Top tech stocks for 2024: Amazon and Meta Platforms lead the way

Because technology stocks’ positions and trends are dynamic, knowing which companies are poised for future success can be difficult. However, according to analyst Ken Gawrelski, two megacap tech companies stand out as the best positioned for growth in 2024: Amazon (AMZN) and Meta Platforms (META).

What is Megacap Tech?

Megacap tech companies are defined by their colossal market capitalisations, typically exceeding $200 billion. These behemoths dominate various sectors, such as e-commerce, cloud computing, social media, and entertainment. Their influence extends beyond traditional markets, often disrupting established industries and fostering innovation.

That is why assessing megacap tech investments requires considering their growth prospects. Companies with robust revenue streams, innovative product pipelines, and strategic expansion plans are better positioned for sustained growth. Moreover, analysing key performance indicators (KPIs) such as revenue growth rates, profit margins, and market share can provide valuable insights into their future trajectory.

What’s more, market dynamics play a pivotal role in shaping the performance of mega-cap tech stocks. Factors like industry trends, regulatory environments, and geopolitical tensions can impact stock prices and investor sentiment. Investors can make informed decisions and anticipate potential risks by staying informed about these external forces.

Regarding the subject, Amazon and Meta Platforms are two of the world’s largest and most successful tech companies. They both have vital track records of growth and are well-positioned to benefit from key trends in the tech industry. However, investors should know the risks involved before investing in either company. 

Why Amazon?

Amazon’s allure extends far beyond its reputation as an e-commerce influencer. While its online retail dominance is undeniable, Amazon’s foray into cloud computing via Amazon Web Services (AWS) casts a wider net for potential growth. Gawrelski asserts that Amazon’s trajectory is far from plateauing, citing several vital drivers propelling its success:

Here are some of the critical factors driving Amazon’s success:

  • Margin improvements in its retail business: Amazon has been steadily improving its margins, which means it’s extracting more profit from each sale. This is due to increased efficiency in its fulfilment operations and its growing base of Prime members who pay annual subscription fees.
  • AWS cloud computing dominance: AWS is the world’s leading cloud computing platform and continues to multiply. Businesses of all sizes increasingly rely on cloud computing for their IT infrastructure, and AWS is well-positioned to benefit from this trend.

Why Meta Platforms?

Meta Platforms, formerly known as Facebook, exerts a formidable presence in the digital landscape, with flagship entities like Facebook, Instagram, and WhatsApp under its wings. Despite coursing through choppy waters, Gawrelski takes up an optimistic outlook for Meta Platforms, citing the following catalysts:

And here’s why Gawrelski is bullish on Meta Platforms:

  • Growth above trend in digital advertising: The digital advertising industry is expected to grow steadily in 2024, and Meta Platforms is well-positioned to capture a significant share of this growth. The company’s massive user base and targeted advertising capabilities make it a valuable partner for businesses looking to reach their target audiences.
  • Continued user engagement: Despite some concerns about user growth, Meta Platforms’ social media platforms continue to see strong engagement from users worldwide. This engagement is essential for Meta Platforms’ advertising business, allowing the company to deliver targeted ads to a large and active audience.


While both Amazon and Meta Platforms are expected to grow in 2024, it’s important to remember that no stock is immune to risk. Both companies face headwinds, such as rising inflation and potential regulatory changes. Additionally, both companies are expected to normalise growth in the latter half of 2024.

As the adage goes, “Fortune favours the prepared mind,” and in the department of tech investing, preparation is paramount.

Sangita Brahma
Sangita Brahma

Sangita is a commerce graduate from Tezpur University, known for her passion for reading and anime. As a senior editor at, she has honed her skills in writing and editing. Sangita is an avid reader of fiction novels and enjoys exploring new stories. Her email, [email protected], is open to those who wish to connect with her regarding her work or interests.

Articles: 30

Newsletter Updates

Enter your email address below and subscribe to our newsletter

Leave a Reply

Your email address will not be published. Required fields are marked *