2024 Half-Year Recap | Top Performing Sectors & Stocks

As June arrives, a review of the first half of 2024 reveals that the U.S. stock market has been on a remarkable upward trajectory. By June 17, both the $NASDAQ 100 Index (.NDX.US)$ and $S&P 500 Index (.SPX.US)$ had repeatedly set new all-time highs, while the $Dow Jones Industrial Average (.DJI.US)$ briefly surged past the 40,000-point milestone. Notably, the S&P 500 notched its 30th new high of the year just last night.

During the current AI investment frenzy, $NVIDIA (NVDA.US)$ has been the undeniable star. After tripling its stock price in 2023, Nvidia has surged over 160% this year, pushing its market capitalization past the $3 trillion mark. Meanwhile, its partner, server manufacturer $Super Micro Computer (SMCI.US)$, has outshone even Nvidia, more than doubling its stock price this year and soaring tenfold since last year.

The AI ecosystem as a whole has been on a tear. Storage giant $Pure Storage (PSTG.US)$ has seen its shares climb over 90% this year, while PC leader $Dell Technologies (DELL.US)$ is up more than 87%. Semiconductor stocks have also surged, with $Arm Holdings (ARM.US)$, $Micron Technology (MU.US)$, and $Taiwan Semiconductor (TSM.US)$ each gaining over 70%.

Additionally, in the context of the Bitcoin halving event and expectations of Federal Reserve rate cuts, Bitcoin has hit new all-time highs. $MicroStrategy (MSTR.US)$, the largest corporate holder of Bitcoin, has experienced a meteoric rise, with its stock up over 138% this year.

Notably, the semiconductor sector has been the standout performer in the U.S. stock market this year. As of June 17, the $PHLX Semiconductor Index (.SOX.US)$ has surged 36% year-to-date, repeatedly hitting new all-time highs and significantly outperforming the major indices.

In addition to Nvidia, several semiconductor giants have reached record highs, including Micron Technology, Taiwan Semiconductor, $Broadcom (AVGO.US)$, $Qualcomm (QCOM.US)$, $Applied Materials (AMAT.US)$, and $KLA Corp (KLAC.US)$. Meanwhile, $Astera Labs (ALAB.US)$, a semiconductor startup, went public in mid-March and has already seen its stock soar by 80%.