Tech stocks performed well in first half of 2024, but uncertainty looms in second half.

From Nasdaq
July 22, 2024 1:15:39 pm:

Tech stocks dominated the first half of 2024 with the Nasdaq Composite index rising 20%. Investors are now rotating out of high-flying tech stocks in favor of value and small-cap securities due to a decline in inflation and expectations of an interest rate cut. As the second-half begins, uncertainty looms.

Netflix reported strong second-quarter results, beating Wall Street forecasts with a 34% increase in ad-supported memberships. Total memberships rose 16.5% year-over-year to 277.65 million worldwide. The company’s stock is up nearly 50% in the last 12 months, with plans to focus on other financial metrics moving forward.

Taiwan Semiconductor Manufacturing (TSM) reported exceptionally strong second-quarter results with a 40.1% increase in revenue and a 36.3% increase in profit year-over-year. The company expects continued growth in the third quarter with a dominant 62% share of the global foundry market, up from 59% a year earlier. TSM stock has risen 70% in the past 12 months.

MicroStrategy’s stock dominated the first half of 2024, benefiting from a rise in cryptocurrency prices. The company announced a 10-for-1 stock split, which has boosted share price. With an aggressive Bitcoin-buying strategy, MicroStrategy owns 226,331 Bitcoin worth $15.2 billion. The stock has risen 307% in the last 12 months, positioned for continued success.

Read more at NASDAQ.: 3 Tech Stock Giants Poised for Second-Half Domination