In 2024, Nvidia (NVDA) has seen a remarkable increase in its stock price, almost doubling from the beginning of the year. However, it is no longer the top performer in the S&P 500. Super Micro Computer (SMCI), a newcomer to the S&P 500, has outshone Nvidia by more than tripling in value since the start of the year. In addition to Super Micro, other top performers in the S&P 500 include Constellation Energy (CEG), Meta Platforms (META), and Deckers Outdoor (DECK), which is also a recent addition to the index.
Nvidia, Super Micro, and Meta Platforms are all strongly associated with artificial intelligence (AI) technologies. This trend extends to Constellation Energy as well, which has indirect ties to AI through its provision of power to data centers operating AI chips. While Nvidia continues to demonstrate impressive growth and technological advancements, Tesla (TSLA) and Boeing (BA) have struggled in 2024, being the biggest losers in the S&P 500. Despite these challenges, the overall S&P 500 has been performing well, with a 9.7% increase in value and setting record highs.
Super Micro Computer has particularly stood out with a 242.2% surge in its stock price this year. Despite a minor setback after joining the S&P 500, Super Micro has served as a key player in the AI industry, manufacturing servers for AI chips from Nvidia and other companies. Similarly, Nvidia has experienced a 90.4% growth in its stock price, showcasing consistent positive performance and introducing new innovations in the AI market. This growth is reflective of the broader trend of AI technology companies driving significant gains in the stock market.
