Investing.com – 2024 was a year of big market shifts, with some companies soaring to new heights while others faced significant headwinds. Investing.com has compiled a list of some of this year's top performers:
Tesla (NASDAQ:)
Tesla (NASDAQ: TSLA) shares struggled during the first part of the year, but that changed in November following the US election, with Elon Musk joining forces with President-elect Donald Trump.
Musk's support during the election campaign and his appointment, along with Vivek Ramaswamy to head Trump's Department of Government Efficiency, helped boost Tesla shares as investors view it as a “Trump trade.”
In a recent note, analysts at Baird raised their target for Tesla to $480 from $280, based on the automaker's strong growth prospects, supported by cost reductions, new models, and favorable regulatory dynamics.
“The stock has gained significant momentum and has several potential catalysts coming. “We favor the stock long-term and would be buyers on pullbacks,” the company said. Cybercab's potential fast regulatory path, the rollout of affordable vehicles, and Musk's ties to President-elect Trump, made Baird Optimistic about Tesla's 2025 outlook.
Crypto stocks
Also rising after the presidential election as investors expect a favorable environment for the sector, crypto-focused stocks also rose.
MicroStrategy (NASDAQ: MSTR) started its rally before the election and is up nearly 400% (as of December 27) this year. The stock, which is seen as an indicator of exposure to bitcoin, was driven by rising bitcoin prices and the company's continued commitment to its cryptocurrency holdings.
Meanwhile, Coinbase (NASDAQ: NASDAQ: ) and Robinhood (NASDAQ: NASDAQ: ) have also benefited from the resurgence of cryptocurrencies, up more than 58% and 216% this year, respectively.
The sector's stellar performance in recent months reflects the growing faith in the cryptocurrency market as Trump prepares to take office in January.
Palantir (NASDAQ:)
Since August, Palantir shares have risen significantly and have also reached nearly 400% this year, cementing its position as one of the best performing companies.
The company's software solutions and growing adoption across government and private sectors have made it a standout in the field of data analytics.
Wedbush analysts reiterated their outperform rating and $75 target for the company's shares in a note, saying: “With AI spending expected to increase significantly within IT budgets in 2025, we believe AI Palantir's Macy is in a prime position to continue expanding its pipeline/deal flow.” .
“We believe Palantir has a credible path to becoming the next Oracle (NYSE:) over the next decade with AIP leading the way as many on the Street remain deeply skeptical of AI Macy,” they added.
Nvidia (Nasdaq:)
While the above stocks mainly rose at the end of the year, Nvidia (NASDAQ: NVDA) posted big gains between January and June. After a decline, it rose again between August and November, and is up more than 175% this year.
Nvidia has continued to benefit from the demand created by artificial intelligence. The company's strategic position at the forefront of the AI revolution has made it an essential stock for growth-focused investors.
Truist analysts said they were “increasingly constructive” on Nvidia's dominance in AI, maintained a buy rating on the stock and raised their price target to $204 from $169 in the note.
The company noted that the stock “has been a local investment over the past two years due to a new wave of demand for artificial intelligence,” and they expect 2025 to be “another constructive year.”
They state that “all relevant industry contacts support the dominance and superiority of NVDA's full technology stack,” while they believe that “NVDA will announce a client-side CPU during 2025, opening the door to an additional $35 billion.”
Intel (NASDAQ:)
In contrast to the names mentioned above, Intel has seen its shares decline 60% year-to-date.
Challenges surrounding the company's health and outlook have significantly impacted its performance.
Intel has struggled to maintain its leadership in the global chip market, ceding ground to competitors like AMD (NASDAQ:) and Nvidia. The surprise firing of CEO Pat Gelsinger was a dramatic about-face, casting further doubt on the chipmaker's ambitious turnaround plans.
In a research note, Wolfe Research told investors that INTC's biggest problem is that they “simply don't have the scale to be an IDM (integrated device manufacturer) anymore, and the access to help from TSMC will be very low.” “Very difficult.”
Earlier this month, it was reported that two Intel executives said spin-off production was possible if new chip manufacturing technology scheduled for next year didn't pan out.
