Fifteen S&P 500 companies surged at least 100% this year, driven by demand for AI infrastructure and energy solutions.
Fifteen stocks in the S&P 500 have doubled or more in 2024, led by Sandisk (SNDK) with a nearly 600% gain amid strong memory chip demand. The rally reflects broader participation in the AI trade beyond hyperscalers and chip leaders like Nvidia (NVDA), which remains up just 18% year-to-date.
Older tech firms such as Dell (DELL), Intel (INTC), and Hewlett Packard Enterprise (HPE) are among the top performers, pivoting toward AI infrastructure. Energy companies like Marathon Petroleum (MPC) and Valero (VLO) also feature, highlighting fuel demand for AI data centers.
Nvidia briefly became the world’s most valuable company in May, hitting $236 before a summer sell-off erased over $1 trillion in market cap. The stock has since recovered to near record highs, underscoring the sector’s volatility and resilience.