The amazing thing about the Nasdaq right now is that has undeniable momentum. The three worst-performing stocks in the Nasdaq 100 tech stock index, which tracks 100 of the exchange's best tech stocks, were down only 3% to 5% for the month. That means the other 97 did better than that.

These three stocks also delivered some of the best gains of 2023, and a slight dip in the last month might give investors the opportunity to buy. Without further ado, let's check out MercadoLibre (MELI -0.06%), Constellation Energy (CEG 3.37%), and Synopsys (SNPS -0.10%).

1. MercadoLibre: Down 3%

MercadoLibre gained 86% last year, even with the drop in December. It's a top e-commerce stock with a huge market and many growth drivers.

It services the Latin American region with e-commerce services, which is its original and core business. Even though MercadoLibre has been in business for decades, this is still an up-and-coming market. MercadoLibre's largest sales numbers still come from its main countries of Argentina, Brazil, and Mexico, but it operates in 18 total.

Gross merchandise volume from e-commerce sales has finally been accelerating again after a rebound in physical stores, up 59% over last year in the 2023 third quarter, and there're loads of opportunity here. But its faster-growing business is in fintech, and total payment volume increased 121% year over year in the 2023 third quarter. The fintech business grew out of a need for underbanked customers to be able to participate in e-commerce, but it has now moved past payments on its platform to offer digital payments and other financial services in a complete app. It also has a large and growing credit business.

MercadoLibre took a step back from its focus on profits a few years ago to scale and take advantage of accelerating e-commerce trends, and that's paid off. It's now reliably profitable, as well as having a huge, dominant business at the same time.

Is it time to buy MercadoLibre stock? It's not cheap even after December's drop, trading at 48 times forward one-year earnings. But the company gets a premium because it's so reliable for growth and has solid long-term opportunities, so it's a great time to buy heading into the new year.

2. Constellation Energy: Down 3%

Constellation Energy ended 2023 up 36%, trailing the Nasdaq 100's 54% increase but ahead of the S&P 500's 24% rise. But it has soundly beat the market since it was spun off from Excelon as a separate company in 2022, with a 134% gain versus a 5% gain for the S&P 500 over that period.

Constellation Energy is the nation's largest producer of carbon-free energy, and it supplies 20 million homes and businesses with clean energy products and services. It's a top 10 provider of natural gas, and it powers three-quarters of Fortune 100 companies.

One of the ways it's been growing is through a series of partnerships and acquisitions, which increases its exposure and offers efficiency capabilities, leading to stronger profitability. In the 2023 third quarter, it took a 44% stake in South Texas Project Electric Generating Station, and it announced a partnership with ComEd, a utility company owned by Excelon, to provide services for 54 metered facilities. Net income increased from a $180 million last year to $731 million this year in the 2023 third quarter.

Constellation is committed to creating shareholder value, and it's on track to repurchase $1 billion in shares in 2023. It also pays a dividend that yields just under 1%, and it has doubled since the spinoff.

Constellation is a top energy stock with tons of future opportunities, and it could provide years of shareholder value creation.

3. Synopsis: Down 5%

Synopsys stock rose 61% in 2023, even though it fell slightly in December. Synopsis isn't on every investor's radar, even though it designs silicon-based chips that drive powerful artificial intelligence (AI) services. It has broad relevance to semiconductors and other important technology, and it services many industries, including AI, cloud computing, and the Internet of Things. Although it's not a new company, it has plenty of growth drivers in its wide technology bases.

Synopsys is a leading company in three specific parts of the chipmaking process: design, verification, and manufacturing.

Synopsys' core business is electronic design automation (EDA). It says this is a $10.6 billion market, and it's critical to generative AI, making its products a necessity for some of the biggest names in technology today. Since this is the wave of the future, it's well positioned for continued growth for many years. It's now marketing what it calls Synopsys.ai, a comprehensive AI solution that it describes as the "industry's first full-stack, AI-driven EDA suite."

Revenue increased 15% over last year in fiscal 2024 (ended Oct. 31), and earnings per share (EPS) was $7.92, up from $6.29 last year. That growth track is likely to continue in 2024 and beyond, making now is a great time to buy shares.