Forget The Magnificent 7: Did Anyone Back These 1,000% Gainers In 2023?
Portfolio Pulse from Neil Dennis
In 2023, Nvidia and Meta Platforms were the top performers on the S&P 500, with gains of nearly 240% and 200% respectively. They are part of the 'Magnificent Seven' (Mag7) stocks, which also include Tesla, Intel, Amazon, Alphabet, and Microsoft. These stocks were responsible for a third of the S&P 500's and SPDR S&P 500 ETF's 25% gain. Small-cap stocks like Soleno Therapeutics, Carvana, and Applied Optoelectronics saw gains over 1000%. Cryptocurrency-related stocks like Bit Digital and Bitfarms also surged. The Grayscale Bitcoin Cash Trust outperformed with a 1178% gain, while growth stock ETFs like the Baron Fifth Avenue Growth Fund and Fidelity Blue Chip Growth ETF saw nearly 60% gains.
December 28, 2023 | 7:09 pm
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POSITIVE IMPACT
Applied Optoelectronics gained 1064% in 2023, driven by positive results and its role in artificial intelligence data processing.
Applied Optoelectronics' massive gain is attributed to its strong performance in AI data processing, which is likely to continue attracting investor interest and driving up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Amazon gained 83% in 2023, contributing to the strong performance of the Mag7 stocks on the S&P 500.
Amazon's impressive gain as part of the Mag7 is likely to continue attracting investor attention, potentially driving its stock price up in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Grayscale Bitcoin Cash Trust saw an annual gain of 1178%, outperforming the actual movement of Bitcoin Cash.
The Grayscale Bitcoin Cash Trust's exceptional performance compared to Bitcoin Cash itself suggests strong investor interest, which could continue to drive up the ETF's price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
The Baron Fifth Avenue Growth Fund gained nearly 60% over the year, outperforming the NASDAQ Composite.
The Baron Fifth Avenue Growth Fund's performance, which contains Mag7 stocks, suggests strong growth that could continue to attract investors and positively impact the ETF's price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Bitfarms' stock gained 670% in 2023, also riding the wave of the cryptocurrency market rally.
Bitfarms' stock gain is closely tied to the performance of the cryptocurrency market, which could continue to have a positive impact on its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Bit Digital's stock rose 725% in 2023, benefiting from the fourth-quarter rally in cryptocurrencies.
Bit Digital's significant gain is linked to the cryptocurrency rally, which could continue to influence its stock price positively in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Carvana's shares surged 1079% in 2023 as it secured its continued existence with financial backers.
Carvana's significant stock surge reflects a successful negotiation with financial backers, which could continue to positively influence its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Fidelity Blue Chip Growth ETF climbed 59%, matching the performance of the Mag7 stocks it contains.
The Fidelity Blue Chip Growth ETF's performance, influenced by the Mag7 stocks, indicates a positive trend that could continue to drive its price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Alphabet saw a 60% increase in its stock price in 2023, being one of the Mag7 stocks.
Alphabet's growth as a Mag7 stock indicates a positive trend that could maintain its upward trajectory in the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Intel added 90% to its stock value in 2023, making it one of the Mag7 stocks driving the S&P 500's gains.
Intel's notable performance as part of the Mag7 suggests continued investor interest, which could positively influence its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Meta Platforms saw nearly a 200% increase in its stock price, ranking it among the best equity gains on the S&P 500 in 2023.
Meta's substantial stock price increase reflects a strong market performance, which could continue to attract investors and positively impact its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Microsoft climbed 56% in 2023, being part of the Mag7 that drove a significant portion of the S&P 500's gains.
Microsoft's performance as part of the Mag7 suggests continued market strength, which could positively impact its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Nvidia was one of the top performers on the S&P 500 in 2023, with a gain of nearly 240%.
Nvidia's significant gain as a top performer on the S&P 500 suggests strong investor confidence and positive market sentiment, likely to continue driving its stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Soleno Therapeutics experienced a 1908% gain in 2023 due to a breakthrough treatment for Prader-Willi Syndrome.
Soleno Therapeutics' dramatic gain is due to a significant medical breakthrough, which is likely to keep investor interest high and could further drive up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
The SPDR S&P 500 ETF, which tracks the S&P 500 index, gained 25% in 2023, partly due to the performance of the Mag7 stocks.
The SPY ETF's gain is closely tied to the performance of the Mag7 stocks, and their continued success is likely to have a positive impact on the ETF's price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Tesla's stock gained 112% in 2023, contributing to the Mag7's overall impact on the S&P 500's performance.
Tesla's significant gain is indicative of strong performance and investor confidence, which may continue to support its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80