Nvidia and AI Revolutionize Stock Market with Record 2024 Growth
Nvidia is one of the top AI-powered stock performers this year, followed by Arm, Constellation Energy, and AppLovin, all of which have grown significantly on US exchanges.
Some companies have had amazing growth across all US exchanges, making them the best performers in terms of stock performance so far this year. It’s almost the end of the year, which means it’s time to look back at how these top performers have grown and understand, thanks to recent events, why they are doing so well.
They are Arm Holdings (ARM, Financials), Constellation Energy Corp. (CEG, Financials), AppLovin Corp. (APP, Financials), and NVIDIA Corp.
The stock price of AppLovin Corp. has gone from $11 to $320, a huge increase of 754.68%, giving the company a market value of $100 billion. The company’s AI-powered platform, Axon, has been very helpful for app developers, especially those working in the gaming industry when it comes to getting new users and making more money from in-game ads.
AppLovin’s financial success is also clear from its Q3 2024 numbers: adjusted EBITDA grew by 72%, and income grew by 39%. This year, the company stands out due to its ability to leverage AI to enhance the effectiveness of its ads.
NVIDIA Corp. shares have also done very well, rising 179.95% year-to-date. This growth is due to more people wanting to buy its AI chips. For example, Elon Musk’s xAI plans to buy up to a million NVIDIA GPUs, which could cost the company a total of $32 billion.
Alliances like Amazon’s AWS, which is expected to buy more than $20 billion worth of NVIDIA chips in 2024, help the company stay ahead of the competition. In June 2024, NVIDIA‘s market value went over $3 trillion. As the leader in AI hardware, this reassured investors.
Constellation Energy Grows 113% with Solar and Wind Investments
Constellation Energy Corp. has been focusing on expanding its portfolio of renewable energy sources by putting a lot of money into solar and wind projects. So far this year, the company has grown by 113.52%.
The company incurred these costs to address the growing demand for environmentally friendly energy options, aligning with broader industry trends toward sustainability. Constellation has also acquired numerous renewable energy companies, thereby enhancing its clean energy capacity and market share.
The Trade Desk has also performed exceptionally well, experiencing a year-to-date increase of 87.83%. The business has incorporated new artificial intelligence technology into its platform, enhancing the effectiveness of digital advertising in terms of measurement and targeting, thereby generating more business.
Strategic partnerships with big media companies have given The Trade Desk even better access to premium ad inventory, making it stronger in the market.
Arm Holdings’s value rose by 86.76% year-to-date after its successful IPO in September 2023, which raised $4.87 billion and valued the company at $54.5 billion. By creating new semiconductor technologies, Arm stays ahead of the competition in chip design.
