Throughout 2024, artificial intelligence (AI) technology and cryptocurrencies have been the main focus affecting the global economy, especially the stock market, which has a significant impact on the business world.
Companies related to the two technologies have recorded huge gains in stock performance, especially crypto, with the launch of Bitcoin spot exchange-traded funds.
These are among the five tech stocks that have recorded extraordinary performance this year!
1. AppLovin
By the end of the year, AppLovin had surged past $110 billion, making it more valuable than Starbucks, Intel and Airbnb.
AppLovin shares rose 758% this year, far surpassing all other tech companies.
Businesses are now focused on online advertising and the rapidly growing profits from advances in AI.
2. MicroStrategy
After experiencing a ‘crazy’ 346% surge in 2023, MSTR is even crazier in 2024 with a 467% surge based on a massive Bitcoin buying strategy.
To date, MicroStrategy now owns over 444,000 Bitcoin and continues to support its stock price skyrocketing.
Donald Trump’s victory in the last presidential election caused MSTR shares to rise 57% and Bitcoin to skyrocket about 44% despite him previously considering cryptocurrencies to be a scam.
3. Palantir
The data analytics firm for defense agencies experienced a 380% stock price increase in 2024 due to consistent demand for its AI services until the end of the year.
The company’s stock began to show significant changes during the presidential election when the government spent the budget towards the military sector in order to ensure a smooth voting process and campaign.
4. Robinhood
The popular online trading platform in the financial industry has seen its stock triple this year despite a 17% decline on October 31.
One of Robinhood’s biggest growth drivers has been crypto and the stocks investors buy through the app.
Thanks to crypto trading, the company’s stock jumped 165% in the third quarter from a year earlier to $61 million, accounting for 10% of net revenue.
5. Nvidia
A maker of graphics processing units (GPUs) that use AI technology, Nvidia has surged 183% this year, down from 239% in 2023.
This year, Nvidia has become the world’s most valuable publicly traded company, closing in on Apple and Microsoft.
However, Nvidia relies on a disproportionate amount of revenue from a handful of tech giants, and any economic swings pose significant risks for investors.
With artificial intelligence and cryptocurrencies dominating the market, 2024 has been a stellar year for tech stocks, even though the concept of AI is still new to most people.
With the huge rise in Nasdaq and crypto-related stocks, it is clear that this trend will continue to grow until 2025.
