Nvidia (NVDA) is on a tear in 2024, nearly doubling in value. But it is no longer the top performer in the S&P 500. Super Microcomputer (SMCI), which just joined the S&P 500, has more than tripled in the new year.
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Constellation energy (CEG), Meta platforms (META) and Decker Outdoor ( DECK ), a brand new S&P 500 component, is also among the top five.
Nvidia and partner Super Micro are clearly AI plays with meta-platforms. But even Constellation Energy is a kind of AI game.
On the downside, Tesla ( TSLA ) and Dow Dev Boeing ( BA ) have been the S&P 500’s biggest losers this year.
The overall S&P 500 is up 9.7% in 2024 after hitting record highs last week.
The Top S&P 500 Stocks in 2024
| Company | Tucker | YTD return |
|---|---|---|
| Super Microcomputer | SMCI | 242.2% |
| Nvidia | NVDA | 90.4% |
| Constellation energy | CEG | 52.5% |
| Meta platforms | Meta | 44.0% |
| Deckers Outlook | Deck | 38.0% |
Super Micro Stock
Super Micro stock has gained 242.2% in 2024. Shares broke off a base after the AI server maker reported strong preliminary results on Jan. 19, then rallied after reporting full results and bullish guidance later this month.
SMCI stock hit an all-time high on Feb. 16, but rebounded a few days later on Nvidia’s latest earnings. Shares hit fresh highs in early March on news that Super Micro would join the S&P 500.
While Super Micro is the best performing stock. I The S&P 500 this year, it’s actually one of the biggest losers. of the S&P 500. That’s because the Super Micro stock fell 9% last week after joining the benchmark index. Much of this reflects losses from new share offerings.
Super Micro makes servers for AI chips from Nvidia and others.
Nvidia stock
Nvidia stock is up 90.4% in 2024. In early January, shares broke out of a flat base, decisively erasing months of consolidation, and haven’t looked back. NVDA stock has risen for 11 straight weeks. On March 8, the AI chip leader dropped sharply from a record 974, but soon caught up. Nvidia stock jumped 7.35% last week to hit a new closing high on Friday.
Last week, Nvidia showed off its latest AI chip platform at its GTC conference, along with a host of new products, services and partnerships.
Revenues have skyrocketed by 429%, 593% and 486% in the last three quarters, with revenue increasing by 101%, 206% and 265%. Strong growth continues for the next few quarters.
Constellation Energy Stock
Constellation Energy stock is up 52.5% in 2024. Shares skyrocketed in late February to early March after strong Q4 results and 2024 EPS guidance.
Electric utility stocks with heavy nuclear power plant exposure are a quasi-AI play because data centers require a lot of electricity to run AI chips and servers from the likes of Nvidia and Super Micro.
S&P 500 Stocks: Meta Platforms
Metastock is up 44% this year. About half of that came on Feb. 2, when shares rose 20.5%. It comes after the parent of Facebook and Instagram delivered strong, accelerating profits, a huge buyback and a first-ever dividend. Since then, shares have continued to rise, but have been stretched.
Deckers Stock
Deckers’ stock is up 38% in 2024. Like Super Micro, the specialty shoe maker joined the S&P 500 before the March 18 open. Unlike SMCI stock, Deckers rose last week despite slipping on Friday in reaction to weak guidance. Nike (NKE).
DECK stock has a tight four-week pattern that offers an additional buy point at 956.17. But with shares nearly doubling since the stock market rally began in late October, investors may want to wait for another test of a new base or at least the 50-day/10-week line.
Deckers makes Ugg boots, Teva sandals and more, but a big driver of growth is hookah running shoes.
Dowish Feed, AI Boom Cap Driving Rally; Three stocks near buy points
S&P 500 Stock Losers
Tesla stock rose 4.4 percent last week to 170.83, but is still down 31.25 percent in 2024, making it the S&P 500’s worst performer so far this year. Analysts have continued to cut revenue estimates in 2024, while all signs point to a decline in first-quarter shipments vs. the current consensus. As a result, while Tesla stock has fallen in 2024, it hasn’t gotten cheaper.
TSLA stock is down 26.3% since joining the S&P 500 in December 2020.
Boeing has slipped 27.55% in 2024, following an in-flight incident on January 5 in which part of the 737 Max’s fuselage was torn from the plane. This could have long-term consequences, with airlines switching Airbus (EADSY) due to safety concerns or Boeing’s slow production. BA stock hit near 52-week lows last week but bounced back higher to rise 3.5 percent.
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