The 2023 S&P 500 market rally stalled in September as concerns over the U.S. economic outlook, persistently elevated inflation and a potential government shutdown weighed on investor sentiment. But even after a September pullback, the S&P 500 has risen by 11.7% this year. Top 2023 stock market performers include health care stocks with unique catalysts and stocks exposed to artificial intelligence technology.
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Here are the 10 best-performing stocks of 2023 among companies that trade on major U.S. exchanges and have market capitalizations of at least $1 billion. Total returns, which include dividends, are through Sept. 29.
| Stock | Total YTD return |
| Carvana Co. (ticker: CVNA) | 785.7% |
| MoonLake Immunotherapeutics (MLTX) | 442.9% |
| Reata Pharmaceuticals Inc. (RETA) | 353.7%* |
| IonQ Inc. (IONQ) | 331.3% |
| AppLovin Corp. (APP) | 279.5% |
| BridgeBio Pharma Inc. (BBIO) | 246.1% |
| Super Micro Computer Inc. (SMCI) | 234% |
| ImmunoGen Inc. (IMGN) | 220% |
| Nvidia Corp. (NVDA) | 197.9% |
| Camtek Ltd. (CAMT) | 183.5% |
*Through Sept. 26 due to acquisition
10. Camtek Ltd. (CAMT)
Camtek develops and produces inspection and metrology equipment used in the semiconductor industry. The company’s systems inspect and measure semiconductor wafers throughout the chip production process. Camtek reported a 7% drop in revenue in the second quarter, but the stock ripped higher in late August after the company reported it had received about 45 orders for systems since the beginning of the month and roughly 100 orders for systems since the end of June. Given the bullish update, investors are expecting big third-quarter numbers. Camtek shares finished September up 183.5% for the year.
9. Nvidia Corp. (NVDA)
Nvidia designs and sells high-end graphics and video processing chips used for desktop and gaming personal computers, workstations and other advanced computing servers and supercomputers. Not only is Nvidia one of the best-performing stocks in the entire market in the past 15 years, but it has been by far the best-performing stock in the entire S&P 500 so far in 2023. Nvidia’s AI-fueled growth in 2023 helped the company generate a staggering 101.5% revenue growth in the second quarter, and the company has guided for 170% revenue growth in the third quarter. The stock is up 197.9% year to date.
8. ImmunoGen Inc. (IMGN)
ImmunoGen is a biotech company that targets cancer using antibody-drug conjugates, select cancer-killing toxins attached to specific antibodies using a biodegradable linker. The stock rallied in May when ImmunoGen reported positive phase 3 data for Elahere (mirvetuximab soravtansine) in treating folate receptor alpha (FR?)-positive platinum-resistant ovarian cancer in patients who have received prior chemotherapy. In its first two quarters of sales in 2023, Elahere generated $133 million in revenue. Investors are hoping more positive data, and an expanded label for Elahere could propel the stock even higher. IMGN shares are up 220% year to date.
7. Super Micro Computer Inc. (SMCI)
Super Micro Computer produces a wide range of computer hardware products, including servers, networking equipment, motherboards and chassis. As the broad tech sector has recovered in 2023, investor enthusiasm for stocks exposed to cloud computing, AI, blockchain and autonomous vehicles has surged. Super Micro Computer justified investors’ positive sentiment by reporting impressive 37% year-over-year revenue growth in fiscal 2023, including 70.3% month-over-month revenue growth in the fourth quarter. Given the company’s exposure to some of the highest-growth technology fields, it’s understandable why investors are buying the stock. Super Micro Computer shares are up 234% in 2023.
6. BridgeBio Pharma Inc. (BBIO)
BridgeBio Pharma is a biopharmaceutical company focused on treating genetic diseases and cancers that have a single genetic driver. The stock jumped more than 60% in early March when BridgeBio released positive results from its phase 2 clinical trials of infigratinib in treating children with achondroplasia. The stock got another big boost in July when BridgeBio reported positive phase 3 data for its clinical trials of acoramidis in treating transthyretin amyloid cardiomyopathy (ATTR-CM). BridgeBio’s $4.2 billion market cap makes it a potentially attractive buyout candidate as well. BBIO shares are now higher by 246.1% so far in 2023.
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5. AppLovin Corp. (APP)
AppLovin provides software to app developers used for app discovery and monetization. AppLovin shares have trended steadily higher in 2023 as investors have become more optimistic about the company’s outlook. In August, AppLovin reported overall revenue dropped 3% year over year in the second quarter, but software platform revenue was up 28% from the year before to a record $406 million. Adjusted pretax operating earnings were also up 24% from a year ago. The company said its AI-based advertising engine AXON 2.0, which powers its AppDiscovery platform, has performed well since its recent launch. AppLovin shares are up 279.5% so far this year.
4. IonQ Inc. (IONQ)
IonQ is developing and producing quantum computing technology. Quantum computers use quantum mechanics to solve problems and perform operations that are too complex for conventional computers. Zion Market Research estimates the global quantum computing market will grow 31% annually and reach $5.27 billion by 2030, so it’s understandable why investors would be excited about IonQ. The company reported 111% year-over-year revenue growth and $28 million in new bookings in the second quarter. The company also raised its full-year revenue and bookings guidance. The positive headlines have sent IonQ shares up 331.3% this year.
3. Reata Pharmaceuticals Inc. (RETA)
Reata Pharmaceuticals is a biotechnology company that specializes in rare disease treatments. Reata shares surged in early March when the U.S. Food and Drug Administration approved the company’s Friedreich’s ataxia treatment candidate, Skyclarys (omaveloxolone), for patients 16 and older. Skyclarys is now the first and only FDA-approved drug to treat Friedreich’s ataxia, which affects roughly 5,000 people in the U.S. In late July, Biogen Inc. (BIIB) announced a $7.3 billion buyout of Reata priced at a 59% premium to the stock’s previous-day closing price. Biogen announced the completion of the acquisition on Sept. 26, and Reata shares rose 353.7% through their final trading day this year.
2. MoonLake Immunotherapeutics (MLTX)
MoonLake Immunotherapeutics is a clinical-stage biotechnology company investigating novel nanobody sonelokimab in treating inflammatory disease. MoonLake shares gained about 97% in just four days in late June after the company reported positive mid-stage results from trials testing sonelokimab in treating patients with moderate to severe hidradenitis suppurativa. In September, MoonLake said it anticipates a 24-month readout from its sonelokimab trials by the end of October, news that sent the biotech stock soaring once again. Wall Street has high hopes for the drug and the company, and MoonLake’s shares are up 442.9% so far in 2023.
1. Carvana Co. (CVNA)
Carvana is an online used-car sales platform that allows buyers to have cars delivered directly to their homes. Two years after Reddit stock traders sent shares of struggling meme stocks GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC) skyrocketing, social media traders have once again rallied behind Carvana in 2023, triggering a short squeeze in the stock despite its poor business performance. Carvana reported a 24% drop in revenue, a 35% drop in retail units sold and a net loss of $105 million in the second quarter. Regardless of its underwhelming fundamentals, Carvana’s 785.7% year-to-date gain has certainly been impressive.
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2023’s 10 Best-Performing Stocks originally appeared on usnews.com
Update 10/02/23: This story was previously published at an earlier date and has been updated with new information.
