If anyone needed proof that artificial intelligence was more than a passing fad on Wall Street, they got i🀅t in 2024. 

For a second consecutive year, AI was the phrase on everybody’s lips. The number of companies mentioning “AI” on earnings calls continued to rise after skyrocketing last year. And investors continued to drive up the shares of companies that are already benefiting from AI or are expected to soon: Of the five best-performing stocks in the Russell 1000, three could attribute their meteor🍎ic rise this year to artificial intelligence. 

Software company Applovin (APP) said advertising revenue grew 66% in the most recent quarter, driven by improvements to its artificial intelligence model “through ongoing self-learning and directed model enhancements.” In the same quarter, Applovin more than tripled its profit.🧜 Shares jumped nearly 50% the day after those results were reported, contributing to the stock’s more than 740% rise this year through Friday's close.

Palantir Technologies (PLTR) stock also took off this year as it flexed its AI muscle. On Palantir’s most recent earnings call, executives highlighted how customers were using its AI platform to save time and improve results. The company’s sales rose 30% in the quarter, with double-digit growth in both its commercial and government businesses. Palantir shares have gained some 360% in 2024.

Vistra (VST) was the second-best performing stock in the S&P 500 in 2024 as investors learned that its generally sleepy, slow-growing s🌱ector—utlities—could have its businesses turbocharged by AI. Vistra shares have soared about 260% this year as the electricity demands of AI became clearer and analysts identified thꦑe power generator as a possible beneficiary. 

The rush into utilities stocks was particularly dramatic for the owners of nuclear plants, which companies like Microsoft consider vital to powering data centers. Constellation Energy Group (CEG) and Microsoft in September 澳洲幸运5官方开奖结果体彩网:inked a deal to bring part of Pennsylvania’s Three Mile Island back online. Consteꦬllation shares rose more than 90% this year.

Data center electrification also contributed to GE Vernova’s (GEV) strong performance this year. The company in December 澳洲幸运5官方开奖结果体彩网:raised its long-term sales outlook, citing demand for gas turbines and electrical grid equipment. The stock has gained more than 130% since the separation of General Electric into three companies was 澳洲幸运5官方开奖结果体彩网:completed earlier this year.

Shares of Nvidia (NVDA), the poster child of the AI rally. have risen roughly 180% this year after nearly tripling in value in 2023. CEO Jensen Huang has called demand for Nvidia’s chips “insane,” an assessment borne out by the company’s 澳洲幸运5官方开奖结果体彩网:soaring quarterly sal𒀰es and profits. 

Nvidia isn’t the only big chipmaker whose stock got a major boost from the AI buildout. Shares of Broadcom (AVGO) rose more than110% this year as demand for its custom chips and networking equipment surged. Broadcom became just the ninth U.S. company to reach a 澳洲幸运5官方开奖结果体彩网:$1 trillion market capitalization in December after it 澳洲幸运5官方开奖结果体彩网:beat quarterly earnings estimates and said it was working with three major tech companies on custom AI infrastructure.