Quickly name the best performing stock in 2023.
No, it has nothing to do with artificial intelligence – although shares of AI-linked chipmaker Nvidia Corp. NVDA is up more than 200% year to date.
The so-called “Magnificent Seven” group of stocks, which includes Nvidia, has achieved significant returns since the beginning of the year. Both collectively and individually, these stocks have been all the rage on Wall Street this year.
Apple shares AAPL are up nearly 50% so far this year, while Microsoft shares MSFT are up about 56%, both classes of stock in Google parent Alphabet GOOG GOOGL are up nearly 60%, Amazon shares are up nearly 60% AMZN is up over 80%, Tesla's shares have more than doubled, and shares of Facebook parent Meta Platforms META have nearly tripled in the same period, according to FactSet data.
However, according to MarketWatch, none of these stocks can compete with the best performers of 2023.
Based on companies with a market value of at least $1 billion as of Dec. 26, Soleno Therapeutics SLNO and online used car retailer Carvana CVNA were the No. 1 and No. 2 leaders, respectively. According to data commissioned by MarketWatch and According to data compiled by Dow Jones Market Data, its shares were among the best performers of the year.
Soleno shares rose stratospherically more than 1,900% after the biotech announced positive results in the fall for its diazoxide-choline extended-release tablets, developed to treat Prader-Willi syndrome, a rare genetic disorder, which can lead to mental disability, obesity and other symptoms.
Representatives for Soleno did not immediately respond to an email seeking comment.
Meanwhile, Carvana shares shot up 1,030% as the auto retailer, which had struggled to reduce its debt load, pulled off a perpetual turnaround that helped it avert a cash crunch.
Mike McKeever, head of capital markets at Carvana, called 2023 “a pivotal year” for the company to MarketWatch. Shares of competitor CarMax KMX and US-listed shares of auto trader AUTO ATDRY
had risen by a relatively modest 28% and 45% respectively so far this year.
Read: The 10 days that moved the stock market the most in 2023
Other notable outperformers of the year include buy now, pay later lender Affirm Holdings AFRM, which is up more than 400% so far in 2023.
Biotech and biopharma companies – known for their volatility – as well as crypto-related companies were among the other stocks that stood out in what was described as the “strangest bull market in decades,” with the S&P 500 SPX and the Dow Jones average DJIA for The industrial sector is at or near record highs after the Federal Reserve made policy moves that suggest the central bank is pleased with the outcome of its efforts to quell rising inflation.
| symbol | Surname | Market value | 2023% change |
SL. NO | Soleno Therapeutics Inc | 1,222.1 | 1,923.7 |
CVNA | Carvana Co. Class A | 10,693.2 | 1,030.0 |
CIFR | Cipher Mining Inc | 1,268.2 | 789.3 |
MARA | Marathon Digital Holdings Inc. | 6,002.0 | 688.3 |
IMGN | Immunogen Inc. | 8,328.5 | 501.8 |
MLTX | MoonLake immunotherapeutics class A | 3,842.9 | 486.1 |
CLSK | Cleanspark Inc. | 2,169.0 | 475.5 |
BBIO | BridgeBio Pharma Inc. | 7,304.9 | 451.0 |
AFRM | Affirm Holdings Inc. Class A | 15,098.8 | 417.5 |
REVOLT | Riot Platforms, Inc. | 3,583.0 | 411.8 |
| Source: FactSet, Dow Jones Market Data |
What do these achievements mean for next year? It's difficult to say.
Dynamics can change in an instant and popular sectors can quickly lose ground to new, high-priced stock favorites.
Be careful out there.
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