CandleFocus Tech stocks see historic gains in 2024 thanks to crypto and AI
2024-12-25
Author: Content Editor
The year 2024 has been a highly profitable one for tech stocks, particularly those connected to artificial intelligence (AI) and cryptocurrency. The Nasdaq has seen a 33% surge, while other US indices have also experienced significant gains. Companies involved in AI-powered advertising platforms and Bitcoin investments have become incredibly lucrative, with billion-dollar valuations becoming commonplace. MicroStrategy, a well-known player in the crypto industry, has seen its stock soar by 467% and now holds over 444,000 Bitcoins, making it the fourth-largest Bitcoin holder globally. AppLovin, previously valued at $13 billion, is now worth over $110 billion after a successful pivot to AI-powered advertising. Robinhood has made a comeback in 2024 driven by its success in crypto trading, with revenue from crypto transactions increasing by 165% in the third quarter. Nvidia, a leader in AI technology, has seen its stock jump 183% and added $2.2 trillion to its market cap. The company's GPUs are in high demand for AI applications, and its dominance in AI hardware is expected to continue. Overall, 2024 has been a record-breaking year for tech stocks, fueled by AI and crypto, and the question remains as to how long this trend will last.
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