These 3 Large-Cap Stocks Doubled in 2024. Which One Has the Highest Upside Potential for 2025?

Sea Limited - Sea Limited's stock experienced a 162% gain in 2024, making it one of the best performers on the stock market after a 77% drop in 2022 and an additional 22% decline in 2023 [1] - The company's revenue growth rate surged to 25.6% year over year through the first nine months of 2024, compared to a 4.9% growth in 2023 [3] - Sea's e-commerce segment hit a year-to-date high of 43% growth in Q3 2024, despite a 11% year-over-year reduction in sales and marketing spending [5] - The company's financial services revenue grew 38% year over year in Q3 2024, reaching $616 million for the quarter, indicating significant growth potential [14] - Bookings for Sea's video game business jumped 24$2.07 billion for full-year 2024, following two consecutive years of greater-than-30% growth [7] - Axon's valuation is currently trading at 24 times sales, which is twice as high as its three-year average, making it expensive for new investors [11] Spotify - Spotify's stock gained 138% in 2024, officially erasing its 75% plunge from 2021 and 2022 and setting new all-time highs [2][8] - The company's premium subscriber base grew 12% year over year to 252 million users in Q3 2024, despite price increases for its subscription plans [8] - Spotify's gross margin and operating margin hit all-time highs in Q3 2024, driven by increased subscriber numbers and higher prices [9] - The company has raised prices two years in a row and conducted layoffs, which improved profitability but may limit future growth potential [13] Industry and Market Context - Sea Limited, Axon Enterprise, and Spotify were among the large-cap stocks that experienced triple-digit gains in 2024 [2] - The e-commerce space in Asia, where Sea Limited is based, is highly competitive but also full of potential, leading to significant investment in sales and marketing [4] - Axon Enterprise's expansion into new markets and products, such as drones and body cameras, highlights the growing demand for law enforcement and security solutions [6] - Spotify's success in 2024 underscores the strong demand for digital content platforms and the potential for operating leverage as subscriber numbers grow [9]