3 Nanotech Stocks That Could Make Your Grandchildren Rich

Advancements in semiconductor manufacturing, medical applications and materials science are projected to expand the nanotech market significantly in 2024. This backdrop forms the backdrop for my three nanotech stocks to buy. Key growth drivers include advancements in nanoelectronics, nanomedicine and nanomaterials. The healthcare sector, in particular, is a significant beneficiary. It can leverage nanotechnology for improved diagnostics, targeted drug delivery and innovative treatment solutions. Regional growth is prominent in North America, fueled by substantial R&D investments and solid governmental support through initiatives like the National Nanotechnology Initiative. Asia-Pacific is rapidly expanding due to competitive manufacturing advantages and rising investments in nanotech research, particularly in countries like China, Japan and India. Integrating nanotechnology with emerging technologies such as artificial intelligence and the Internet of Things (IoT) will broaden its application scope further. So here are three of the best nanotech stocks for investors to buy. Applied Materials (AMAT) Source: michelmond / Shutterstock.comApplied Materials (NASDAQ:AMAT) is a leader in nanomanufacturing technology, providing equipment, services and software for producing semiconductor chips and advanced displays. The company’s reported Q1 2024 revenue of $6.71 billion was flat compared to the same quarter last year. However, its GAAP gross margin improved 1.1 percentage points year-over-year to 47.8%. Its GAAP operating margin increased slightly by 0.1 points to 29.3%. During the quarter, the company generated $2.33 billion in cash from operations. Applied Materials also returned $966 million to shareholders, including $700 million in share repurchases and $266 million in dividends. Looking ahead to Q2 2024, the company expects revenue of approximately $6.50 billion, plus or minus $400 million, and non-GAAP diluted EPS in the range of $1.79 to $2.15. Thanks to these strong results, AMAT is one of the top nanotech stocks to consider. Thermo Fisher Scientific (TMO) Source: Michael Vi / Shutterstock.comThermo Fisher Scientific (NYSE:TMO) is at the forefront of nanotechnology research and development. It offers a wide range of products and services for nanoscale analysis and manufacturing. The reported Q1 2024 revenue of $10.34 billion is a decline of 3% compared to the same quarter last year. Organic revenue was 4% lower, while Core organic revenue growth declined 3%. GAAP diluted EPS increased 4% to $3.46, and adjusted EPS grew 2% to $5.11. Thermo Fisher also raised its full-year 2024 revenue and adjusted EPS guidance to reflect stronger operational performance. The company now expects revenue from $42.3 to $43.3 billion, from the previous guidance of $42.1 to $43.3 billion. Furthermore, analysts have some positive expectations for TMO stock. In 2024, the average revenue forecast is $43.42 billion. This represents a 1.32% increase from the previous year’s revenue of $42.86 billion. The revenue is expected to continue growing, with an average forecast of $46.55 billion in 2025, $49.94 billion in 2026, $52.74 billion in 2027 and $55.27 billion in 2028. Veeco Instruments (VECO) Source: Lucio Libanori / Shutterstock.comVeeco Instruments (NASDAQ:VECO) specializes in advanced thin-film equipment and technologies for the production of nanomaterials, semiconductors and other high-tech applications. Its reported Q1 2024 revenue of $174.5 million was an increase compared to $153.5 million in the same period last year. GAAP net income was $21.9 million, or $0.37 per diluted share, compared to $8.7 million, or $0.17 per diluted share, in Q1 2023. The company’s GAAP operating income increased to $22 million. Non-GAAP operating income grew to $29.4 million from $20.4 million in Q1 2023. Analysts also collectively have bullish expectations for VECO. Revenue is expected to increase 10.12% to $733.86 million in 2024 from $666.44 million in the previous year. Revenue is projected to grow in 2025, with an average forecast of $808.17 million, representing a 10.13% increase from 2024. EPS is expected to rebound from -$0.56 in 2023 to $1.84 in 2024. For 2025, the average EPS forecast is $2.16, a 17.35% increase from 2024. On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article. Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.