The Nasdaq 100 capped off 2024 with a stellar 25% gain, fueled by record highs and groundbreaking advancements in artificial intelligence, cryptocurrency, and public safety technology. This remarkable performance highlighted the resilience and innovation of some of the most transformative companies in the tech-driven era. Among them, five stocks stood out as the top performers of the year: AppLovin, MicroStrategy, Palantir, Nvidia, and Axon. These companies leveraged cutting-edge technologies and strategic growth to redefine their industries and attract investor confidence. Here’s a closer look at how these trailblazers dominated the market and captured global attention.
1. AppLovin (Up 712%)
AppLovin’s meteoric rise can be attributed to its AI-powered advertising technology, which has revolutionized targeted ad delivery and set new industry standards. The company’s flagship AXON 2.0 platform builds predictive models, enabling businesses to reach audiences more effectively and efficiently. In the third quarter alone, AppLovin reported a staggering 39% revenue increase, reaching $1.2 billion, along with a 72% surge in adjusted EBITDA, demonstrating its ability to scale profitably.
“AI is at the core of everything we do,” CEO Adam Foroughi said in a recent earnings call. “Our mission is to empower businesses with tools that drive measurable outcomes. AXON 2.0 is just the beginning of what we believe is a multi-year growth opportunity.”
The company’s stock soared 46% following its impressive Q3 results, achieving an all-time high of $417.60 in December before closing the year at $323.83. Analysts remain bullish on AppLovin’s prospects, with Loop Capital raising its price target to $450, citing secular AI trends and improving fundamentals as key drivers for continued success in 2025.
2. MicroStrategy (Up 359%)
MicroStrategy capitalized on the explosive growth of cryptocurrency in 2024, solidifying its reputation as a proxy for Bitcoin investment. By year-end, the company held 446,400 bitcoins valued at $27.9 billion, a testament to its strategic embrace of digital assets.
“Bitcoin is not just a digital currency; it’s a technological revolution,” said Michael Saylor, MicroStrategy’s co-founder and executive chairman. “Our unwavering commitment to this asset class reflects our belief in its long-term value.”
The reelection of Donald Trump, viewed as a crypto-friendly president, added momentum to Bitcoin’s ascent, propelling it past the $100,000 mark in December. Analysts predict that MicroStrategy’s bold strategy will remain viable well into 2025, supported by favorable regulatory trends and increasing institutional interest in cryptocurrency.
3. Palantir (Up 340%)
Palantir solidified its role as a leader in AI-driven data analytics, becoming indispensable to both government and commercial clients. Its sophisticated software platforms empower organizations to analyze massive datasets, uncovering actionable insights critical for intelligence, defense, and enterprise decision-making.
In the words of CEO Alex Karp, “AI is not just a tool—it’s a necessity for modern organizations navigating complex environments. Palantir’s technology is designed to unlock the full potential of data for our clients.”
Palantir’s Q4 results exceeded expectations, driven by surging demand for its AI-powered solutions. Wedbush analysts foresee Palantir playing a pivotal role in what they call the “enterprise consumption phase” of AI, which is set to take off in 2025. This positions the company for continued robust growth in the coming years.
4. Nvidia (Up 171%)
A veteran member of the Nasdaq 100 since 2001, Nvidia reaffirmed its dominance in the AI hardware market in 2024. Its groundbreaking Blackwell GPU chips, designed to handle the most demanding AI workloads, drove unprecedented demand across industries ranging from healthcare to autonomous vehicles.
“Nvidia is the engine of the AI revolution,” remarked CEO Jensen Huang during the company’s annual GTC keynote. “Our innovations empower researchers, developers, and businesses to achieve breakthroughs that were previously unimaginable.”
Despite market volatility, Wall Street remains optimistic about Nvidia’s prospects, with analysts setting price targets as high as $204. The company’s cutting-edge technology and strong market demand underscore its pivotal role in shaping the AI-driven economy of the future.
5. Axon (Up 130%)
Axon, renowned for its public safety technologies, saw significant growth thanks to its AI-powered software innovations. One standout product, Draft One, automates police report writing by analyzing body camera footage, streamlining processes, and improving efficiency within law enforcement agencies.
“Axon is committed to creating safer communities through technology,” said Rick Smith, Axon’s CEO. “Draft One is just one example of how AI can transform public safety operations, saving time and improving outcomes.”
Morgan Stanley recently upgraded Axon’s stock with a price target of $700, highlighting durable 25%-30% growth fueled by the increasing integration of AI into its product ecosystem. Axon’s strategic focus on software-driven solutions has positioned it as a core holding in the rapidly evolving public safety sector.
A Glimpse Into 2025
While the top-performing stocks of 2024 showcased impressive gains and transformative technologies, challenges lie ahead. The rapid pace of innovation can be a double-edged sword, with high valuations and market volatility posing risks to sustained growth. Investors should approach these trends with cautious optimism, recognizing that breakthroughs can also bring disruptions and uncertainties. AppLovin, MicroStrategy, Palantir, Nvidia, and Axon have laid strong foundations, but their paths forward will depend on how well they navigate an increasingly complex and competitive landscape.
