The 2023 U.S. stock rally champion is out, and it's not Nvidia or Tesla
Is it Nvidia, the maker of chips related to artificial intelligence? This is despite the fact that the stock has soared more than 200% this year. Other big tech stocks like Apple are up nearly 50% this year, Microsoft is up about 56%, Google parent Alphabet's Class A and Class C shares are up nearly 60% each, Amazon is up more than 80%, Tesla has doubled more than doubled, and Meta almost tripled.
However, none of these stocks will rise as much as the following companies in 2023.
Based on companies with market caps of at least $1 billion as of Dec. 26, the runners-up for this year's gains are Soleno Therapeutics and online used-car trader Carvana, WisdomTree has learned.
Shares of Soleno are up more than 1,900% after the biotech company announced positive results in the fall for its heavyweight product for the treatment of Prader-Willi Syndrome a rare genetic disorder that can lead to mental retardation, obesity, and other symptoms)-Diazocine Choline Extended-Release Tablets.
Meanwhile, Carvana's stock soared 1,030% as the auto retailer has been working to reduce its debt load, helping it avoid a cash crisis.
Other top performers this year include Affirm Holdings, a provider of "buy now, pay later" loans, whose shares have soared more than 400% so far in 2023.
Biotech and biopharmaceutical companies, as well as cryptocurrency-related stocks, have excelled in what has been called "the weirdest bull market in decades," with the S&P 500 and Dow hovering at or near all-time highs, and Federal Reserve policy moves suggesting that the central bank is satisfied with the results of its efforts to hold down inflation.
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