3 best tech stocks to buy in October

While it would be unfair to say that technology stocks have recently become the hottest sector in the market, they have certainly entered a new phase of growth and prominence since late 2022.

The semiconductor giant Nvidia (NASDAQ: NVDA) has captivated investors as it provided one a rare opportunity to septuple an investment in two years and triple it in one year.

Still, the stock market in October 2024 is dangerously akin to a bubble. It is unclear if the optimistic forecasts of the artificial intelligence (AI) boom taking stocks ever higher will prove correct or if the risks – which many believe are piling up at an alarming rate – will trigger the long-awaited recession.

Furthermore, NVDA stock has become a less enticing investment in recent weeks, despite being a ‘no-brainer’ purchase through most of 2024 as it rallied 13.88% in 30 days and is, with its press time price of $140.66, near its all-time highs (ATH).

With the trends and risks in mind, Finbold examined the growing technology sector to find the best investments one can make in October 2024.

Advanced Micro Devices (NASDAQ: AMD)

Though often overshadowed by its larger cousin, Advanced Micro Devices (NASDAQ: AMD) remains an important player in the semiconductor industry and is well-positioned for growth.

The company is already playing an important role in supplying the AI boom, and its new Instinct MI325X chipset is likely to offer a compelling alternative to Blackwell. 

Having narrowed the technological gap with Nvidia in recent years, AMD is simultaneously positioned to reinforce its long-standing popularity with gamers, ensuring steady retail demand.

On the stock market side, AMD has risen only significantly less than Nvidia while still offering a solid 11.59% rise to $154.64 in 2024, meaning it will have an easier time finding new highs, provided there are no major and unwelcome surprises.

Still, the chipmaker is far from a riskless investment. Not only has it seen significant volatility in the stock market since the start of the year, but some Wall Street experts are concerned with its approach to the AI supply chain and the recent downsizing of orders from TSMC (NYSE: TSM).

Oklo Inc. (NASDAQ: OKLO)

While Oklo Inc. (NASDAQ: OKLO) is not traditionally numbered among the big tech stocks, its business of designing and making compact nuclear fission reactors certainly places it close to the cutting edge.

OKLO shares experienced massive tailwinds in the last 30 days as it received approval to conduct a survey of a potential reactor site in Idaho and received backing from Sam Altman and Peter Thiel amidst a broader alliance between nuclear energy and AI.

As a fission energy company, Oklo Inc. could also benefit from efforts to turn humanity greener, as nuclear power is a compelling alternative to more traditional – and often more damaging – types of electricity generation.

Still, OKLO investment is not without risk. In 2024, there remains some opposition to nuclear reactors due to the lingering effects of the Chernobyl and Fukushima disasters and broader ecological and environmental concerns.

Furthermore, the aforementioned alliance with AI would make OKLO shares susceptible to a possible sector crash.

Finally, the nuclear stock’s recent performance – a 126.55% 30-day surge to $18.65 – places it in danger of a correction, though the most recent pullback may have cleared the way for further upside.

Amazon (NASDAQ: AMZN)

The technology giant Amazon (NASDAQ: AMZN) has been synonymous with e-commerce throughout the Western world for years, and this fact alone makes it a strong investment.

Still, Jeff Bezos’ titan has more going for it, with Amazon Web Services (AWS) and the data center business being of particular interest due to the emergence and popularity of AI.

Fortunately for hopeful investors, Amazon has not only been reporting strong data center and cloud growth historically but is expected to continue doing so in the coming quarters.

While such an outlook is likely to drive AMZN shares higher, they have already been performing well – even once the 2024 volatility is accounted for – as they are 25.33% up year-to-date (YTD) with a press time price of $187.61.

Additionally, technical analysis conducted earlier in October demonstrated that long-term trends are bullish for Amazon stock, and recent analyst rating revisions also overwhelmingly show a 12-23% upside is expected in the coming 12 months.