Artificial Intelligence Made These Stocks the Market Darlings of 2024 | Global News Avenue

If anyone needs proof that artificial intelligence isn’t a Wall Street fad, they’ll get it in 2024.

For the second year in a row, artificial intelligence is a word on everyone’s lips. The number of companies mentioning “artificial intelligence” on earnings calls continues to increase after a surge last year. Investors continue to push up share prices of companies that have benefited from artificial intelligence or are expected to benefit soon: Among the 5 best-performing stocks Russell 1000Among them, three attributed this year’s meteoric rise to artificial intelligence.

Software company Applovin (app) said ad revenue grew 66% in the latest quarter, driven by improved artificial intelligence models “through continuous self-learning and targeted model enhancement.” During the same quarter, Applovin’s profits more than tripled. The stock price rose nearly 50% the day after the earnings report was released, causing the stock to rise more than 740% this year as of Friday’s close.

Palantir Technologies (PLTR) stock a;so has taken off this year by showcasing its artificial intelligence prowess. During Palantir’s recent earnings call, executives highlighted how customers can use its AI platform to save time and improve outcomes. The company’s sales grew 30% in the quarter, with both its commercial and government businesses achieving double-digit growth. Palantir shares are up about 360% in 2024.

view(variable speed) is the second-best performing stock in the S&P 500 in 2024 as investors learn that its generally sleepy, slow-growing industry – utilities – can power its business through artificial intelligence. Vistra shares have surged about 260% this year as the power needs of AI become clearer and analysts point to generators as possible beneficiaries.

The rush in utility stocks is particularly notable for owners of nuclear power plants, which companies such as Microsoft consider critical to powering data centers. Constellation Energy Group (CEG) and Microsoft September sign agreement Bringing parts of Pennsylvania’s Three Mile Island back up and running. Constellation’s stock price has risen more than 90% this year.

Data center electrification is also an option for GE Vernova’s (GEV) had a strong year. December company Long-term sales forecast raisedciting demand for gas turbines and grid equipment. The stock has risen more than 130% since GE split into three companies Completed earlier this year.

Nvidia stock (NVDA), a typical representative of the artificial intelligence rally. It has risen about 180% this year after almost tripling in value in 2023. CEO Jensen Huang calls demand for Nvidia chips “crazy,” the company’s assessment confirms Quarterly sales and profits soar.

Nvidia isn’t the only major chipmaker to see its stock price surge on its AI buildout. Broadcom stock (AVGOThe company is up more than 110% this year as demand for its custom chips and networking equipment surges. Broadcom becomes ninth U.S. company to achieve this goal $1 trillion market capitalization after december Beats quarterly profit expectations It also stated that it is cooperating with three major technology companies to develop customized artificial intelligence infrastructure.