S&P500 — So far in 2024

'Tosin Adeoti
2 min readApr 1, 2024

I’ve been spending some time on analyzing stocks on the S&P500 today.

(S&P500 is a list of 500 of the largest companies listed on stock exchanges in the United States)

Of course, the “Magnificent 7” (Microsoft, Apple, Amazon, Nvidia, Meta, Alphabet, minus Tesla) have driven the market almost on their own this year, more than 50% in fact.

But they’re not alone in their gains. More than 70% of the stocks on this list have made gains in 2024, with just 138 of the index’s constituents losing ground.

Of the losers, Elon Musk’s Tesla’s loss is more pronounced.

Indeed, at the moment, TSLA is the worst performing stock in the entire index, having lost 28% of its value so far this year.

That’s some $240 billion it has shed in market cap. For context, that’s more than the entire value of Boeing, the company Keyamo was tweaking to the other day.

Of the winners, I’ve written before about the rise and rise of AI leader, Nvidia.

But ironically, Nvidia isn’t actually the best performing AI-exposed stock in the S&P 500; that honor falls to Super Micro Computer Inc, which has notched off-the-charts growth, having gained more than 250% this year.

Remember we’re just starting April. And AI optimists are wont to tell us that we’re just in the beginning of the AI revolution.

Whether hype or reality, time is the revealer of all things.

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