From Nasdaq, Inc.:

Tech stocks are driving the S&P 500 index towards a new record high, originally set in January 2022. The index is within 30 points of the 4,818.6 intraday high, with the top five stocks all sporting double-digit percentage gains after the first few weeks of the year.

Juniper Networks (NYSE: JNPR) saw a nearly 27% gain in January after receiving a $14 billion, all-cash takeover offer from Hewlett Packard Enterprise (NYSE: HPE). HP is looking to expand its footprint in artificial intelligence (AI).

Nvidia (NASDAQ: NVDA) saw 15% gains in January, with a price/earnings ratio of 75.4. The company is still expected to outperform due to the increasing demand for AI and its market-leading technology.

Palo Alto Networks (NASDAQ: PANW) saw gains of 14% in January. The company was on top of Morgan Stanley’s list of cybersecurity stocks due to the increasing AI-powered cyberattacks.

Advanced Micro Devices (NASDAQ: AMD) is fourth on the S&P 500 top stocks in 2024 list with a gain of 10.3% and, like its semiconductor peer Nvidia, its shares are trading at record levels.

Intuitive Surgical (NASDAQ: ISRG) showed a 10.3% gain so far in January. The company makes robotic surgical systems and is investing heavily in AI technologies.



Read more: AI Stocks Dominate In January: Nvidia, Juniper, Palo Alto Lead The Charge