The rapid advancements in artificial intelligence (AI) and cryptocurrency have led to a significant upsurge in U.S. tech stocks in 2024, with the Nasdaq Index rising by 33%. Among the top performers with a market cap over $5 billion are:
AppLovin (APP): This company saw a staggering 758% stock price increase, driven by AI-powered ad technology. AppLovin's updated AXON ad search engine 2.0 boosted its gaming application ads and third-quarter revenue by 66% to $835 million.
MicroStrategy (MSTR): The firm’s stock soared 467%, thanks to its aggressive Bitcoin acquisition strategy. MicroStrategy, now the fourth-largest Bitcoin holder globally, saw its market value rise from $1.1 billion to $80 billion.
Palantir (PLTR): Surging by 380%, Palantir benefited from increased demand for AI technologies, raising revenue expectations amid rising defense spending.
Robinhood (HOOD): The stock tripled due to a 165% increase in cryptocurrency trading revenue. Investors shrugged off an October dip, with growth forecasts exceeding 70% in the fourth quarter.
NVIDIA (NVDA, Financial): Riding the AI chip boom, NVIDIA's stock gained 183%, with new AI chips generating significant revenue, though reliant on a few tech giants.
