Investing.com — 2024 was a year of significant market shifts, with some companies rising to new heights while others faced significant headwinds. Investing.com has compiled a list of some of the most significant performers of the year:
Tesla (NASDAQ:)
Shares of Tesla (NASDAQ: TSLA ) struggled in the first part of the year, but that changed in November after the US election, when Elon Musk joined President-elect Donald Trump.
Musk’s campaign endorsements and his appointment, along with Vivek Ramaswamy to head Trump’s government efficiency department, have helped boost Tesla’s stock as investors view it as a “Trump trade.”
In a recent note, analysts at Baird raised their target for Tesla to $480 from $280, based on the automaker’s strong growth outlook, supported by cost cuts, new models and favorable regulatory dynamics.
“The stock has gained significant momentum and has several upcoming potential catalysts. We like the stock long-term and would be a buyer on a pullback,” the company said. The potential regulatory fast track for Cybercab, the introduction of affordable vehicles and Musk’s ties to President-elect Trump have Baird backing Tesla’s 2025 outlook.
Crypto shares
With a surge following the presidential election as investors anticipate a favorable environment for the sector, crypto-focused stocks have also rallied.
MicroStrategy (NASDAQ: MSTR ) took off ahead of the election and is up nearly 400% (as of Dec. 27) this year. The stock, considered a front-runner for Bitcoin exposure, was boosted by a surge in Bitcoin prices and the company’s continued commitment to its cryptocurrency holdings.
Meanwhile, Coinbase (NASDAQ: NASDAQ: ) and Robinhood (NASDAQ: NASDAQ: ) have also benefited from the cryptocurrency’s resurgence, rising over 58% and 216%, respectively, this year.
The sector’s stellar performance in recent months reflects growing confidence in the crypto market as Trump prepares to take office in January.
Palantir (NASDAQ:)
Since August, Palantir has skyrocketed and is also up close to 400% this year, cementing its place as one of the top performers.
The company’s software solutions and growing adoption in the government and private sectors have made it prominent in the data analytics space.
Wedbush analysts reiterated their Outperform rating and $75 price target on the company’s stock in a note, stating: “With AI spending expected to grow significantly within IT budgets in 2025, we believe the Messi of AI Palantira is in a prime location to continue expanding its offering / deal flow.”
They added: “We believe Palantir has a credible path to becoming the next Oracle (NYSE: ) over the coming decade with AIP leading the way as many on the street remain highly skeptical of the messiah of AI.”
Nvidia (NASDAQ:)
While the above stocks were mostly up toward the end of the year, Nvidia (NASDAQ: NVDA ) posted significant gains between January and June. After the pullback, it rallied again between August and November and is up more than 175% this year.
Nvidia continued to capitalize on demand arising from AI. The company’s strategic positioning at the forefront of the artificial intelligence revolution has made it a key stock for growth-focused investors.
Analysts at Truist said they were “gradually constructive” on Nvidia’s AI dominance, maintaining a Buy rating on the stock and raising their price target to $204 from $169 in the note.
The company noted that the stock “has been a domestic investment over the past two years thanks to the new wave of AI demand,” and expects 2025 to be “another constructive year.”
They state that “all relevant industry contacts support the dominance and superiority of NVDA’s full technology stack,” while they believe “NVDA will announce client-side CPUs during 2025, unlocking an additional ~$35 billion of TAM.”
Intel (NASDAQ:)
Unlike the names above, Intel has seen its stock drop 60% year-to-date.
Challenges surrounding the company’s health and outlook have weighed heavily on its performance.
Intel has struggled to maintain its lead in the global chip market, ceding ground to rivals such as AMD (NASDAQ: ) and Nvidia. The abrupt ouster of CEO Pat Gelsinger marked a dramatic turnaround, casting further doubt on the chipmaker’s ambitious turnaround plans.
In a research note, Wolfe Research told investors that the biggest problem facing INTC is that they “simply don’t have the scale to be an IDM [Integrated Device Manufacturer] more, and getting help from TSMC will be very difficult.”
Earlier this month, it was reported that two Intel executives said a manufacturing spinoff was possible if the new chip manufacturing technology slated for next year fails.
