The champion of the 2023 US stock market's growth is announced, and it's neither NVIDIA nor Tesla.
The champion of the 2023 US stock market's growth is not Nvidia or Tesla. The stocks with the highest growth this year are Soleno Therapeutics and Carvana. Soleno Therapeutics has surged by over 1900% due to the company's announcement of a blockbuster product for the treatment of Prader-Willi syndrome. Carvana has seen a growth of 1030% as the company has made efforts to reduce its debt burden. Other notable performers include Affirm Holdings. Biotechnology, biopharmaceutical, and cryptocurrency-related stocks have shown outstanding performance this year. Analysts warn that the market momentum may change rapidly.
When it comes to the US stocks with the highest growth rate in 2023, what comes to mind first?
Is it NVIDIA, the chip manufacturer related to artificial intelligence? Despite the stock's surge of over 200% this year. Other large tech stocks such as Apple (AAPL.US) rose nearly 50% this year, Microsoft (MSFT.US) rose about 56%, Alphabet-C parent company Alphabet (GOOG.US, GOOGL.US) Class A and Class C shares rose nearly 60%, Amazon (AMZN.US) rose over 80%, Tesla (TSLA.US) more than doubled, and Meta (META.US) almost tripled.
However, these stocks' growth rates in 2023 are still surpassed by the following companies.
According to Zhitong App, based on companies with a market value of at least $1 billion as of December 26th, the top two performers this year are Soleno Therapeutics (SLNO.US) and online used car dealer Carvana.
Soleno's stock price has risen over 1900% because this biotech company announced in the fall its blockbuster product, a diazoxide choline controlled-release tablet, for the treatment of Prader-Willi syndrome, a rare genetic disorder that may cause intellectual disabilities, obesity, and other symptoms.
At the same time, Carvana's stock has soared 1030% because this car retailer has been working to reduce its debt burden, helping it avoid a cash crisis.
Other standout stocks this year include "buy now, pay later" loan provider Affirm Holdings (AFRM.US), whose stock has risen over 400% in 2023.
Biotech and biopharmaceutical companies, as well as stocks related to cryptocurrencies, have performed well in this "strangest bull market in decades." The S&P 500 and Dow Jones Industrial Average are hovering at or near historic highs, and the Federal Reserve's policy stance suggests that the central bank is satisfied with its efforts to suppress inflation.
Analysts warn that market momentum can change in an instant, and hot sectors can quickly be overtaken by new favorites. Be careful when you're out and about!