Apple
has been in the spotlight as its stock runs higher and gets close to hitting a $3 trillion market capitalization. But it actually isn’t the best performer in the
S&P 500
so far this year.
ON Semiconductor, Align Technology, and several other stocks aren’t a part of the “big seven” tech giants, but are still outpacing
Apple
‘s shares this year.
Apple stock (ticker: AAPL) has been on a tear this year, surging 45% over the last six months. The iPhone maker is one of a handful of tech companies that have soared in 2023, including
Microsoft
(MSFT),
Meta Platforms
(META),
Alphabet
(GOOGL),
Amazon.com
(AMZN),
Nvidia
(NVDA), and
Tesla
(TSLA). Excitement surrounding artificial intelligence has led investors to buy up shares of big tech players, leading the
Nasdaq Composite
to climb 30% this year, compared with the S&P 500’s 14% rise.
But even as Apple continues to hit new highs and gets closer to a record market cap, there are other, less talked about S&P 500 stocks that are seeing even bigger gains.
Align Technology
Align Technology
(ALGN) manufactures clear teeth aligners. The stock has skyrocketed a whopping 62% in 2023 to $343.18. In its March quarter, the company reported earnings and sales significantly above Wall Street expectations.
“We are pleased with our Q1 results and what continues to be a more stable environment across all regions,” Chief Financial Officer John Morici said on the earnings call in April. “We remain cautiously optimistic for continued stability as we move through the year.”
West Pharmaceutical Services
West Pharmaceutical Services
(WST) has soared 57% this year to $368.46. The pharmaceutical manufacturer recently posted an earnings and sales beat for its first quarter, and upgraded its full-year sales and earnings guidance.
Monolithic Power Systems
Semiconductor company
Monolithic Power Systems
(MPWR) has gained 50% this year to $530.81. Shares of Monolithic have climbed alongside fellow chip companies amid excitement for the future of artificial intelligence. Monolithic also increased its quarterly cash dividend in February to $1 per share from 75 cents per share.
Fortinet
Fortinet
(FTNT) has jumped 51% year to date to $74.12. In May, the cybersecurity company said first-quarter revenue jumped 32% from the same period last year.
“We believe we have a significant opportunity to continue to grow service revenue by upselling value-added security services to our large installed base of customers,” Chief Executive Ken Xie said in the earnings release.
Copart
Copart
(CPRT), an online auto auctioneer, has climbed 48% so far in 2023 to $89.93. The company said in May that its fiscal third-quarter earnings and revenue rose more than analysts anticipated.
ON Semiconductor
ON Semi
(ON) provided second-quarter earnings and revenue guidance in May that beat Wall Street expectations. Shares of the semiconductor maker have climbed 48% this year to $92.08.
“Demand is healthy,” Chief Executive Hassane El-Khoury said in the company’s most recent earnings call.
Write to Angela Palumbo at angela.palumbo@dowjones.com
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