US03831W1080 - Common Stock
Which stocks have driven the Nasdaq-100 higher in 2024? This eclectic collection of market leaders is dazzling investors.
While chipmaker Nvidia is an obvious example of a top growth stock to own given its more than 2,500% return over the past five years, there are many other stocks that have produced incredible gains in a short stretch. Three stocks that have done phenomenally well this year and have outperformed Nvidia are AppLovin (NASDAQ: APP), MicroStrategy (NASDAQ: MSTR), and Summit Therapeutics (NASDAQ: SMMT). If you invested $5,000 into each one of these stocks at the beginning of the year, the total of those investments would be worth more than $100,000 right now.
The Nasdaq held at highs, but the broader market struggled as yields jumped.
This AI wunderkind is up more than 800% over the past year and the road ahead is long.
A Wall Street analyst on Tuesday pounded the table for AppLovin stock after its sharp pullback on Monday, calling it a "buying opportunity."
Wall Street saw losses as chip stocks dragged the Nasdaq lower.
AppLovin stock fell Monday after failing to get added to the S&P 500 during the index's quarterly rebalancing.
The company's artificial intelligence (AI)-powered algorithm boosted its already robust growth.
AppLovin is well-positioned to ride the AI mega trend.