Want the recipe for a wildly successful investment? Take a large measure of market leadership, add a smidgen of secular tailwinds, and top it off with a large addressable market.
Apple (NASDAQ: AAPL), Nvidia (NASDAQ: NVDA), and Advanced Micro Devices (NASDAQ: AMD) have each proven themselves as excellent growth stocks, with their share prices seeing triple-digit growth in the last five years despite declines this year. As the most valuable company in the world by market cap, it's hard to argue against investing in Apple. For instance, people who buy an iPhone are more likely to choose Apple again when looking for a laptop, smartwatch, or tablet in the future, thanks to the effortless connectivity between its products.
A broad array of stocks traded lower on Friday as investors focused on the state of the economy and the Federal Reserve's ongoing campaign to battle persistent inflation. With that as a backdrop, as of 1:30 p.m. ET, shares of Nvidia (NASDAQ: NVDA) had slumped by 3.1%, Palo Alto Networks (NASDAQ: PANW) was trading down by 2.9%, Snowflake (NYSE: SNOW) was off by 2.3%, and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) had slipped by 1.1%.