Nvidia, Meta Stocks On Pace To Top S&P 500

Nvidia’s stock has soared 239% this year and is the top performer in the S&P 500, on pace for its best annual performance since 2001, according to Dow Jones Market Data.

Nvidia, which makes the chips used to power artificial intelligence, hit a $1 trillion market capitalization in August. I Photo: Amir Shtanger Wikimedia Commons

Nvidia, which makes the chips used to power artificial intelligence, hit a $1 trillion market capitalization in August, Janet H. Cho, Angela Palumbo, and Emily Dattilo reported for Barron’s Daily.

Meta Platforms, up 198% in 2023, is the second-best performer in the S&P 500, due to investor excitement around AI and its own cost-cutting.

Tesla shares have gained 106% in 2023, its best year since 2020, despite recently cutting vehicle prices.

Other stocks have had a stellar 2023, too. Carnival stock rose 132% this year, its best year on record, benefiting from soaring post-COVID travel demand and record fourth-quarter revenue.

Shares of Uber Technologies, which joined the S&P 500 this month, are up 155%.

Shares of FMC have tumbled 49% this year, making the crop-protection company the worst performer in the S&P 500, after FMC slashed its guidance ahead of third-quarter earnings. FMC has a better-than-expected outlook for 2024.

Enphase Energy stock is off 49% in 2023, and was a Barron’s pick in September. Dollar General stock is down 45% this year, its first annual decline on record. The discount retailer’s former CEO Todd Vasos returned from retirement amid disappointing earnings results, guidance cuts, and macroeconomic challenges.

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