Benzinga - by Surbhi Jain, .
Artificial Intelligence (AI) has become a cornerstone technology driving innovation across various sectors, from healthcare to finance.
In the first quarter (Q1) of this year, the S&P 500 Index witnessed gains of over 10% year-to-date (YTD). A significant portion of these gains can be attributed to the stellar performance of AI-related companies.
Let’s delve into the top five AI stocks that contributed to the S&P 500’s growth in Q1.
Chart: Benzinga Pro
Also Read: This AI Stock Is Up 254% Year-To-Date — And It’s Not Nvidia
1. Super Micro Computer Inc (NASDAQ:SMCI)
- Symbol: SMCI
- YTD Return: 260%
- Super Micro Computer — a leader in server technology — has seen an exceptional YTD return of over 260%. This remarkable growth underscores the increasing demand for data center solutions and infrastructure — pivotal in powering AI applications.
- Symbol: NVDA
- YTD Return: 86.87%
- Nvidia— known for its graphics processing units (GPUs) and AI computing solutions — had a record smashing 2023, Nvidia stock has continued its impressive performance with a YTD return of over 86%. As AI continues to permeate various industries, NVIDIA’s GPUs remain indispensable for accelerating AI workloads, driving its stock performance.
- Symbol: MU
- YTD Return: 51.17%
- Micron is a key player in memory and storage solutions. Its stock has demonstrated strong growth momentum with a YTD return of over 51%. With the proliferation of AI applications requiring massive data storage and processing capabilities, Micron’s semiconductor solutions are in high demand, fueling its impressive performance.
- Symbol: META
- YTD Return: 41.77%
- Formerly known as Facebook, Meta Platforms has transitioned its focus towards the metaverse and AI-driven technologies. Despite regulatory challenges, Meta stock has delivered a commendable YTD return of 41%+, highlighting investor optimism surrounding its AI-powered innovations and future growth prospects.
- Symbol: AMAT
- YTD Return: 34.03%
- Applied Materials is a global leader in materials engineering solutions. Its stock has seen a solid YTD return of 34%. The company’s advanced materials and manufacturing technologies play a crucial role in enabling AI hardware development, making it an essential contributor to the S&P 500’s gains in Q1.
Read Next: Nvidia Leads, Tesla Lags Among Magnificent Seven Stocks: Q1 Market Shake-Up
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