to Invest in Now for a Richer Life in 2024

Every investment has risk. The stock market is unpredictable, but the following companies have a good chance of success in the future.

Walmart People enjoy deals. Today, consumers face stubbornly high inflation. Walmart's (NYSE: WMT) low pricing are luring cost-conscious buyers in these tough economic times, boosting earnings.

Walmart's more than 10,500 stores earned $648 billion in revenue over the past year, allowing it to negotiate the finest supplier bargains. Customers return to the company's stores for its wide assortment of affordable groceries and other household goods.

Walmart's profits may outpace sales growth. Smart automation initiatives are streamlining its massive fulfillment network. In an analyst conference call, CFO John Rainey stated the company's fulfillment cost improved 20% over the past year. New investments in AI and drone deliveries should boost profits.

Advertising is another major profit source for Walmart. It bought Vizio for $2.3 billion in February. Walmart plans to integrate Vizio's popular SmartCast OS into its digital ad network. Data collecting and ad targeting will improve for the retail giant after the merger. Walmart's high-margin ad sales grew 28% to $3.4 billion in 2023.

Nvidia The AI age has arrived. The cutting-edge technology will boost productivity for all firms. Naturally, AI tools are in high demand. These developments benefit Nvidia. The semiconductor giant makes chips for cutting-edge AI models and apps.

Microsoft, Alphabet, Meta Platforms, and Tesla use Nvidia CPUs for AI. Sales and profitability for the chipmaker are rising. In its fiscal year ending Jan. 28, Nvidia's sales rose 126% to $61 billion. Its adjusted net income rose 286% to $32 billion. These are incredible growth rates for a $2.2 trillion company.

Jensen Huang, CEO, anticipates AI chip sales to continue rising. Data center operators are expected to spend more on GPUs that excel at AI workloads. Nvidia revealed a new range of powerful GPUs and AI chipsets at its much anticipated tech conference on March 18 to meet this demand. Compared to its successful Hopper chips, the company's Blackwell processors should offer better performance and lower costs.

Nvidia also released software to help customers execute AI models on cloud, on-premise, and AI-enabled PCs. These new software services may help organizations regard Nvidia as a trustworthy AI platform rather than just a hardware supplier and differentiate its AI offerings from the competition.

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