Nvidia (NVDA) has more than doubled so far this year after leading the S&P 500 index in 2023. But it’s not the benchmark index’s top performer as of mid-2024. Super Micro Computer (SMCI) gets that honor, nearly tripling as of the end of June. Vistra Corp. (VST) and Constellation Energy (CEG) are also big winners, along with Eli Lilly (LLY).

stock market. On this “IBD Explains,” David Saito-Chung and Meredith Heyman discuss how AI, interest rates and the presidential election will impact the market leading up to 2025.” vid-name=”How AI, Interest Rates And The Presidential Election Will Shape The Market In The Second Half Of 2024″ vid-cat=”IBD Explains” vid-date=”06/28/2024″ vid-date-tmsp=”1719573271″ vid-image=”https://www.investors.com/wp-content/uploads/2024/06/XzZmGOtH-640×360.jpg” vid-authors=”MEREDITH HEYMAN”>
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Micron Technology (MU), CrowdStrike (CRWD), Arista Networks (ANET) and Targa Resources (TRGP) round out the top 10.

Super Micro, Nvidia, Micron and Arista Networks are clear artificial intelligence plays. CrowdStrike also has some AI aspects. Power generators Vistra, Constellation Energy and NRG Energy are AI-related, providing the energy for AI data centers.

S&P 500 Top Performers

Super Micro Stock

Super Micro is an AI server maker, plugging in AI chips from Nvidia and others.

In in its fiscal Q3 EPS skyrocketed 308% vs. a year earlier, picking up from Q2’s 71% and Q1’s flat EPS. Revenue growth accelerated from 14% to 103% and 200% over that span.

Super Micro stock is up 188.2% in 2024.

SMCI stock blasted out of a consolidation on Jan. 19, tripling in less than a month before peaking at 1,077.87 on Feb. 16. After a big sell-off, Super Micro stock roared higher again, fueled by Nvidia earnings and news that it would join the S&P 500.

Sine peaking at 1,229 on March 8, shares pulled back and have forged a deep consolidation, trading above and below the 50-day moving average for the past several weeks. A move above the 1,000 level might provide an early entry.

Notably, while Super Micro stock is the best performer in the S&P 500 this year, it’s actually been one of the bigger losers for the index. SMCI stock is down 23.3% since being added to the index before the open on March 18.

Nvidia Stock

Nvidia is the dominant AI chip maker, maintaining a technological edge amid massive demand.

Earnings per share skyrocketed 455% in fiscal Q1 2025, following gains of 478%, 567% and 440% in the prior three quarters. Sales spiked 262% in Q1, following gains of 265%, 206% and 101%. While growth is expected to slow, it should remain very strong through fiscal 2026.

NVDA stock is up 149.5% in 2024.

Nvidia stock broke out in early January, more than doubling over the next two months. After consolidating for some time, Nvidia stock broke out again in late May on Q1 results and plans for a 10-for-1 split, which took place in early June. Shares peaked at 140.76 on June 20, pulling back but finding support at the 21-day line.

Vistra Stock

Vistra stock is an electric power producer.

Current fundamentals are poor, with losses in the last two quarters and sizable revenue declines in the last three. But analysts expect a 41% EPS gain in 2024, followed by a 24% bump in 2025. That reflects expectations for higher power demand and pricing, fueled by power-hungry AI data centers.

Vistra stock nearly tripled from last October to the May 28 peak of 107.24. Shares have pulled back, trying to find support at the 50-day line. VST stock could have an early entry in an emerging consolidation if it makes a clear move over the 21-day line, where it’s been facing resistance.

Vistra stock joined the S&P 500 before the open on May 8. Since joining the index, shares are up 5.2%.

Constellation Energy Stock

Constellation is a nuclear power giant, with its zero-emission production in demand for AI power producers.

Fundamentals are choppy. Q1 EPS soared 133% vs. a year earlier, but that followed a loss in Q4 2023. Revenue fell 19% in Q1 and 21% in Q2. But analysts see Constellation Energy earnings up 40% in 2024 and 12% in 2025.

CEG stock is up 71.3% in 2024.

Shares nearly doubled from a late January breakout to the May 24 peak of 236.30. Constellation Energy stock has fallen back to below the 50-day line. On a weekly chart, CEG has an ascending base with 236.30 as the buy point. Investors could use 227.77 as an early entry.

Eli Lilly

Eli Lilly is a pharmaceutical giant. It’s taking off thanks to its weight-loss and diabetes drugs, but has a variety of other drugs, including an Alzheimer’s treatment that is likely to win FDA approval soon.

Eli Lilly earnings rose 59% in Q1 vs. 19% in Q4. Full-year earnings are seen soaring 116%, with a 40% gain in 2025.

Eli Lilly stock broke out in early January, consolidated from early March to late May, then broke out again. Shares are extended, hitting a fresh high on June 28.

Micron Stock

The memory-chip giant is on the upswing, buoyed by AI-related demand.

Micron easily beat fiscal Q3 views on June 26 with its second straight profitable quarter. Revenue growth accelerated for a third straight quarter, to 82%. Micron gave solid EPS guidance for the current Q4, though sales targets were only in line.

Micron stock has leapt 54.1% in 2024.

Shares broke out in late February, then gapped up on fiscal Q2 earnings. After a short consolidation, MU stock broke out again in early June. Shares hit a record 157.54 on June 8, then fell back with Nvidia and other AI chip plays. Shares tumbled last week on Micron’s in-line revenue guidance, ending June just above the 130.54 buy point.

Meta, JPMorgan Lead Five Stocks Near Buy Points

S&P 500: NRG Energy Stock

NRG Energy is a power producer benefiting from AI tailwinds.

It’s reported strong earnings for the past several quarters, though revenue growth has continued to decline NRG earnings per share is expected to skyrocket 642% in 2024, followed by a 17% gain in 2025.

NRG stock is up 50.6% in 2024.

Shares were on the upswing from October to the May 28 peak of 87.58. NRG Energy stock has pulled back to just below the 50-day line. It has a flat base, with the June 25 high of 83.74 as the early entry.

CrowdStrike Stock

CrowdStrike is a leading cybersecurity firm, increasingly using AI tools.

Earnings rose 63% in Q1 after three quarters of triple-digit growth. CrowdStrike earnings should rise 30% in fiscal 2025 and 22% in fiscal 2026.

CRWD stock is up 50.1% as of mid-2024.

Shares have been running since the stock market took off in January 2023, refusing to give up ground in the August-September 2023 correction. CrowdStrike stock broke out of a new cup-with-handle base on June 10 as part of a post-earnings rebound. Shares have been pausing for the past few weeks just out of the base’s buy zone. CRWD now has a three-weeks-tight pattern with a 394.64 add-on buy point for existing holders.

S&P 500 Stock Winners: Arista Networks

Arista Networks is a networking giant and a key member of the AI boom.

Q1 earnings rose 39% vs. year earlier, with the pace expected to cool to 14% for 2024 and 13% in 2025. Revenue growth has slowed for the past six quarters, to 16% in Q1.

ANET stock has rallied 48.82% so far this year.

Shares have been trending higher since mid-2022, though often with choppy action. In addition to its own earnings and guidance, Arista Networks will swing on capital spending guidance from key customers Microsoft (MSFT) and Meta Platforms (META), as well as Oracle (ORCL).

Arista stock reclaimed a cup-base buy point on June 12 and is now extended, trading at record highs.

Targa Resources Stock

The midstream natural gas company is involved in the storage and transportation of natural gas and natural gas liquides.

Targa Resources earned $1.22 in Q1 vs. just 3 cents a year earlier. Revenue rose 1%, ending a string of five quarters of year-over-year declines.

Targa earnings are seen climbing 46% in 2024 and 30% in 2025.

TRGP stock has climbed 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 in a range for several weeks. The early June move from the 50-day/10-week line, which coincided with a three-weeks tight, offered a new entry.

TRGP stock is now extended, 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.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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