Hot Tech Stocks with upto 88% Gains in Jan-Mar
Technology stocks continued their growth momentum banking on strong surge in demand for innovative technologies in particular semiconductors which have become driving force for technology stock in the American market. There were nine stocks which delivered price gains between 25%-88% in the first quarter of 2024. But, top 3 hot Tech Stocks delivered biggest price gains in Jan-Mar period. Though there were two stocks from the networking & communications segment also but it was semiconductors which dominated the top slot. Majority of stocks were part of Nasdaq100.
NVIDIA Corp topped the list of performers as none of the stocks came close to its performance. Micron Technology Inc and ASML Holding NV came second and third respectively.
NVIDIA Corporation (NVDA), a prominent player in the semiconductor industry, exhibited notable stock performance from January 1st to March 28th, 2024. During this period, the stock experienced fluctuations, reflecting market dynamics and investor sentiment. Starting the year at $481, it reached a high of $922.25 and a low of $892.04. The closing price on March 28th stood at $903.56. Despite volatility, NVIDIA’s strong financial results, including a remarkable 854% year-on-year increase in GAAP earnings per diluted share, contributed to its overall resilience and investor confidence.
Micron Technology, Inc. (MU), another key player in the semiconductor industry, witnessed a steep rise in its stock prices from January 1st to March 28th, 2024. Starting the year at price of $182.34 on 2nd Jan, it reached a high of $130.54 and a low of $117.35. The closing price on March 28th stood at $117.89. Micron Technology reported positive earnings of $0.42 per diluted share, defying expectations of a net loss.
ASML Holding N.V. (ASML), another semiconductor manufacturer, demonstrated robust stock performance from January 2nd to March 28th, 2024. Its stock price delivered price gains of 35% for the period. Starting the year at price of $ 716, it reached $970 at end of March. ASML’s impressive performance was driven by factors such as improving margin profiling, high-bandwidth memory tailwinds, and strong demand for its cutting-edge lithography machines. Unfortunately ASML was the only stock among top three performers which witnessed price correction in the month of March as the stock declined by -2% in the month itself.
Table: Hot Tech Stocks in Jan-Mar
| Company | Symbol | 02-Jan | 28-Mar | Qtrly Price Gain | Mar |
|---|---|---|---|---|---|
| NVIDIA Corp | NVDA | 481.7 | 903.6 | 88% | 10% |
| Micron Technology Inc | MU | 82.3 | 117.9 | 43% | 24% |
| ASML Holding NV | ASML | 716.9 | 970.5 | 35% | -2% |
| Applied Materials Inc | AMAT | 154.4 | 206.2 | 34% | -2% |
| Advanced Micro Devices Inc | AMD | 138.6 | 180.5 | 30% | -11% |
| Crowdstrike Holdings Inc | CRWD | 246.9 | 320.6 | 30% | 2% |
| Lam Research Corp | LRCX | 749.3 | 971.6 | 30% | -1% |
| Juniper Networks Inc | JNPR | 29.3 | 37.1 | 26% | -1% |
| Arista Networks Inc | ANET | 231.6 | 290.0 | 25% | 1% |