AI and Crypto Propel 2024’s Top Tech Stocks to New Heights

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As a seasoned analyst with over two decades of experience in the tech market, I must admit that 2024 has been nothing short of extraordinary. The rise of artificial intelligence and cryptocurrency has undeniably left its mark on the industry’s landscape.

2024 saw significant advancements in Artificial Intelligence (AI) and Cryptocurrency as key factors propelling the tech market’s impressive gains. The Nasdaq experienced a 33% surge, while other major U.S. indexes also witnessed double-digit growth. This upward momentum was primarily due to breakthroughs in AI technology and the crypto markets’ boom following Donald Trump’s election win.

This year, the following five U.S. technology firms have shown remarkable success in terms of stock market performance: AppLovin, MicroStrategy, Palantir, Robinhood, and Nvidia. These companies have stood out with exceptional growth, surpassing their competitors and attracting significant investor interest due to their impressive performances.

From my research perspective, at the beginning of this year, AppLovin boasted a market capitalization of approximately $13 billion. This company is renowned for its investments in mobile gaming studios that have produced hit games like “Woody Block Puzzle,” “Clockmaker,” and “Bingo Story.” Interestingly, AppLovin’s valuation has soared by an astounding $110 billion in the past, placing it above industry giants such as Starbucks, Intel, and Airbnb. Our CEO, Adam Foroughi, has announced a substantial increase in our total revenue, which saw a rise of $10 billion.

In the year 2023, MicroStrategy experienced a substantial surge of 346%. Yet, even more astonishing was the additional 467% increase in its share price this current year. The company’s decision to amass bitcoin has significantly elevated its founder, Michael Saylor, into a well-recognized figure within the crypto world.

2024 saw exceptional growth for Palantir, as its stock price soared by an impressive 380%. A notable spike occurred last month when the software company forecasted promising revenue figures before the presidential election, causing a 23% rise in its stock after the earnings report and an extra 8.6% boost the day after Trump’s win.

This year, Robinhood’s stock has seen a significant increase of over three times its initial value, with October 31 marking an exception where there was a 17% decrease in response to underwhelming earnings reports. However, following Trump’s victory in the election, shares surged by 20%, largely due to a broader market upsurge linked to cryptocurrencies. This surge contributed to a remarkable 165% increase in crypto transaction revenue during the third quarter, amounting to $61 million – equivalent to approximately 10% of the company’s total net revenue for the period.

In simple terms, Nvidia has continued its exceptional growth trajectory from last year, with a further 183% increase in value this year. This phenomenal performance has boosted its market capitalization by an impressive $2.2 trillion, making Nvidia the world’s most valuable publicly traded company on two different occasions in 2021.

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2024-12-27 16:54