Cryptocurrencies and AI Propel Tech Giants’ Growth in 2024

Artificial intelligence and cryptocurrencies have acted as catalysts for growth among the five largest tech companies with a market capitalization exceeding $5 billion, as noted by CNBC. 

AppLovin

AppLovin began the year valued at approximately $13 billion, rising to $110 billion by the end of the reporting period. It has surpassed Starbucks, Intel, and Airbnb in size. Its shares soared by 758%, outpacing other tech firms. 

AppLovin’s business focuses on developing and promoting mobile applications, providing solutions for monetization, marketing, and analytics. It plays a significant role in the mobile advertising ecosystem, utilizing AI for data analysis and efficiency enhancement.

MicroStrategy

Michael Saylor’s company’s stock price surged by 467% due to its Bitcoin purchasing strategy. Although its primary business is software development, its greatest success has been driven by acquiring over 444,000 BTC. 

The firm sells shares and raises debt capital to increase its Bitcoin holdings and is one of the largest public holders of digital gold, second only to Satoshi Nakamoto, BlackRock’s iShares Bitcoin Trust, and Binance.

Palantir

Palantir recorded a 380% increase in its stock in 2024. It specializes in software development for big data analysis and solving complex security, intelligence, and business challenges. The project aids organizations in collecting, analyzing, and visualizing information to make more informed decisions.

The firm closely collaborates with government organizations such as the US Department of Defense, CIA, and FBI. Palantir Technologies actively employs and integrates artificial intelligence technologies into its products and solutions for data analysis, process automation, and improved forecasting. 

Robinhood

Shares of the American fintech firm more than tripled in 2024. One growth catalyst is cryptocurrency, which retail investors can purchase through the company’s products.

Robinhood’s revenue from crypto transactions jumped by 165% in the third quarter, surpassing Coinbase, whose shares rose by 61%.

Nvidia

Nvidia is the largest supplier of chips for AI-focused firms. Last year, its shares rose by 239%, and this year by 183%. 

It occasionally ranks as the world’s most valuable company, remaining a key beneficiary of the AI boom. 

In December, Nvidia unveiled the “most affordable” AI computer.