High Growth Tech Stocks to Watch in October 2024

As global markets experience a mix of ups and downs, with U.S. stocks hitting new highs as earnings season begins and inflation edging up slightly, investors are closely watching the technology sector for potential opportunities. In this dynamic environment, identifying high-growth technology stocks requires particular attention to companies that demonstrate robust innovation and adaptability to changing economic conditions.

Top 10 fastest growing technology companies

Click here to see the full list of 1272 stocks from our High Growth Tech and AI Stock Screener.

Here we highlight a subset of our favorite stocks from the screener.

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Oracle Corporation provides a range of products and services for enterprise information technology environments worldwide with a market capitalization of $484.30 billion.

Operations: The company generates revenue from three main segments: cloud and licensing ($45.50 billion), services ($5.31 billion), and hardware ($3.01 billion). The Cloud and License segment is the largest contributor and highlights the focus on software solutions and cloud services within its business model.

Oracle has been actively improving its service offerings, evidenced by the recent launch of Oracle Health Payments and the US Army’s migration to Oracle US Defense Cloud, highlighting a strategic focus on specialized cloud solutions for various sectors. These developments not only expand Oracle’s presence in cloud services, but also meet evolving market demands for integrated digital solutions. The company’s commitment to research and development is particularly evident in its latest financial figures, which show revenue growth of 10.8% and a significant profit increase of 16.3%. This reflects robust innovation and market adaptation strategies that are expected to drive future growth amid highly competitive technology landscapes.

Simply Wall St Growth Rating: ★★★★★★

Overview: Zhongji Innolight Co., Ltd. is engaged in the research, development, production and sales of transceiver modules and optical devices for optical communication in China, with a market capitalization of approximately CNY 166.26 billion.

The story continues

Operations: The company focuses on optical communication transceiver modules and devices and serves the telecommunications sector in China. Sales are mainly generated from these products, reflecting the specialization in optical technology.

Zhongji Innolight has demonstrated a remarkable growth trajectory, with revenue increasing 32.6% annually, surpassing the broader CN market’s growth rate of 13.3%. This increase is highlighted by a significant profit increase of 191.3% last year, well above the industry average. The company’s commitment to innovation is reflected in its investments in research and development, which are strategically aligned with its rapid expansion in high-demand technology sectors. Looking forward, Zhongji Innolight is poised for sustainable growth with forecast profit increases of 31.7% per year, leveraging solid market positioning and ongoing technological advances to effectively meet changing industry needs.

Simply Wall St Growth Rating: ★★★★★★

Overview: Range Intelligent Computing Technology Group Company Limited focuses on the development of data centers and technology campuses with a market capitalization of CN¥52.05 billion.

Operations: The company generates revenues of CNY 6.24 billion primarily from IDC Services.

Range Intelligent Computing Technology Group has demonstrated solid financial performance with an annual revenue growth rate of 23.5%, significantly outperforming the broader CN market’s 13.3%. This growth is complemented by a forecast profit increase of 30% per year, reflecting strong market demand and operational efficiency. The company’s commitment to innovation is also underpinned by its R&D investment of CNY785 million, which represents approximately 21.9% of its total revenue – underscoring its strategic focus on maintaining technology leadership in highly competitive sectors.

Make it happen

Are you looking for alternative options?

This article from Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts using only an unbiased methodology and our articles are not intended as financial advice. It does not constitute a recommendation to buy or sell any stock and does not take into account your objectives or financial situation. Our goal is to provide you with long-term focused analysis based on fundamental data. Note that our analysis may not reflect the latest price-sensitive company announcements or qualitative material. Simply Wall St has no positions in any stocks mentioned.

Companies covered in this article include NYSE:ORCL, SZSE:300308 and SZSE:300442.

Do you have feedback on this article? Worried about the content? Contact us directly. Alternatively, you can also send an email to [email protected]