Analysts just updated their forecasts for S&P 500 growth this year on the heels of just-reported first-quarter results. And here’s a surprise: Nvidia isn’t No. 1.
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Analysts are calling for eight S&P 500 companies, including Super Micro Computer (SMCI), Micron Technology (MU) and yes, Nvidia (NVDA), to post revenue growth this year of at least 30%, says an Investor’s Business Daily analysis of data from S&P Global Market Intelligence and MarketSurge.
And No. 1 for revenue growth in 2024? That title will go to Super Micro Computer — seen boosting revenue by 122% to $20.6 billion. But time will tell on Nvidia, which reports quarterly results on May 21. Raises could be coming.
“Wall Street analysts have raised most U.S. Big Tech names’ current quarter and 2024 earnings estimates over the last 30 days after they beat first-quarter financial results,” said Nicholas Colas of DataTrek Research.
Gearing Up For Growth
Now that most S&P 500 companies have reported first-quarter results, investors are gearing up for decent growth for the rest of the year.
Analysts think the average S&P 500 company will deliver 5.2% revenue growth this year. No, that’s not ripping double-digit growth, but it’s a healthy rise. And if you look further afield, you can find even bigger growth.
Nothing Small About Super Micro Computer’s Revenue Estimate
If AI computing player Super Micro Computer actually delivers on the 122% top-line growth expected by analysts, it would be quite a feat.
Nvidia, in contrast, is seen reporting “only” 84% revenue growth this year. That would put Super Micro Computer on top of the growth pile in the S&P 500. No wonder its stock is up 188% this year, surpassing Nvidia stock’s 83% rise. Keep in mind, though, Nvidia still minted $1 trillion in wealth this year simply due to its sheer size.
Other Revenue Winners
Companies feeding materials into the stronger-than-expected U.S. economy are also benefiting. That goes for computer chips, gold and industrial metals and natural gas.
Memory-chip maker Micron is seen putting up 73% revenue growth this year. And miner Newmont (NEM) is expected to boost its top-line by 44%. Natural gas provider Oneok (OKE) is on track to grow roughly 33%.
Looks like analysts like what they saw in the first quarter.
Top S&P 500 Revenue Growth Expected
In calendar 2024
| Company | Ticker | 2024 revenue gr. % (est.) |
|---|---|---|
| Super Micro Computer | (SMCI) | 122.2% |
| Nvidia | (NVDA) | 84.0% |
| Micron Technology | (MU) | 72.7% |
| Newmont | (NEM) | 43.9% |
| Western Digital | (WDC) | 41.4% |
| First Solar | (FSLR) | 36.3% |
| Broadcom | (AVGO) | 35.4% |
| ONEOK | (OKE) | 32.7% |
Sources: S&P Global Market Intelligence, IBD
Follow Matt Krantz on X (Twitter) @mattkrantz
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