The year just ending delivered another blowout return for technology stocks as investors and megacap companies themselves poured billions into artificial intelligence, driving market favorites to new heights. The " Magnificent Seven " stocks led by Nvidia dominated the investment landscape, as they did in 2023, sending broad market indexes to record after record.
mountain Nvidia shares this year Shares of the AI chip darling have soared more than 180% this year after climbing 239% in 2023. The stock also split 10-for-1 in June and joined the Dow in November. "It has been absolutely insane," said Angelo Zino, an analyst at Research. "If you look at just the data center business over the last eight quarters, it's essentially up north of sevenfold. You're not going to see anywhere near those types of growth rates" in the future. He views Nvidia's graphics processing unit technology conference early next year and the Blackwell chip rollout as potential catalysts for the stock, but notes that 2025's gain may not match the past two years.
mountain Oracle heads for best year since 1999 Kayne Anderson Rudnick's Julie Biel pointed to vertical software companies as one of the areas of opportunities in 2025, given their domain expertise with specific data sets.
's Zino views Microsoft in a good position after its relative underperformance since the pullback in technology stocks this summer. He also favors Salesforce and Adobe, the latter as a potential turnaround after this year's struggle. "The valuation of that name has gotten depressed relative to the rest of the software space," Zino said of Adobe. "If they can show some signs of AI monetization, that's a name that could work.
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