AI Fuels Stock Market Boom in 2024

Stocks rallied in 2024, delivering a second consecutive year of gains exceeding 20%, as investors embraced cooling inflation, falling interest rates and the prospect of lower corporate taxes under a second Trump administration. The last time the market achieved two or more straight years of +20% growth was during the late 1990s, when the internet boom fueled market optimism. Much like those high-flying days, 2024 saw tech stocks capture investors' imaginations.

This time, though, it was the promise of artificial intelligence (AI) that drove enthusiasm. United Airlines, the fifth-best stock, is reportedly integrating AI to streamline operations like notifications and pilot rebooking, but investor excitement appears largely centered on the recent travel boom and United’s $1.5 billion share buyback program.AI dominated headlines and the stock market in 2024, pushing companies like Palantir and NVIDIA to triple-digit growth. Palantir, which specializes in data analytics and AI platforms, saw a massive 340% surge in its stock price, making it the best performing S&P 500 stock of 2024. Palantir’s work with the Department of Defense has been particularly impactful. Major contracts, such as a $480 million deal for its Maven Smart System and a $401 million follow-on contract for its data-gathering Vantage platform, highlight Palantir’s expanding role in military applications. Meanwhile, NVIDIA benefited immensely from its position as the dominant supplier of GPUs (graphics processing units). The Santa Clara-based company—whose technology powers data centers around the globe, enabling AI applications and mining—generated a jaw-dropping $35 billion in revenue in the third quarter alone as demand for its hardware has soared. As of January 6, 2025, NVIDIA is the world’s second-largest company by market cap, valued at $3.7 trillio

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