These Two Companies Surpass Nvidia, Apple And Microsoft With Astounding 1000% Returns In 2023

The leading stock performers in 2023 were biotech firm Soleno Therapeutics Inc (NASDAQ:SLNO) and online used-car retailer Carvana Co (NYSE:CVNA), both of which achieved remarkable gains throughout the year.

What Happened: The two companies outperformed the ‘Magnificent Seven’ group of stocks, which includes tech giants such as Nvidia, Apple, and Microsoft, MarketWatch reported.

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Soleno’s shares skyrocketed over 1,900% following the announcement of positive results for its diazoxide choline extended-release tablets, a treatment for the rare Prader-Willi syndrome. On the other hand, Carvana saw its stock surge by 1,030% after an impressive turnaround helped it avoid a potential cash crisis.

Soleno’s shares, starting at $2.19 at the beginning of 2023, surged to $39.47 by the close of Dec. 27. At the same time, Carvana’s stock climbed from $4.63 to $54.39 during the same period.

Mike McKeever, head of capital markets at Carvana, described 2023 as a “defining year” for the company. Other notable performers included buy-now-pay-later lender Affirm Holdings, which soared more than 400% in 2023.

Why It Matters: Despite the remarkable performances of these companies, the stock market in 2023 has been described as the “weirdest bull market in decades” by eToro's Callie Cox. This comes as the S&P 500 and the Dow Jones Industrial Average hover at or near record highs amid policy moves by the Federal Reserve.

Nvidia shares have experienced a 245% year-to-date increase. In comparison, Apple has seen a rise of 54.47%, while Microsoft has recorded a 56.14% increase during the same period.

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