Artificial intelligence and cryptocurrency emerged as dominant forces driving the tech market’s gains in 2024. The Nasdaq soared 33%, with other U.S. indexes also seeing double-digit growth, fueled by advances in AI and a surge in crypto markets following Donald Trump’s election victory.
Among the top five best-performing U.S. tech companies in terms of stock performance this year are AppLovin, MicroStrategy, Palantir, Robinhood, and Nvidia. These companies demonstrated exceptional growth, outperforming their peers and capturing investors’ attention.
As reported, AppLovin started the year with a market cap of around $13 billion, recognized for its investments in mobile gaming studios that created popular games like “Woody Block Puzzle,” “Clockmaker,” and “Bingo Story.” Notably, AppLovin’s valuation increased by $110 billion in the past, positioning it ahead of companies such as Starbucks, Intel, and Airbnb. CEO Adam Foroughi has reported a significant growth in total income, which rose by $10 billion.
MicroStrategy, which had seen a 346% rise in 2023, surprised many by further increasing its share price by 467% this year. The firm’s strategy of accumulating bitcoin has turned its founder, Michael Saylor, into a prominent figure in the crypto community.
Palantir has experienced remarkable growth in 2024, achieving a 380% increase in stock price. A significant boost occurred last month when the software company provided positive revenue outlooks just before the presidential election, leading to a 23% surge in its stock following the earnings report, and an additional 8.6% jump the day after Trump’s victory.
Robinhood’s stock more than tripled in value this year, despite a 17% drop on October 31 due to disappointing earnings. After Trump’s election win, shares climbed 20%, benefitting from a wider market rally related to crypto. Crypto transaction revenue soared by 165% in the third quarter, reaching $61 million, which constituted 10% of the company’s total net revenue.
Nvidia has also seen impressive growth, maintaining its momentum from last year’s 239% increase, further soaring by an additional 183% this year. This remarkable performance added $2.2 trillion to its market cap, making Nvidia the world’s most valuable publicly traded company on two separate occasions this year.
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