The stock market is unpredictable in the short term, but there is a long-term cyclicality that investors can count on. If you have $1,000 available to invest, here are two companies to consider putting those funds toward to aid your journey to building wealth through the stock market. Upstart (NASDAQ: UPST) share prices shot up around 166% so far in 2023.
The S&P 500 is up 19.4% for the year, while the Nasdaq Composite has jumped by 36.3%, partially driven by excitement over new artificial intelligence (AI) technologies and a reversal of a sharp sell-off in tech stocks in 2022. Most prognosticators now expect the Federal Reserve to begin lowering interest rates next year, which should offer some support to growth stocks that had been hard hit by the Fed's campaign to rein in inflation. In particular, three stocks that are down sharply from their pandemic-era peaks that could double next year are Upstart (NASDAQ: UPST), Redfin (NASDAQ: RDFN), and Opendoor Technologies (NASDAQ: OPEN).
Alphabet (Google) and Upstart are at opposite ends of the risk spectrum, but both offer a great way for investors to play the AI revolution.