The scorching 2023 S&P 500 market rally has been red hot. As a result, we’re seeing quite a few sizzling market outperformers. Healthcare stocks, for example, have emerged as stellar performers. Likewise, companies delving into the realm of artificial intelligence technology reveled in their well-deserved share of the limelight.
Curious to know which stocks soared above the rest? Join us as we unveil the cream of the crop—the top 10 best-performing stocks of 2023. These dynamic companies trade on major U.S. exchanges and boast market capitalizations exceeding $1 billion. We’ll provide you with a captivating glimpse into their remarkable returns all the way up to June 30.
Market Outperformers: Opera (OPRA)
Opera (NASDAQ:OPRA), the AI-driven digital search and online recommendations specialist, is a promising stock to consider. With nine consecutive quarters of at least 20% revenue growth, Opera experienced a remarkable 22% revenue increase in the first quarter. The company’s innovative web browser now features generative AI capabilities, enhancing user experience. Notably, Opera raised its full-year earnings expectations, reflecting its confidence in future success.
Advertising revenue soared by 26% year-on-year, primarily due to Opera Ads, while search revenue witnessed an impressive 18% growth. Boasting a staggering 319 million monthly active users, Opera is clearly making waves in the market. Investors have already noticed its potential, as evidenced by the remarkable 223.8% surge in Opera shares this year. Consider exploring Opera’s exciting possibilities and position yourself for potential gains in the AI-driven digital landscape.
Market Outperformers: IonQ (IONQ)
For those seeking top-performing stocks and market outperformers, IonQ (NYSE:IONQ) is a captivating choice. With a focus on developing and producing quantum computing technology, IonQ harnesses the immense power of quantum mechanics. As classical computers struggle with intricate problems, quantum computers provide a groundbreaking solution.
According to a forecast by Precedence Research, the worldwide quantum computing market is anticipated to reach approximately $125 billion by 2030, with a projected compound annual growth rate (CAGR) of 36.89% from 2022 to 2030. In the first quarter alone, IonQ experienced an astounding 115% revenue growth. Additionally, the company achieved its ambitious fiscal 2023 technical performance target of 29 algorithmic qubits well ahead of schedule. Such impressive milestones have garnered positive attention and headlines, propelling IonQ shares to soar by a remarkable 291% this year.
IonQ’s advancements in quantum computing technology position it as a key player in this rapidly growing industry. As investors eagerly anticipate the limitless possibilities and revolutionary applications of quantum computing, IonQ offers an enticing opportunity to capitalize on this hot stock trend. Embrace the future with IonQ and venture into the exciting realm of quantum computing, where groundbreaking achievements await.
Interested in the quantum computing industry? Larry Ramer’s article highlights three stocks that offer explosive upside potential in this emerging field. Learn about the latest developments and determine which companies are poised to lead the quantum computing revolution.
C3.ai (AI)
Looking for top-performing stocks and market outperformers? C3.ai (NYSE:AI), an enterprise software vendor specializing in large-scale AI systems, has caught the attention of investors. Thanks to the resounding success of OpenAI’s ChatGPT, AI has become a hot trend on Wall Street, propelling C3.ai’s share price to new heights.
However, it’s important to note that the company’s business fundamentals have faced challenges. In its fiscal third quarter, C3.ai experienced negative revenue growth as it transitioned to a consumption model. Furthermore, allegations of “serious accounting issues” from short seller Kerrisdale Capital, including inflated gross profit margins, have raised concerns.
Nevertheless, C3.ai has ridden the AI wave, delivering an impressive 224.3% gain in 2023. While C3.ai’s underlying business performance may have faltered, its position within the AI landscape has generated significant market interest. As the demand for AI-driven solutions continues to surge, C3.ai remains an intriguing player in the industry.
Investors should carefully evaluate both the potential and the challenges associated with C3.ai’s stock before considering it among their stocks to buy. Stay informed and make informed investment decisions as you navigate the dynamic world of AI and its impact on the market. On a side note, Ian Bezek’s article takes a contrarian view, focusing on three tech stocks that seem to have lost their luster. This article is a must-read if you’re looking to avoid potential pitfalls. Gain insights into tech stocks that may have lost their hope and avoid potential disappointment.
ImmunoGen (IMGN)
ImmunoGen (NASDAQ:IMGN) focuses on antibody-drug conjugates, an innovative approach that combines cancer-killing toxins with specific antibodies through a biodegradable linker. In May, the stock surged after ImmunoGen shared positive phase 3 results for Elahere (mirvetuximab soravtansine), showcasing its efficacy in treating platinum-resistant ovarian cancer with folate-receptor-alpha positivity in patients who have undergone prior chemotherapy.
Impressively, Elahere generated $29.5 million in revenue in the first quarter of 2023. Optimistic investors eagerly anticipate further positive data and an expanded label for Elahere, potentially propelling the stock to even greater heights. Notably, IMGN shares have already surged by an impressive 293.9% this year. Stay tuned to ImmunoGen’s remarkable advancements as they continue to redefine cancer treatment through their cutting-edge antibody-drug conjugate technology.
Riot Platforms (RIOT)
Looking for top-performing stocks and market outperformers? Consider Riot Platforms (NASDAQ:RIOT), a prominent Bitcoin (BTC-USD) mining company. Cryptocurrency-related stocks faced a setback during the “crypto winter” of 2022 when rising interest rates triggered a market rotation away from digital currencies.
However, the tides have turned in 2023, with Bitcoin prices surging by 86.4%. Riot Platforms, in particular, reported a remarkable production of 2,115 BTC in the first quarter and currently holds over 7,100 BTC on its balance sheet. With a deployed fleet of 94,176 Bitcoin miners boasting a hash rate capacity of 10.5 exahash per second, Riot Platforms is well-positioned in the mining industry. Notably, the stock has skyrocketed by an impressive 254% in 2023.
Embrace the evolving landscape of cryptocurrencies and the growing interest in Bitcoin by exploring Riot Platforms as a potential stock to buy. Stay ahead of the curve and capitalize on the rising Bitcoin prices with Riot Platforms, positioning yourself in the dynamic world of digital currencies and mining operations. As Bitcoin shows signs of recovery, Faisal Humayun shares three crypto stocks that could be excellent investment opportunities. Whether you’re a seasoned crypto enthusiast or just starting, this article offers valuable information on these stocks. Discover the potential upside in the crypto market.
On the publication date, Faizan Farooque did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
