For US equities, 2023 emerged as a stellar year, with tech stocks leading the charge.
The technology-focused Nasdaq-100 witnessed an outstanding 53.7% gain, marking its most impressive annual performance since 1999. The driving force behind this stellar rally was the flourishing artificial intelligence (AI) sector, with Big Tech companies leading the charge. In addition, easing macroeconomic conditions and investor optimism over the expected dovish pivot by the Federal Reserve also boosted the broader market.
Today, on January 2, Finbold delves into the standout performers of 2023, the stocks that soared over 100%, contributing significantly to Nasdaq-100’s exceptional year.
Picks for you
Which stocks had triple-digit gains in 2023?
It is no secret that when it comes to big players, one stock that really captured the spotlight last year was Nvidia (NASDAQ: NVDA).
With its high-end chips powering the booming generative AI tools, Nvidia faced unparalleled demand for its graphic processing units (GPUs), resulting in breakneck growth. Notably, the company’s shares skyrocketed roughly 239% in 2023, making it the best-performing stock of both Nasdaq-100 and S&P 500 indexes.
Not too far behind was Meta Platforms (NASDAQ: META). Fueled by the AI craze and rebounding digital ad market, as well as a successfully executed cost-cutting strategy, the Facebook owner staged an impressive rebound after a challenging 2022. This recovery was reflected in META’s stock market performance as well, with its shares gaining over 194% in 2023.
For similar reasons like NVDA and META, cybersecurity tech firm CrowdStrike (NASDAQ: CRWD) also found its way among the standout Nasdaq-100 performance. The company witnessed robust earnings and sales growth and continued to play a pivotal role in shaping endpoint security. As such, CRWD also mimicked this growth in the equity market, soaring 142.5% during 2023, rounding up the top three Nasdaq-100 players.
Other stocks that saw gains of more than 100% last year include the chip giant AMD (NASDAQ: AMD), cybersecurity company Palo Alto (NASDAQ: PANW), and the software marker MongoDB (NASDAQ: MDB). These three companies surged 127.6%, 111.3%, and 107.7% in 2023, respectively.
Meanwhile, food delivery heavyweight Doordash (NASDAQ: DASH) also exhibited remarkable growth last year, with its shares surging over 102%, closely followed by electric vehicle (EV) leader Tesla (NASDAQ: TSLA), which gained 101.7%.
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