Savvy investors recognize the value of investing in growth stocks that are part of emerging industries with the potential to generate strong long-term returns. Here are two such magnificent stocks that can provide investors with double- to triple-digit returns over the next 12 months - and possibly more, if held for a longer time.
Since the artificial intelligence (AI) frenzy began, Applied Materials (AMAT) has been riding the semiconductor boom. AMAT stock has risen 22.1% year-to-date, outpacing the S&P 500 Index’s ($SPX) gain of 6.2%. The second magnificent stock is legacy automotive player General Motors Company (GM). Recently, GM reported stellar first-quarter 2024 results and an upbeat outlook for the year. The stock is now up 24.3% year-to-date.
