Five Top Tech Stocks Of 2024: Year In Review

The Nasdaq 100 is capping off 2024 with a return of 27.0%, building upon 2023’s 53.8% return (its best year since 1999). Since the start of 2023, the Nasdaq 100 has nearly doubled with stellar returns of 95.3%, its second highest two year performance since 1998 and 1999’s 274.2% rise.

This year, the Nasdaq had countless winners and strong repeat performances from AI leaders like Nvidia, but 5 stocks took the market by surprise with significant outperformance relative to the broader indices. I think it’s important to pause and draw some parallels around the stocks that performed well in 2024 to form an opinion on what might perform well in 2025, as many of the year’s top performers shared similar fundamental improvements or had similar thematic tailwinds such as AI, nuclear and quantum computing.

In the dynamic world of technology, where innovation drives market trends, Forbes has released its annual review of the top-performing tech stocks for 2024. These companies have not only weathered the economic fluctuations but have also emerged as key players in their respective fields, showcasing the potential for growth in the tech sector.

The review highlights the resilience and adaptability of these tech giants, which have leveraged cutting-edge technologies to stay ahead of the curve. From breakthroughs in artificial intelligence to advancements in cloud computing and semiconductors, these stocks have reflected the vibrancy and evolution of the tech industry.

For investors and tech enthusiasts alike, the annual roundup serves as a barometer for the health and direction of the technology market. It underscores the importance of staying informed about the latest industry developments and the companies that are shaping the future of tech.

As we look back on the performance of these stocks, it’s clear that they have played a pivotal role in shaping the tech landscape in 2024. Forbes’ in-depth analysis provides valuable insights for those looking to understand the year’s most impactful tech investments and prepares them for the opportunities ahead in the new year.

AppLovin (APP)

AppLovin was one of the Nasdaq’s best performers, up 735%and joining the Nasdaq 100 on a special rebalance in November. From the start of 2024, AppLovin rose from a mere $13 billion valuation to $111 billion, peaking above $135 billion in early December – the stock has done the unthinkable this year, awakening a low-growth mobile gaming ads industry with an AI engine that is showing demonstrable results.

Palantir (PLTR)

Palantir joins this Top 5 list for a second-year running, with shares rising 356%.

IonQ (IONQ)

Quantum computing stocks have been on a tear to end the year, with a handful of names seeing returns of more than 2,000% over the past three months. 

Reddit (RDDT)

Despite not even trading for the entire year with its IPO in March, Reddit has returned a remarkable 224% from its first day close of $50.44. 

Astera Labs (ALAB)

Though Nvidia arguably deserves a spot on this Top 5 list with a 114% gain following Hopper’s breakout 2023, with data center revenue continuing to beat estimates by $1 billion each quarter, I think it’s time to highlight an Nvidia supplier and ASICs beneficiary – Astera Labs. Astera returned 179% in Q4 for a total YTD gain of 128%, with the company showing multiple growth opportunities and a push for profitability despite still solidly being in its hypergrowth phase.

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