In the 2023 stock market rally, Nvidia (NASDAQ:NVDA) may have seen an impressive tripling of its value, but it’s not alone. Eight other stocks have surpassed NVDA’s impressive run.
Leading the pack is Carvana (NYSE:CVNA), with an astonishing 1,000% gain. But hot on its heels are MoonLake Immunotherapeutics (NASDAQ:MLTX), IonQ (NYSE:IONQ), AppLovin (NASDAQ:APP), Riot Platforms (NASDAQ:RIOT), ImmunoGen (NASDAQ:IMGN), Arlo Technologies (NYSE:ARLO), and Super Micro Computer (NASDAQ:SMCI). Each of these stocks boasts a market cap over $1 billion and a share price above $10, although they remain speculative plays.
Let’s take a closer look:
Carvana (NYSE:CVNA)
A pioneer in the online car dealership space, Carvana (NYSE:CVNA) has shown resilience with an impressive 1,000% surge in 2023. After an astronomical rise following its 2017 IPO, the stock took a significant dip but has since shown remarkable recovery. Despite facing revenue challenges year-on-year, its recent outperformance against the S&P 500 index suggests that investors are seeing significant potential in its business model and growth prospects.
MoonLake Immunotherapeutics (NASDAQ:MLTX)
Emerging as a beacon in the biotech sector, MoonLake Immunotherapeutics (NASDAQ:MLTX) has enjoyed a 435% growth this year. While it remains a development-stage company with no current revenue, the medical community is abuzz with its experimental drug, sonelokimab. Recent strong results treating hidradenitis suppurativa have bolstered confidence, and forthcoming trial results could further steer the company’s stock trajectory.
IonQ (NYSE:IONQ)
Quantum computing firm IonQ (NYSE:IONQ), up by 395%, showcased promise with a recent breakout. Though it faced a minor setback with stock reversal, it’s positioned at the forefront of quantum tech, making it a futuristic play that might hold new opportunities for investors as the sector matures.
AppLovin (NASDAQ:APP)
With a robust 307% gain, AppLovin (NASDAQ:APP) demonstrates growth not just in stock value but also in its operations. Unlike many tech startups, it reported profitability in Q2. Moreover, its consecutive quarter-on-quarter sales growth indicates a steadily growing user base and market penetration, emphasizing its position in the mobile app industry.
Riot Platforms (NASDAQ:RIOT)
This year’s 218% growth showcases Riot’s (NASDAQ:RIOT) potential, but it’s no secret that its fortunes are closely tied to bitcoin prices. The recent dip underscores the volatility of the crypto space. However, as crypto gains mainstream acceptance, Riot’s infrastructure might become more valuable, making it a stock to watch.
ImmunoGen (NASDAQ:IMGN)
ImmunoGen’s (NASDAQ:IMGN) impressive 217% rise this year is hard to overlook. Its experimental ovarian cancer drug, Elahere, holds promise. With potential full FDA approval on the horizon, and continued positive clinical data, ImmunoGen is positioning itself as a leader in oncology therapeutics.
Arlo Technologies (NYSE:ARLO)
Arlo’s (NYSE:ARLO) 222% stock price increase comes off the back of its innovative wireless security solutions. Having reported profits in the last two quarters, and with a growing demand for security tech, Arlo seems poised for continued growth, making it a solid consideration for tech-savvy investors.
Super Micro Computer (NASDAQ:SMCI)
A key player in the server manufacturing space, Super Micro’s (NASDAQ:SMCI) 203.6% rise reflects its strong positioning in the AI market. With earnings that have more than doubled in recent fiscal years, and its commitment to AI development, it remains a formidable contender for long-term tech investors.
Given the evolving tech landscape and the inherent potential of these stocks, astute investors may find these profiles worth considering for diversified portfolios.
Featured Image – iStock
Author Kristen Moran 
