Palantir, The Newest S&P 500 Stock, Is Leaving Nvidia In The Dust. But It's Not No. 1.

Palantir Technologies (PLTR), the newest S&P 500 member, was the index's best performer in 2024 as of Nov. 15. But it didn't last long.

Nvidia (NVDA) was the biggest S&P 500 leader in 2023 and ruled for much of 2024, but power generation firm Vistra (VST) took the crown in September. Palantir just surpassed it on Friday, but Vistra is back on top as of Monday.

Axon Enterprise (AXON) and GE Vernova (GEV) round out the five biggest winners this year.

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Nvidia and Axon stock are on IBD Leaderboard. Nvidia stock and Axon are on SwingTrader. Palantir stock, Axon and Nvidia are on the IBD 50.

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Vistra Stock

Vistra is a diversified electric utility and power generation firm, with natural gas, nuclear, solar and battery storage facilities. Vistra and many other power generators, have become AI-adjacent plays because AI data centers have enormous power needs.

Earnings have powered higher as electricity prices surge, with GAAP EPS up 326% in Q3. Revenue growth has accelerated from -31% to +21% and +54% in the past few quarters.

Vistra stock has soared 302% in 2024 as of Nov. 19. Shares cleared a short consolidation Tuesday after blasting out of a prior base in late September.

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Palantir Stock

The data analytics play has traditionally gotten most of its revenue from the U.S. military and other government agencies, but commercial revenue is booming. Revenue growth has accelerated for five straight quarters, to 30% in Q3. Earnings growth has been strong, at 43% in Q3.

Palantir stock has spiked 266.8% in 2024 of Nov. 19. That includes a mammoth run from the Aug. 5 low of 21.23. News that PLTR stock would join the S&P 500 fueled a 14% gain on Sept. 9.

Palantir was one of the newest S&P 500 members, joining the index before the open on Sept. 23, along with Dell Computer (DELL) and Erie Indemnity (ERIE).

Shares surged 23.5% on Nov. 5 on earnings, then kept running on the Trump stock market rally.

News that Palantir would switch from the NYSE to the Nasdaq raised speculation that PLTR stock will be added to the Nasdaq 100 index, triggering Friday's 11% leap. That's what pushed Palantir's year-to-date performance above Vistra's.

Despite nearly quadrupling, this S&P 500 stock has been tough to hold, with two powerful breakouts that ultimately failed before shares rebounded.

On Monday, Palantir tumbled. Shares reversed modestly higher Tuesday.

Nvidia Stock

Nvidia is the AI chip leader, with earnings and sales growth in the triple digits for five straight quarters. Those streaks may end in the October-ended fiscal Q3, with results due Wednesday night It's getting ready to shift to its next-generation AI process, the Blackwell line.

Nvidia stock has gained 196.9% in 2024, only up slightlyy since the then-record high of 140.76 on June 20. NVDA stock has rebounded since early August and especially September.

Shares reclaimed their 140.76 buy point and 21-day moving average on Tuesday after just undercutting those levels Monday.

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S&P 500: GE Vernova Stock

GE Vernova is the renewable energy spinoff of the former General Electric, coming public in April. GE Vernova's earnings are volatile quarter to quarter, but are booming in 2024 and set to soar again next year.

Shares have soared 139.4% since going fully public on April 2. GEV stock really took off in August as it cleared a base.

GE Vernova stock rose solidly Tuesday, not far from highs.

Axon Enterprise Stock

Axon Enterprise is known for its non-lethal Taser weapons, its Axon body cameras as well as digital storage for law enforcement. It's also testing AI tools for writing up police reports.

Earnings jumped 38% in Q3, picking up from 11% in Q2. Revenue grew 32%, the seventh straight quarter with top-line gains of 29%-34%.

Axon Enterprise stock is up 136.2% in 2024. That includes a 42.9% spike so far in November, fueled by earnings and the Trump rally.

Axon stock rose Tuesday within tight trading following its earnings gap up.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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Nvidia Is No Longer The Top S&P 500 Stock In 2024