Aurora Innovation Inc., Upstart Holdings Inc., Credo Technology Group Holding Ltd., Applovin Corp., and Palantir Technologies Inc. are the companies in the technology sector that have experienced the most significant growth in their stock values in the last three months.

Selection criteria for companies

  • The sector is technology
  • The companies are not classified as funds
  • The stock is traded on the NYSE and NASDAQ
  • The share price exceeds 2 USD
  • Their market capitalisation is over 2 billion USD
  • The average trading volume for the last 30 days is more than 750,000 shares

Growth and decline values were determined as the percentage difference between the opening prices on 15 May and the closing prices on 15 August 2023. The market capitalisation of the companies was valid as of the time of writing.

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1. Aurora Innovation: +136%

Founded in: 2017 

Registered in: the US

Headquarters: Pittsburgh, Pennsylvania

Platform: NASDAQ

Market capitalisation: 4.42 billion USD

Aurora Innovation Inc. develops autonomous driving technologies for cars and trucks. The company collaborates with major players in the transport and automotive sectors such as Toyota Motor Corporation, FedEx Corporation, Volvo Trucks, PACCAR Inc., Uber Technologies Inc., US Xpress Enterprises Inc., Werner Enterprises Inc., Covenant Logistics Group Inc., Schneider National Inc., and Ryder System Inc.

Aurora Innovation Inc. (NASDAQ: AUR) stock skyrocketed 136% from mid-May to mid-August 2023, rising from 1.5 USD to 3.54 USD per share. According to The Motley Fool, in early June, Canaccord Genuity analyst George Gianarikas published a report that set the annual target price of the tech stock at 5 USD per share, more than three times its value at the time.

Aurora Innovation Inc. reported its Q2 2023 results in early August. Net loss for April to June decreased by 81.11% from the corresponding period of last year, down to 218 million USD or 0.18 USD per share.

Stock chart of Aurora Innovation Inc.
Stock chart of Aurora Innovation Inc.*

2. Upstart Holdings: +104%

Founded in: 2012

Registered in: the US

Headquarters: San Mateo, California

Platform: NASDAQ

Market capitalisation: 2.71 billion USD

Upstart Holdings Inc. operates a cloud-based lending platform that utilises AI technology. Sophisticated machine learning models are used to enhance the accuracy of credit risk assessment and increase the number of credit approvals. The primary partners of the company are banks and credit unions.

Upstart Holdings Inc. (NASDAQ: UPST) stock surged 104% over the last three months, up from 16.23 USD to 33.11 USD per unit. In early August, Upstart Holdings Inc. released its Q2 2023 report. Revenue decreased by 40.5%, to 135.77 million USD, and net loss was down 5.71%, to 28.17 million USD or 0.34 USD per share. The company’s management expects Q3 2023 revenue to reach 140 million USD and net loss to be 38 million USD.

Stock chart of Upstart Holdings Inc.
Stock chart of Upstart Holdings Inc.*

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3. Credo Technology Group Holding: +86%

Founded in: 2008

Registered in: the US

Headquarters: San Jose, California

Platform: NASDAQ

Market capitalisation: 2.37 billion USD

Credo Technology Group Holding Ltd. develops and sells innovative, secure, high-speed, and energy-efficient solutions for wired connections, enabling data transmission. The company is actively expanding not only in the US but also in the Asian markets.

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Credo Technology Group Holding Ltd. (NASDAQ: CRDO) shares soared 86.23% in the past 90 days, rising from 7.99 USD to 14.88 USD. On 31 May, Credo Technology Group reported its Q4 and fiscal year 2023 results. Revenue was up by 72.99%, increasing to 184.19 million USD, while the net loss decreased by 25.38% to 16.55 million USD or 0.11 USD per share.

Stock chart of Credo Technology Group Holding Ltd.
Stock chart of Credo Technology Group Holding Ltd.*

4. Applovin: +84%

Founded in: 2011

Registered in: the US

Headquarters: Palo Alto, California

Platform: NASDAQ

Market capitalisation: 13.82 billion USD

Applovin Corp. provides mobile app developers with comprehensive software solutions based on AI technology. The products help carry out a more detailed data analysis, improve the marketing strategy, optimise monetisation and sales of digital advertising, and most importantly increase the project profitability.

Applovin Corp. (NASDAQ: APP) stock surged 83.9% over the period in question, up from 21.55 USD to 39.63 USD per unit. The company released its Q2 2023 report on 9 August, reporting a decrease of 3.36% in revenue for April to June, down to 750.17 million USD.

Net profit reached 80.36 million USD or 0.22 USD per share while a year ago, the company posted a net loss of 21.75 million USD or 0.06 USD per share. Applovin Corp. expects Q3 2023 revenue to reach 780-800 million USD.

Stock chart of Applovin Corp.
Stock chart of Applovin Corp.*

5. Palantir Technologies: +67%

Founded in: 2003

Registered in: the US

Headquarters: Denver, Colorado

Platform: NYSE

Market capitalisation: 32.34 billion USD

Palantir Technologies Inc. develops and commercialises software for data collection and analysis, incorporating artificial intelligence in its products. Its main clients are intelligence agencies, investment banks, and hedge funds.

Palantir Technologies Inc. (NYSE: PLTR) shares added 66.88% from 9.21 USD to 15.37 USD per unit from 15 May to 15 August. The corporation released its Q2 2023 report on 7 August. Revenue increased by 12.75% to 533.32 million USD, and net profit amounted to 27.87 million USD or 0.01 USD per share. It is worth noting that the company achieved a profit for the third consecutive quarter.

Palantir Technologies Inc. management forecasts revenue for Q3 2023 to be around 553-557 million USD, with the full-year figure reaching 2.21 billion USD. The corporation expects to maintain net profitability throughout the current year.

Stock chart of Palantir Technologies Inc.
Stock chart of Palantir Technologies Inc.*

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What caused the surge in tech stocks?

The leaders of stock price gains in the technology sector from mid-May to mid-August 2023 were Aurora Innovation Inc., Upstart Holdings Inc., Credo Technology Group Holding Ltd., Applovin Corp., and Palantir Technologies Inc. The positive quarterly reports of these companies could be the key driver of the surge in their stocks.

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* – Past performance is not a reliable indicator of future results or future performance.

The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.