Nvidia (NVDA) has more than doubled so far this year after topping the S&P 500 in 2023. But as of mid-2024, it is not the benchmark’s best-performing index. Supermicrocomputer (SMCI) gets that honor; by the end of June, that number had almost tripled. Vistra Corp. (VST) and Constellation energy (CEG) are also big winners, along with Eli Lilly (LLY).
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Micron technology (MU), CrowdStrike (CRWD), Arista Networks (ANET) and Targa sources (TRGP) complete the top 10.
Super Micro, Nvidia, Micron and Arista Networks are clear AI players. CrowdStrike also has some AI aspects. Power generators Vistra, Constellation Energy and NRG Energy are AI-related and provide the power for AI data centers.
Top Performers of the S&P 500
| stock | Ticker | 2024 YTD change |
|---|---|---|
| Supermicrocomputer | SMCI | 188.24% |
| Nvidia | NVDA | 149.47% |
| Prospect | VST | 123.21% |
| Constellation energy | CEG | 71.33% |
| Eli Lilly | LLY | 55.32% |
| Micron technology | I | 54.12% |
| NRG Energy | NRG | 50.60% |
| CrowdStrike Holdings | CRWD | 50.08% |
| Arista Networks | A NET | 48.82% |
| Targa sources | TRGP | 48.24% |
Super Micro Shares
Super Micro is a manufacturer of AI servers, using AI chips from Nvidia and other companies.
In fiscal 3Q3, EPS jumped 308% from a year earlier, up from 71% in Q2 and flat EPS in Q1. Revenue growth accelerated from 14% to 103% and 200% in that period.
Super Micro shares have risen 188.2% in 2024.
SMCI shares emerged from a consolidation on January 19, tripling in less than a month before peaking at 1,077.87 on February 16. After a major sell-off, Super Micro shares rallied again, fueled by Nvidia’s earnings report and news that the company would join the S&P 500.
Sine peaked at 1,229 on March 8, shares retreated and have forged a deep consolidation, trading above and below the 50-day moving average in recent weeks. A move above the 1,000 level could provide an early entry.
It is striking that the Super Micro share is performing the best in the S&P 500 has actually been one of the biggest losers this year for the index. SMCI stock has fallen 23.3% since it was added to the index before the open on March 18.
Nvidia stock
Nvidia is the largest manufacturer of AI chips and maintains a technological lead despite huge demand.
Earnings per share jumped 455% in fiscal 1Q25, following gains of 478%, 567% and 440% in the previous three quarters. Sales rose 262% in the first quarter, following gains of 265%, 206% and 101%. While growth is expected to slow, it should remain very strong through fiscal 2026.
NVDA shares are up 149.5% in 2024.
Nvidia shares broke out in early January and more than doubled in the following two months. After consolidating for some time, Nvidia shares broke out again in late May on Q1 results and plans for a 10-for-1 split, which occurred in early June. Shares peaked at 140.76 on June 20, falling back but finding support at the 21-day line.
Vistra shares
Vistra is an electricity producer.
The current fundamentals are poor, with losses in the last two quarters and significant revenue declines in the last three. But analysts expect EPS growth of 41% in 2024, followed by a 24% increase in 2025. That reflects expectations of higher power demand and prices, fueled by energy-hungry AI data centers.
Vistra shares have nearly tripled from October last year to a peak of 107.24 on May 28. Shares have fallen back and are trying to find support at the 50-day line. VST shares could make an early entry into an emerging consolidation if they make a significant move above the 21-day line, where they face resistance.
Vistra shares joined the S&P 500 before the open on May 8. Since joining the index, the shares have risen 5.2%.
Constellation Energy Stocks
Constellation is a giant in the nuclear energy field. Due to its emission-free production, there is a demand for AI energy producers.
Fundamentals are volatile. Q1 earnings per share rose 133% from a year earlier, but that followed a loss in Q4 2023. Revenue fell 19% in Q1 and 21% in Q2. But analysts expect Constellation Energy’s earnings to rise 40% in 2024 and 12% in 2025.
CEG shares are up 71.3% in 2024.
Shares nearly doubled from a late January breakout to a peak of 236.30 on May 24. Constellation Energy shares have fallen back below the 50-day line. On a weekly chart, CEG has a rising base with 236.30 as a buy point. Investors could use 227.77 as an early entry.
Eli Lilly
Eli Lilly is a pharmaceutical giant. The company has made a name for itself with its weight-loss and diabetes drugs, but it also has a number of other drugs, including an Alzheimer’s treatment that is expected to be approved by the FDA soon.
Eli Lilly’s profit rose 59% in Q1 versus 19% in Q4. Full-year profit is expected to rise 116%, with a 40% gain in 2025.
Eli Lilly shares broke out in early January, consolidated from early March to late May, and then broke out again. Shares have expanded and reached a new high on June 28.
Micron shares
The memory chip giant is on the rise, buoyed by demand for AI.
Micron easily beat its fiscal Q3 outlook on June 26 with its second consecutive profitable quarter. Revenue growth accelerated for the third straight quarter, to 82%. Micron gave a solid EPS outlook for the current Q4, though sales targets were only in line.
Micron shares are up 54.1% in 2024.
Shares broke out in late February and then gapped higher on fiscal Q2 earnings. After a brief consolidation, MU stock broke out again in early June. Shares hit a high of 157.54 on June 8 and then fell again on Nvidia and other AI chip plays. Shares tumbled last week on Micron’s in-line revenue forecast and ended June just above the 130.54 buy point.
Meta, JPMorgan Lead Five Stocks Near Buy Points
S&P 500: NRG Energy Stocks
NRG Energy is an energy producer that benefits from the positive influence of AI.
The company has reported strong profits in recent quarters, although revenue growth has continued to decline. NRG’s EPS is expected to grow 642% in 2024, followed by a 17% increase in 2025.
NRG shares have risen by 50.6% in 2024.
Shares were up in October to a peak of 87.58 on May 28. NRG Energy shares have fallen back to just below their 50-day line. It has a flat base, with a peak of 83.74 on June 25 as an early entry.
CrowdStrike Stocks
CrowdStrike is a leading cybersecurity company that is increasingly using AI tools.
Earnings rose 63% in Q1 after three quarters of triple-digit growth. CrowdStrike’s earnings are expected to rise 30% in fiscal 2025 and 22% in fiscal 2026.
CRWD shares are up 50.1% through mid-2024.
Shares have been circulating since the exchange launched in January 2023 and refused to give up ground in the August-September 2023 correction. CrowdStrike shares broke out of a new cup-with-handle base on June 10 as part of a post-earnings recovery. Shares have stalled in recent weeks, just outside the base’s buy zone. CRWD now has a tight three-week pattern with an add-on buy point of 394.64 for existing holders.
S&P 500 Stock Winners: Arista Networks
Arista Networks is a networking giant and a key member of the AI boom.
First-quarter profit rose 39% from a year earlier, a pace expected to slow to 14% in 2024 and 13% in 2025. Revenue growth has slowed over the past six quarters, to 16% in the first quarter.
ANET shares are up 48.82% year to date.
Shares have been on a roll since mid-2022, though often with choppy action. In addition to its own earnings and forecast, Arista Networks will fluctuate based on capital expenditure forecasts from key customers Microsoft (MSFT) and Meta platforms (META), as well as Oracle (ORCL).
Arista stock reached a buy point of a cup base on June 12 and has now been extended, trading at record highs.
Targa Resources Shares
The midstream natural gas company is engaged in the storage and transportation of natural gas and natural gas liquids.
Targa Resources earned $1.22 in Q1 versus just 3 cents a year earlier. Revenue rose 1%, ending a five-quarter streak of year-over-year declines.
Targa’s profits are expected to increase by 46% in 2024 and by 30% in 2025.
TRGP shares are up 48.2% in 2024.
Shares broke out of a double-bottom base in mid-February on Q4 earnings results. Targa Resources found support at the 50-day line after trading somewhat rangebound for several weeks. The move from the 50-day/10-week line in early June, which coincided with a tight three-week stretch, provided a fresh entry.
The TRGP stock price has now risen and is trading around record highs.
S&P 500 Stock Winners on IBD Lists
Nvidia and Eli Lilly stock are on IBD Leaderboard. CrowdStrike stock is on SwingTrader. Nvidia stock is on the IBD 50. SMCI stock, Arista Networks and CrowdStrike are on the IBD Big Cap 20.
Follow Ed Carson on Threads via @edcarson1971 and X/Twitter via @IBD_ECarson for stock market updates and more.
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