5 Best Meme Stock Tickers

When you think of meme stocks, you think of amateur investors rallying online, sending obscure companies skyrocketing, and hedge funds scrambling. But meme stocks have come a long way since early 2021.  

Meme stocks today are more like momentum plays. Whether you’re a seasoned investor or just curious about the trend, there are still meme stocks that can add marked upside to portfolios. Here are the 5 best meme stocks that are still worth owning:  

Meme Stock No. 1: Super Micro Computer (SMCI) 

Super Micro Computer (SMCI) has soared 700% in the past year, fueled by the artificial intelligence boom and its server solutions for data centers.  

This meteoric rise resembles a meme stock, but is there more to it than just hype? 

Demand for chips, driven by server and storage needs for AI, is expected to propel SMCI’s future success. SMCI boasts a full-stack IT infrastructure, a first-mover advantage in liquid cooling, and an engineering-driven leadership team. All of this should translate into some wide-moat advantages. 

Meme Stock No. 2: Palantir (PLTR)  

Palantir’s (PLTR) journey has been unconventional, evolving from a meme stock darling to a company with genuine growth potential. While once fueled by online hype, this big data analytics company has shifted its focus toward sustainable growth and profitability. Palantir boasts four consecutive profitable quarters and looks set to achieve a fifth. 

Palantir isn’t just a government data cruncher anymore. Its commercial revenue is soaring, with a 70% year-over-year increase to $131 million in the fourth quarter while commercial revenue grew 20% year-over-year to $1 billion. The company’s new AI platform is attracting customers, adding further fuel to its growth engine. 

Meme Stock No. 3: Advanced Micro Devices (AMD) 

While Advanced Micro Devices (AMD) once enjoyed meme stock status, it has evolved into a formidable player in the semiconductor industry with solid fundamentals.  

AMD boasts impressive growth, with revenue surging 45% in 2020, 68% in 2021, and 44% in 2022 for a 52% compounded annual growth rate (CAGR). 

AMD is now poised to ride the AI wave with its data center segment expected to reach $3.5 billion in sales this year, exceeding previous estimates by $1.5 billion. The company’s new MI300X AI chip and customer utilization platform position it to capture further market share and potential growth. 

Meme Stock No. 4: Tilray Brands (TLRY) 

Tilray Brands (TLRY), the cannabis company, trades near penny stock territory, raising concerns about its viability. However, its low price and unique strategy are worth a closer look.  

Despite trading at a low market cap and per-share value, Tilray is not purely a speculative play. It boasts a book value of $0.40 per share, implying its assets exceed liabilities, unlike many penny stocks. 

Plus, Tilray is diversifying beyond cannabis with recent acquisitions of craft beer brands. This should position them well for the potential legalization of cannabis-infused beverages, offering a head start in a potentially lucrative market. 

Meme Stock No. 5: Rivian Automotive (RIVN) 

Rivian is carving out its niche in the booming electric vehicle market. Rivian, often compared to Tesla, occupies a unique space in the EV market, focusing on large SUVs and pickup trucks.  

Rivian exceeded its 2023 production guidance, delivering over 50,000 vehicles. However, it’s stock price has fallen, currently trading at the lower end of analyst forecasts. 

Rivian presents an interesting opportunity for investors seeking exposure to the booming EV market with a niche focus.  

Bottom line  

The meme stock phenomenon continues to captivate investors, offering the potential for explosive gains but also bringing some risks.  

Several companies previously associated with the meme stock frenzy have evolved, showcasing promising fundamentals and potential for long-term growth. However, it’s important to remember that not all meme stocks are created equal, and careful evaluation is crucial before investing.