This year's biggest tech winners: AppLovin tops the list, while MSTR, Palantir, and Robinhood all surpass Nvidia
As of December 25, the tech-heavy Nasdaq has risen 39% this year, outperforming the S&P 500 and the Dow. $APP AppLovin topped the tech stocks list with a staggering 758% gain, while $MSTR , $PLTR and $HOOD also outperformed $NVDA . Nvidia had the largest increase in market value, with a market value increase of $2.2 trillion.
AppLovin: From mobile games to AI advertising engines
$APP has become the best performing tech stock in 2024 with a 758% increase.
As AppLovin transformed from a mobile game service company to an AI-driven online advertising giant, its market value has soared from US$13 billion at the beginning of the year to more than US$110 billion, surpassing well-known companies such as Starbucks, Intel and Airbnb.
AppLovin's success is mainly attributed to its upgraded advertising search engine. Last year, the company released version 2.0 of its advertising search engine AXON, which helps to place more accurate ads on game apps.
Driven by this transformation, in the third quarter, AppLovin's software platform revenue increased by 66% year-on-year to US$835 million, net profit increased by 300%, and profit margin increased from 12.6% to 36.3%.
MicroStrategy: Big winner betting on Bitcoin
$MSTR continued its 346% rise in 2023, and its stock price rose another 467% this year, mainly due to the company's Bitcoin purchase strategy.
MicroStrategy began to buy Bitcoin on a large scale in mid-2020. It currently holds more than 444,000 Bitcoins, worth nearly $44 billion, making it the fourth largest Bitcoin holder in the world. Its market value has also increased from $1.1 billion to $80 billion.
Palantir: AI demand drives performance growth
$PLTR stock price has risen 380% this year, making it another big winner in the market. With the support of AI, its data analysis tools have been widely used in the defense and commercial fields.
In 2024, Palantir's stock price experienced several surges. Last month, Palantir's third-quarter results announced the day before the presidential election exceeded expectations. Palantir also raised its revenue expectations for 2024, and its fourth-quarter performance guidance far exceeded analysts' expectations.
Robinhood: Cryptocurrency trading drives growth
Although $HOOD stock price fell 17% on October 31 due to poor financial reports, its stock price is still up more than 200% this year.
After Trump's victory, Robinhood rose 20% in a few days. Cryptocurrency trading has become an important growth engine for Robinhood, where users can trade more than 20 cryptocurrencies including Bitcoin.
Robinhood's cryptocurrency-related revenue in the third quarter increased 165% year-on-year to $61 million. Analysts expect the company's revenue in the fourth quarter to increase by more than 70% year-on-year to $805.7 million, which would be the fastest growth rate since its IPO in 2021.
Nvidia: Demand for AI chips continues to be strong
After a 239% surge last year, $NVDA stock price rose another 183% this year, and its market value increased by $2.2 trillion to $3.4 trillion, second only to Apple.
In terms of performance, Nvidia is still the biggest beneficiary of the AI boom, with the company's annual revenue growth rate exceeding 94% in the past six quarters, including more than 200% in three quarters.
However, for a company of Nvidia's size, slowing growth is inevitable. Analysts expect Nvidia's year-on-year growth rate to slow in the coming quarters, falling to around 45% by the second half of next year.
Do you think the 5 companies can still outperform in 2025? pls leave your view in comment.