4 Technology Companies That More Than Doubled Share Prices in 2024

Network Modernization and IoT - Wireless equipment makers benefit from the growing demand for robust network infrastructure driven by the adoption of connected devices and advanced use cases like retail, warehouse automation, and Cellular Vehicle-to-Everything technology [1] - The proliferation of IoT devices across industries in North America, Europe, the Middle East, and the Asia-Pacific region has propelled net sales growth in the Enterprise Technology segment [12] Datacenter and Cloud Computing - The shift toward cloud computing is increasing the need for datacenters, driving demand for GPUs and benefiting companies like NVIDIA [2] - Datacenter operators like Amazon, Microsoft, and Alphabet are expanding their operations globally, further driving demand for GPUs [2] AI Integration and Digital Transformation - Enterprises across industries are emphasizing digital transformation, with AI becoming a critical component for enhancing efficiency, optimizing supply chains, and improving customer service [5] - NVIDIA's GPUs are rapidly benefiting from the proliferation of AI, expanding its base in untapped markets like automotive, healthcare, and manufacturing [2] - Tech giants have made significant investments in incorporating AI capabilities across their product portfolios to bolster competitive edge [5] Key Companies and Their Growth - NVIDIA Corporation is a leader in visual computing technologies and AI-based solutions, supporting high-performance computing, gaming, and virtual reality platforms [6] - Ubiquiti Inc offers a comprehensive portfolio of networking products and solutions, with significant investments in inventory to meet increasing demand [9][17] - Broadcom Inc provides semiconductor solutions used in various end products, experiencing four times growth in AI connectivity revenues [10][15] - Celestica Inc is a leading electronics manufacturing services company, capitalizing on the growing proliferation of AI-based applications and generative AI tools [13][20] Macroeconomic and Market Trends - Inflationary pressure declined throughout 2024, with a relatively low unemployment rate and interest rate cuts propelling growth in the tech sector [3] - The tech sector was a significant contributor to the stock market's bull run in 2024, driven by AI advancements, cloud computing adoption, and 5G deployment [11] - Flexibility in business models has allowed tech enterprises to navigate geopolitical volatility, with companies like NVIDIA, Ubiquiti, Celestica, and Broadcom delivering solid returns [19] Earnings and Stock Performance - NVIDIA's stock gained 1767% over the past year, with earnings estimates improving to $294 per share for 2025 and long-term earnings growth expectations of 20% [4] - Ubiquiti's stock gained 1442% over the past year, with earnings estimates improving to $73 per share for 2025 and an earnings surprise of 209% in the last reported quarter [23] - Broadcom's stock gained 1166% over the past year, with earnings estimates improving to $628 per share for 2025 and long-term earnings growth expectations of 1778% [24] - Celestica's stock gained 2248% over the past year, with earnings estimates remaining unchanged at $444 per share for 2025 and an earnings surprise of 1321% on average [25]