The 3 best S&P 500 stocks in 2024

The year 2024 has been an extremely successful one for stock markets, mainly due to the explosive growth in demand for artificial intelligence (AI)-related technologies, with the S&P 500 index posting an impressive 24.5% growth, but several companies posting much larger gains.

Three of them - Palantir Technologies, Vistra Corp and Nvidia Corporation - became the undisputed stars of the market thanks to triple-digit returns.

Let's take a look at how each of these companies achieved their successes and why they have captivated investors around the world.

Palantir Technologies $PLTR: The King of Artificial Intelligence

Growth Stock (YTD): +365 %

Known for its advanced data analytics platforms, Palantir Technologies is clearly the top-performing stock of 2024. Its software, like Gotham, Foundry, and Apollo, helps governments and businesses analyze large amounts of data. This year has brought strong financial results for Palantir, including a 30% year-over-year increase in revenue to $726 million in the third quarter.

Also key to Palantir's success has been its collaboration with the U.S. Army on the Army Data Platform project and its "Warp Speed" initiative aimed at transforming manufacturing with AI. These steps have significantly strengthened its market position, although high valuations have caused some skepticism among analysts.

Vistra Corp $VST: The energy leader of the future

Stock Growth: +267 %

Vistra Corp, a major player in the power generation space, has become a star performer in the energy sector by diversifying its portfolio into renewables and battery storage. In the third quarter, Vistra reported a 54% increase in revenue to $6.29 billion and expects further growth in 2025.

The company launched new solar projects in Illinois and extended operations at its coal-fired Baldwin Power Plant. These moves show that Vistra is successfully combining innovation with the need for reliable energy sources, which is attracting investors.

Nvidia Corporation $NVDA: AI technology dominator

Growth Stock: +185 %

Nvidia Corporation proved once again why it is considered a leader in GPU and AI technologies. Its third-quarter revenue reached a record $35.1 billion, up 94% year-over-year, driven significantly by growth in demand for data centers, where Nvidia remains the unshakable leader.

The company expanded its global operations, including the opening of a research centre in Vietnam, and strengthened its position in high-growth markets. Nvidia also collaborated with Intel on the Verifiable Compute secure AI framework, increasing its prominence in technology innovation.

Disclaimer: There is a lot of inspiration to be found on Bulios, but stock selection and portfolio construction is up to you, so always conduct thorough self-analysis.

Source: barchart