Artificial intelligence and cryptocurrencies served as catalysts for growth among the top five tech companies with market capitalizations exceeding $5 billion, CNBC reported.

AppLovin

Starting 2024 with a valuation of approximately $13 billion, AppLovin closed the year at $110 billion, surpassing Starbucks, Intel, and Airbnb. Its stock surged by 758%, outperforming other tech firms.

The company specializes in developing and promoting mobile applications, offering monetization, marketing, and analytics solutions. It leverages AI to analyze data and improve efficiency, playing a critical role in the mobile advertising ecosystem.

MicroStrategy

Michael Saylor’s company saw a 467% rise in stock price due to its aggressive Bitcoin acquisition strategy. While its core business involves software development, MicroStrategy’s growth is primarily driven by its holding of over 444,000 BTC.

The firm finances its Bitcoin purchases by selling stocks and raising debt capital, making it one of the largest public Bitcoin holders, trailing only Satoshi Nakamoto, BlackRock’s iShares Bitcoin Trust, and Binance.

Palantir

Palantir Technologies experienced a 380% stock surge in 2024. The company focuses on software for big data analysis, security, intelligence, and business operations, helping organizations gather, analyze, and visualize data for informed decision-making.

The firm collaborates with U.S. government agencies like the Department of Defense, CIA, and FBI, integrating AI technologies to enhance data analysis, process automation, and forecasting.

Robinhood

The American fintech firm’s stock tripled in 2024, with cryptocurrency being a significant growth driver as retail investors accessed digital assets through its platform.

Robinhood’s revenue from crypto transactions spiked 165% in Q3, outpacing Coinbase, whose stock increased by 61%.

Nvidia

Nvidia maintained its leadership as the largest supplier of chips for AI-focused companies. Its stock rose 183% in 2024, following a 239% increase the previous year.

The company has consistently emerged as a key beneficiary of the AI boom, occasionally ranking as the most valuable tech company by market capitalization.

Context
In December, Nvidia introduced its “most affordable” AI computer.