Experts Predict Superior Growth for This Coin Over Nvidia (NVDA) in Annual Financial Forecast

• Analysts have updated their forecasts for S&P 500 growth this year following the release of first-quarter results.
• Eight S&P 500 companies, including Super Micro Computer (SMCI), Micron Technology (MU), and Nvidia (NVDA), are expected to post revenue growth of at least 30%.
• Super Micro Computer is projected to lead in revenue growth in 2024, with a predicted increase of 122% to $20.6 billion.

Following first-quarter results, analysts have updated their S&P 500 growth forecasts for the year, with eight companies expected to post significant revenue growth.

Anticipating Growth

With most S&P 500 companies having reported their first-quarter results, investors are preparing for solid growth for the remainder of the year. Analysts predict that the average S&P 500 company will deliver 5.2% revenue growth this year. While not a double-digit increase, it represents a healthy rise. Looking further afield, even greater growth can be found.

Super Micro Computer’s Revenue Forecast

If Super Micro Computer, an AI computing player, delivers on the 122% top-line growth expected by analysts, it would be a significant achievement. In contrast, Nvidia is expected to report “only” 84% revenue growth this year. This would place Super Micro Computer at the top of the S&P 500 growth pile. Its stock has risen 188% this year, surpassing Nvidia’s 83% rise. However, Nvidia has still generated $1 trillion in wealth this year due to its sheer size.

Other Revenue Leaders

Companies supplying materials to the stronger-than-expected U.S. economy are also reaping benefits. This includes computer chips, gold and industrial metals, and natural gas. Memory-chip maker Micron is expected to achieve 73% revenue growth this year, while miner Newmont (NEM) is predicted to increase its top-line by 44%. Natural gas provider Oneok (OKE) is on track for approximately 33% growth. Analysts seem to be pleased with what they saw in the first quarter.

Top S&P 500 Revenue Growth Predictions

For the calendar year 2024, Super Micro Computer (SMCI) is expected to lead with 122.2% growth, followed by Nvidia (NVDA) with 84.0%, Micron Technology (MU) with 72.7%, Newmont (NEM) with 43.9%, and Western Digital (WDC) with 41.4%.

Conclusion

As analysts update their S&P 500 growth forecasts following first-quarter results, several companies stand out for their expected revenue growth. Super Micro Computer leads the pack, with a projected 122% increase in 2024. Other companies, such as Nvidia, Micron Technology, and Newmont, are also expected to post significant growth. As investors gear up for the rest of the year, these companies could offer substantial opportunities.