Benzinga - by Piero Cingari, Benzinga Staff Writer.
NVIDIA Corp. (NASDAQ:NVDA) has been the standout tech stock of the past year, leading the Nasdaq 100 index in the performance ranking.
The chipmaker giant has seen an astounding 186% surge since the end of May 2023, fueled by skyrocketing demand for chips in artificial intelligence development.
Veteran Wall Street investor Ed Yardeni recently coined “Magnificent One” to differentiate Nvidia’s extraordinary performance from the Magnificent Seven.
To illustrate the magnitude of Nvidia's market value increase, just a year ago, the company was valued at $1 trillion. Today, it boasts a staggering $2.8 trillion valuation, making it the third-largest company in the U.S.
Nvidia’s current value is equal to Tesla Inc. (NASDAQ:TSLA), Ely Lilly & Co. (NYSE:LLY), Broadcom Inc. (NASDAQ:AVGO), Walmart Inc. (NYSE:WMT) and Mastercard Inc. (NYSE:MA) combined.
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However, Nvidia's spectacular ascent is eclipsed by these seven U.S. stocks, which have more than doubled the chipmaker’s impressive returns over the last year.
7. Vera Therapeutics, Inc. (NASDAQ:VERA): 363% Vera Therapeutics is a biopharmaceutical company dedicated to developing transformative treatments for serious immunological diseases. The company’s stock surged due to advancements in its clinical programs and optimistic projections for its drug candidates.
Its 363% surge since May 30, 2023, doubled the performance of Nvidia during the same timeframe.
6. Vertiv Holdings Co. (NYSE:VRT): 413% Vertiv Holdings Co. provides critical digital infrastructure and continuity solutions. The company has benefited from the increasing demand for data centers and IT infrastructure, driving robust financial performance and, consequently, a substantial increase in its stock price.
5. MicroStrategy Incorporated (NASDAQ:MSTR): 441% MicroStrategy Incorporated is a business intelligence company that has gained substantial attention for its significant investments in Bitcoin (CRYPTO: BTC).
The company’s stock performance is closely tied to Bitcoin’s price movements, and its value has soared with the cryptocurrency’s rise. The largest cryptocurrency has seen a 140% rise since the end of May 2023.
4. Abercrombie & Fitch Co. (NYSE:ANF): 503% Abercrombie & Fitch is a renowned fashion retailer, known for its casual wear and lifestyle products. The stock’s impressive rise is attributed to the company's successful rebranding efforts, strong e-commerce growth and improved profitability metrics, attracting investor interest.
3. Carvana Co. (NASDAQ:CVNA): 666% Carvana is an online used car retailer that has revolutionized the car buying experience by offering a fully online platform with home delivery and a seven-day return policy.
Its stock skyrocketed as the company continued to recover from a difficult period and investors regained confidence in its unique business model and growth potential.
2. Soleno Therapeutics, Inc. (NASDAQ:SLNO): 697% Soleno Therapeutics focuses on developing treatments for rare diseases, with a primary emphasis on genetic disorders such as Prader-Willi syndrome. The company’s stock has surged due to positive clinical trial results and increased optimism about its pipeline of drug candidates.
1. MoneyLion Inc. (NYSE:ML): 790% MoneyLion Inc. is a digital financial platform offering a range of products, including personal loans, credit-building services, and financial advisory tools. Its significant stock surge is driven by aggressive expansion and innovation in fintech services, appealing to a broad customer base looking for accessible financial solutions.
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