Interactive Investor

The US stocks you’ve been buying in 2023

Investors in tech stocks have had a fantastic 12 months, and those using the interactive investor platform have been backing them this year. Here are the most-popular US stocks of 2023 and what’s been moving their share prices.

27th December 2023 11:48

Graeme Evans from interactive investor

Tesla Inc (NASDAQ:TSLA) and NVIDIA Corp (NASDAQ:NVDA) were the most popular of the Magnificent Seven stocks on the interactive investor platform in 2023 as investors sought to capitalise on a significant year for US markets.

An end to Federal Reserve monetary policy tightening and the potential of artificial intelligence (AI) triggered a reversal of fortunes for the tech sector after 2022’s monster losses.

The grouping of seven leading stocks, which also includes Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Alphabet Inc Class A (NASDAQ:GOOGL), Meta Platforms Inc Class A (NASDAQ:META) and Microsoft Corp (NASDAQ:MSFT), has jumped more than 70% in value and now accounts for around 30% of the S&P 500 index compared with 21.2% at the start of the year.

Meta failed to make it a clean sweep for the Magnificent Seven as the Facebook owner was beaten into seventh spot of our most-popular US stocks by AI-driven software specialist Palantir Technologies (NYSE:PLTR).

There was no place in the top 20 for streaming giant Netflix Inc (NASDAQ:NFLX) despite a 67% jump for shares in the year, while investors also showed little appetite for traditional “old economy” stocks such as JPMorgan Chase & Co (NYSE:JPM), Exxon Mobil Corp (NYSE:XOM) or Procter & Gamble Co (NYSE:PG). 

Elon Musk-run electric vehicle maker Tesla was again top of the list as investors viewed the shares at an attractive entry point after their slide in 2022.

They have been rewarded with a 130% rebound over the year as Wall Street eyes the 2025 launch of a next generation platform for a smaller and more affordable model.

Efforts by Tesla to diversify its investor base may also have benefited demand after the Austin, Texas-based company carried out a 3-for-1 stock split in summer 2022.

Semiconductor giant Nvidia jumped four places to second on our list of most-popular US stocks, having stunned Wall Street with its “shock and awe” upgrades to guidance.

Enthusiasm for generative AI has been the driving force of its data centre business, with its technology also serving high-end video games and professional graphics workstations.

The scale of results-day beats and strong visibility for the coming quarters made Nvidia the leader in the surge in mega-cap valuations, having jumped 240% over the year.

The same AI trends have lifted the popularity of Microsoft, which overtook iPhone maker Apple and Amazon.com to stand third on our most-bought list for 2023.

The Windows-to-Xbox firm recently posted better-than-expected quarterly results, with chief executive Satya Nadella telling investors his company was “rapidly infusing” AI across every layer of the tech stack.

The growth of the shares has been 55% in the year, while broker Morgan Stanley recently reiterated its “overweight” stance and highlighted Microsoft as a “top pick”.

Investor caution towards Apple and Amazon shares is likely to have been due to the consumer spending outlook, although their shares have still risen 55% and 78% in the year to date.

The hangover for the online advertising market after the boom period of the pandemic limited appetite for Google owner Alphabet, although investors who bought the shares at the start of 2023 have been rewarded with a 57% rise.

Away from the Magnificent Seven, interest in the bitcoin miners Marathon Digital Holdings Inc (NASDAQ:MARA) and Cleanspark Inc (NASDAQ:CLSK) surged against the backdrop of a stronger year for the cryptocurrency.

The shares have jumped by about 500%, helping the pair to lift 19 and 79 places respectively to 11th and 13th on our most-popular list.

The interest in Palantir Technology comes as companies have raced to deploy software platforms that will allow them to leverage the power of the latest large language models.

Palantir recently reported the most significant profit in its 20-year history, a performance that makes it eligible for inclusion in the S&P 500 index.

Most-popular US stocks of 2023

Company

Position this year

Up/Down

Tesla Inc (NASDAQ:TSLA)

1

0

NVIDIA Corp (NASDAQ:NVDA)

2

4

Microsoft Corp (NASDAQ:MSFT)

3

1

Amazon.com Inc (NASDAQ:AMZN)

4

-2

Apple Inc (NASDAQ:AAPL)

5

-2

Alphabet Inc Class A (NASDAQ:GOOGL)

6

1

Palantir Technologies Inc Ordinary Shares - Class A (NYSE:PLTR)

7

11

Meta Platforms Inc Class A (NASDAQ:META)

8

-3

Advanced Micro Devices Inc (NASDAQ:AMD)

9

0

MicroStrategy Inc Class A (NASDAQ:MSTR)

10

7

Marathon Digital Holdings Inc (NASDAQ:MARA)

11

19

Coinbase Global Inc Ordinary Shares - Class A (NASDAQ:COIN)

12

3

Cleanspark Inc (NASDAQ:CLSK)

13

79

Berkshire Hathaway Inc Class B (NYSE:BRK.B)

14

-3

PayPal Holdings Inc (NASDAQ:PYPL)

15

-5

NIO Inc ADR (NYSE:NIO)

16

-8

Alibaba Group Holding Ltd ADR (NYSE:BABA)

17

-1

C3.ai Inc Ordinary Shares - Class A (NYSE:AI)

18

113

Riot Platforms Inc (NASDAQ:RIOT)

19

27

Pfizer Inc (NYSE:PFE)

20

14

Source: interactive investor. Data up to 18 December 2023.

These articles are provided for information purposes only.  Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties.  The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

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