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The Nasdaq 100 Index has had a strong performance this year and is now hovering at its all-time high. It has risen in the last three consecutive weeks and is up by over 50% from its lowest level this year. This article looks at some of the best-performing stocks in the index this year.

Palantir (PLTR)
 

Palantir stock price has jumped by 140% this year, making it one of the best-performing companies in the Nasdaq 100 Index. This rally happened as the company’s performance continued to accelerate, helped by the ongoing demand for artificial intelligence (AI) solutions. 

In particular, the company’s AIP product, which helps companies build AI solutions are doing well. The most recent results showed that Palantir’s revenue jumped by 48% this year to $1 billion. 

US revenue rose by 68% to $733 million, with the gap between the government and corporate revenue narrowing. The government brought in $426 million, while the commercial division made $306 million. 

The main concern about Palantir is that its valuation has become stretched. It has a market capitalization of over $432 billion against an expected annual revenue of between $4.14 billion and $4.15 billion. 

AppLovin (APP)
 

AppLovin is a top American technology company in the marketing field. It has become one of the top gainers in the market in the past few years, rising by over 7,140% from its lowest level during the pandemic, and its market cap surging to $219 billion. 

AppLovin stock price jumped recently after the company published strong financial results. Its revenue jumped by 77% in the second quarter to $1.25 billion, while its net income flew by 164% to $820 million. 

APP is the second-best-performing Nasdaq 100 stock this year and was also the leading company last year. 

Micron Technology (MU)
 

Micron stock price has jumped by 91% this year and is up by 215% in the last five years. This jump has happened as demand for DRAM memory solutions has continued rising amid the artificial intelligence hype. 

Micron has also published strong financial results recently. Its revenue in the last quarter jumped by 15% QoQ, with its DRAM jumping by 51% to $7.1 billion. NAND revenue, which accounts for 23% of the total revenue, rose by 23% to $2.2 billion.

The next important catalyst for the Micron stock price will be its earnings, which are scheduled for Tuesday this week. Analysts expect the numbers to show that the revenue soared by 43% to over $11.15 billion, while its guidance for the full year will be $37 billion.

Warner Bros. Discovery (WBD)
 

Warner Bros, a highly troubled company in the media space, has become a top Nasdaq 100 stock, rising by 81% this year. 

Most of these gains have occurred recently amid a potential buyout from Skydance, a company associated with David Ellison, the son of Larry Ellison, the second-richest person in the world. 

It remains unclear whether the merger will be finalized and whether regulators will approve it because it will bring two of the biggest studios in Hollywood under one roof.

Other top Nasdaq 100 stocks this year
 

The other top companies in the Nasdaq 100 Index are firms like Lam Research (LRCX), KLA Corporation, Zscaler (ZS), IDEXX (IDXX), and DoorDash (DASH). On the other hand, the top laggards are companies like The Trade Desk, Lululemon (LULU), Marvell (MRVL), and Atlassian (TEAM).

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