Jim Cramer, the host of Mad Money, recently shared his perspective on the stock market, especially reflecting on the events of 2024. He emphasized that years like 2024 don’t come around often, where everything feels so clear and the winners are so apparent. According to Cramer, if investors tried to get too creative or overcomplicate their strategies, they likely missed out on the obvious winners.
“If you tried to get creative, you tried to get clever, you missed out on some truly idiot-proof winners. The losers on the other hand, well, they were not as easy to spot because in many cases they were the market’s former winners, even if they long ago lost their way.”
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As part of his annual analysis on Mad Money, Cramer examined the top and bottom performers of the Nasdaq 100 in 2024, offering insights into what worked and what didn’t. He reviewed how, in many instances, investors tend to become frustrated with stocks that are overhyped, knowing deep down that eventually, something better will come along. He likened these overly loved stocks to a “mouse trap,” where the price could only go down from such lofty heights, warning that many investors would regret not jumping off the metaphorical spaceship before the crash.
Cramer shared his thoughts on the five best performers in the NASDAQ 100 for 2024, calling it a “real good collection of winners” and expressing a genuine fondness for these stocks. He also noted that, while the Nasdaq 100 losers may have appeared to have suffered dramatic declines, the reality was more nuanced.
“The Nasdaq 100 losers, though they aren’t so horrible as the declines would make you think, but they got clobbered because they were emblematic of golden calves, worshipped for a long time before being revealed as not so special after all.”
Jim Cramer Discussed These 10 NASDAQ 100 Stocks Recently
Our Methodology
For this article, we compiled a list of 10 stocks that were discussed by Jim Cramer during the episode of Mad Money on January 2. We listed the stocks in ascending order of their hedge fund sentiment as of the third quarter, which was taken from Insider Monkey’s database of 900 hedge funds.
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Jim Cramer Discussed These 10 NASDAQ 100 Stocks Recently
10. MicroStrategy Incorporated (NASDAQ:MSTR)
Number of Hedge Fund Holders: 25
While Cramer mentioned that MicroStrategy Incorporated (NASDAQ:MSTR) was the second-best performer in 2024, he expressed incredulity and remarked:
“As for the second-best performer, I honestly don’t know why this MicroStrategy is allowed to exist. I mean, really, here’s a company that’s making a leveraged bet on Bitcoin. That’s what it is, it’s an investment company. I think it should be regulated as one, not as a software company, but we’re in a world where nobody cares to hear about any crypto regulation whatsoever. Especially now that we’re about to have like a real crypto-friendly president and that’s how it advanced 359% last year and will probably go up again. Listen, I like Bitcoin. I own Bitcoin in part because I can’t own stocks. If you can own stocks and you believe in Bitcoin with all your heart and soul, then feel free to buy MicroStrategy. It’s Bitcoin on steroids but not that much more.”
MicroStrategy (NASDAQ:MSTR), known for its AI-driven analytics software, also plays a significant role in Bitcoin development. The company’s involvement in Bitcoin has been advantageous, especially as the cryptocurrency’s value increased. Founder and executive chairman Michael Saylor has stated that the company’s stock outperformed Bitcoin (in 2024), primarily due to its strategy of using Bitcoin holdings to generate returns.
In a significant move, the company recently announced plans to raise $2 billion through a preferred stock offering, signaling its ongoing commitment to expanding its Bitcoin acquisition strategy. This initiative is part of what the company refers to as its “21/21 Plan,” which is set to raise a total of $42 billion over a span of three years through a variety of financial instruments.
The preferred stock offering is expected to take place in the first quarter of 2025. Recently, MicroStrategy (NASDAQ:MSTR) revealed that it acquired 1,070 BTC for a total of $101 million, with an average purchase price of $94,004. The purchase amounts to approximately half of the Bitcoin the company acquired the previous week, aligning with the weekly buying pattern MicroStrategy initiated in November after Donald Trump’s reelection.
9. Microchip Technology Incorporated (NASDAQ:MCHP)
Number of Hedge Fund Holders: 37
Cramer said that Microchip Technology Incorporated (NASDAQ:MCHP) would need the Fed to keep cutting rates and highlighted the trouble in the auto industry.
“Finally, there’s Microchip. If you want exhibit A about why the Fed needs to keep cutting interest rates, it’s Microchip. The semiconductor company has the misfortune to make chips for the auto industry, meaning they’ll have a terrible first half without some help from the Fed. Hey, memo to all, the autos seem to be in real trouble here if rates don’t come down. Stay away from that group.”
Microchip (NASDAQ:MCHP) develops and sells smart, connected embedded control solutions, offering a range of microcontrollers, microprocessors, analog products, FPGAs, memory solutions, and related engineering services for applications in automotive, industrial, communications, and other sectors. According to a third-quarter 2024 investor letter by Delaware Ivy Core Equity Fund, the company, along with other analog semiconductor companies, faced challenges following a post-pandemic increase in inventory.
The surplus inventory resulted in lower production rates and earnings as the company worked through the excess supply. Steve Sanghi, former CEO, and chairman acknowledged the ongoing cyclical downturn and revealed that the company plans to close its wafer fabrication Fab2 by September 2025 in a move to downsize less profitable operations.
Management noted that although substantial inventory destocking has been seen across customers, channel partners, and downstream buyers, they remain cautious due to macroeconomic uncertainties, which continue to limit visibility. In its Q2 FY25 conference call, Microchip (NASDAQ:MCHP) highlighted the burden of high inventory levels, which have created working capital challenges.
Management also pointed to significant weaknesses in the industrial sector, especially in Europe, where its business, concentrated in industrial and automotive markets, saw a nearly 22% sequential revenue decline in the second quarter of fiscal 2025.
8. Palantir Technologies Inc. (NASDAQ:PLTR)
Number of Hedge Fund Holders: 43
While Cramer has previously called Palantir Technologies Inc. (NASDAQ:PLTR) a “cult stock”, more recently, he has been highlighting the rapid growth of the company and its numerous government projects. In the recent episode of Mad Money, calling the stock a winner in 2024, he commented:
“Most obvious winner for 2024, Palantir, the defense software company trying to revolutionize the way the Pentagon works. Its CEO Alex Karp is a brilliant bad boy Smash Mouth Philly guy who’s like a meaner version of Elon Musk and probably threw snowballs if not batteries at Santa Claus from the lower level of the link.
I think Palantir, up 340% for 2024, can have another breakout year because the Musk DOGE unit, Department of Government Efficiency, will work hand in glove with these guys. They’re all part of the same circle. They understand the procurement process. They will win a lot of business in 2025. Palantir, yes.”
Palantir (NASDAQ:PLTR) is a software company that focuses on developing advanced data platforms, primarily serving government agencies with tools designed for data analysis and decision-making. The company has become well known for its ability to assist in large-scale data operations, often providing solutions to complex government challenges. In a recent interview, Palantir CEO, Alex Karp stressed the need for tech-government collaboration, especially regarding the AI arms race, and expressed optimism about the incoming administration’s potential to tackle government challenges.
Wedbush Securities analyst Daniel Ives has highlighted an opportunity for Palantir to address inefficiencies within the U.S. government, particularly within the Washington, D.C. area. Ives believes that the company could capitalize on these inefficiencies to make significant progress in its operations. In addition, Elon Musk and Vivek Ramaswamy have been involved in the formation of the Department of Government Efficiency (DOGE), which aims to streamline government operations.
Palantir (NASDAQ:PLTR) co-founder Joe Lonsdale was reportedly also involved in DOGE’s early planning stages. CEO Alex Karp has expressed his full support for DOGE and its co-leads, including Musk. In a December interview with Fox News, Karp aligned himself with DOGE’s efforts for government reform and commended Musk’s leadership in this initiative.
7. Axon Enterprise, Inc. (NASDAQ:AXON)
Number of Hedge Fund Holders: 46
Cramer has been a fan of Axon Enterprise, Inc. (NASDAQ:AXON) for a while now and mentioned that the stock doesn’t get the attention that it is due.
“Finally, there’s Axon, the body cam and taser company that owns the software as a service model for the local criminal justice system. I wish I had specifics about which jurisdictions are taking their package, but the growth continues to be shockingly strong both here and now overseas.
Maybe there aren’t enough analogs, but I always feel like Axon doesn’t get the attention it deserves from the analysts. I’ve liked it since it was Taser, TASR, and I like it even more even as the stock was up 130% last year, it needs a split to keep rolling.”
Axon (NASDAQ:AXON) is a leading company that develops TASER devices and provides hardware and cloud-based software solutions to support law enforcement in capturing, storing, managing, and analyzing digital evidence. Its strong position in the industry stems from the widespread use of its TASER products by U.S. law enforcement, which has allowed the company to expand into body-worn cameras and digital evidence management software.
In recent quarters, it has focused on further expanding its technological offerings. CEO Rick Smith highlighted the opportunity presented by potential legislation addressing drone-related challenges, leading the company to pivot toward drone technology. The shift was further solidified with Axon’s acquisition of Dedrone in the third quarter.
Management believes that the addition of Dedrone will increase Axon’s (NASDAQ:AXON) total addressable market (TAM) by approximately $14 billion. Over the past year, Axon’s strategic acquisitions, including Dedrone, Sky-Hero, and Fusus, have expanded its TAM by over 50%, growing from $50 billion to $77 billion.
Additionally, in April 2024, Axon launched Draft One, a generative AI software that automates police report writing using body camera footage. The product quickly achieved a $100 million revenue pipeline, surpassing previous records, and received highly positive customer feedback, which CEO Rick Smith described as the best the company has ever seen.
6. MongoDB, Inc. (NASDAQ:MDB)
Number of Hedge Fund Holders: 49
MongoDB, Inc. (NASDAQ:MDB) was second on Cramer’s list of stocks that were down the most in 2024 and he remarked:
“Second, MongoDB, down 43%… helps you develop applications, data modeling… 2024 was the year we turned on enterprise software simply because there are too many companies doing the same thing. So if you have one bit of slowness, you regard it as a dead man walking. MongoDB is a pretty good company, but it’s 72 times earnings. No, thank you. It was up big today. Hope springs eternal.”
MongoDB (NASDAQ:MDB) provides a versatile database platform with solutions that include MongoDB Atlas, a multi-cloud database service, MongoDB Enterprise Advanced, a commercial offering for enterprises, and Community Server, a free version for developers. The company experienced fluctuations in its stock performance in 2024, and the stock traded down after the news of a management change, as longtime CFO and COO Michael Gordon announced he would be stepping down at the end of January.
It should be noted that the company has experienced sales growth and a reduction in its bottom-line losses in recent quarters. In the third quarter of 2025, the company reported a 22% year-over-year increase in total revenue. Its net loss narrowed to $9.8 million, or $0.13 per share, compared to a net loss of $29.3 million, or $0.41 per share, during the same period last year.
For fiscal year 2025, MongoDB (NASDAQ:MDB) expects revenue between $1.973 billion and $1.977 billion, with non-GAAP income from operations projected at $242 million to $245 million. The company is reallocating resources from mid-market to enterprise, leading to slower customer growth but higher long-term revenue. Additionally, management has said that the introduction of Atlas Flex clusters will result in a one-time decrease in customer count due to low-spending serverless customers not transitioning to Flex.
5. Biogen Inc. (NASDAQ:BIIB)
Number of Hedge Fund Holders: 49
Cramer highlighted Biogen Inc. (NASDAQ:BIIB) as one of the worst-performing stocks in 2024 and mentioned that it has flown “too close to the sun for too long”.
“Third, Biogen’s been running on fumes while it works on its Alzheimer’s drug, but the fumes, basically a very good MS drug, in a crowded field, aren’t enough. Not with the unmet projections for its Alzheimer’s formulation or competition coming from Eli Lilly. Hence the stock’s 41% decline. Biogen’s traveled too close to the sun for too long. It feels real burned out here.”
Biogen (NASDAQ:BIIB) develops and delivers therapies for neurological and neurodegenerative diseases, offering treatments for various conditions. The company also develops various products for disorders like Parkinson’s disease, dementia, and neuropsychiatric conditions, with several in different stages of development. While the company exceeded earnings expectations in the third quarter, it faced challenges within its multiple sclerosis (MS) segment. The revenue from the MS product line declined by 9%, primarily due to ongoing competition from generic drugs and issues related to patents.
To address its financial pressures and reposition the company for growth, the company has implemented cost-saving measures, including workforce reductions and discontinuation of less promising drug candidates. The company has raised its annual adjusted profit per share forecast to a range of $16.10 to $16.60, slightly above its previous projection of $15.75 to $16.25 per share.
In July, regulators rejected Biogen (NASDAQ:BIIB) and Eisai’s Leqembi due to concerns over brain swelling and its limited impact on cognitive decline. However, in November 2024, the European Union’s drug regulator reversed its decision, recommending approval for certain early Alzheimer’s patients as per Reuters. Jefferies analyst Michael Yee noted that the EU could represent up to 30% of worldwide peak sales for Eisai and Biogen, though challenges remain due to the drug’s need for additional diagnostic tests and regular brain scans. Yee also mentioned that the recommendation could help support the drug’s pricing and reimbursement, which is determined by individual EU member states.
4. AppLovin Corporation (NASDAQ:APP)
Number of Hedge Fund Holders: 51
Talking about overly loved stocks, Cramer mentioned AppLovin Corporation (NASDAQ:APP) and said:
“Last year that stock was AppLovin, the best performer in the Nasdaq, which places ads in mobile video games among other tasks. Of course, they use AI and advanced algorithms to target their advertising. Of course, they do a great job. Of course, there is none better until of course, somebody else comes along with something cheaper, stronger, more powerful, and more app lovable and that’s why 8% of the company shares are sold short. People know that competition is inevitable.
Honestly, I think Google could dominate this space in a heartbeat if they weren’t worried about the Justice Department’s antitrust division, although those goons will soon be broomed. I’m betting 2025 will be the year when venture capitalists start funding proposals for AppLovin alternatives, which is why I can’t endorse the stock here at nearly 60 times this year’s earnings estimates. But try telling that to the true believers who set it up 713% last year, another 5.5% today, which frankly I find utterly ridiculous. I mean enough AppLovin already.”
AppLovin (NASDAQ:APP) is a software company that provides tools focused on improving marketing and monetization for mobile apps, offering solutions for app measurement, analytics, and in-app bidding. In addition to its software solutions, it operates a portfolio of free-to-play mobile games. Recently, the company has gained considerable attention for its performance in the AI sector, with its stock becoming one of the market’s hottest.
The company saw significant growth in 2023, especially with the launch of its Axon 2 advertising technology in the second quarter. The AI-powered Axon 2 helped boost the company’s software platform revenue by 66% in the third quarter of 2024. However, its legacy apps business, which includes gaming apps, only saw a modest 1% growth. Recently, analyst Omar Dessouky from BofA, using in-app-purchase tracking data, predicted a 4% decline in the company’s app revenue for the next quarter, though he noted that any softness in the gaming segment may not heavily impact overall performance.
It is worth mentioning that AppLovin’s (NASDAQ:APP) net income in the third quarter of 2024 soared 300%, reaching $434.4 million. Additionally, management has expressed confidence in achieving growth rates of 20% to 30% in mobile game advertising. For the fourth quarter of 2024, the company expects revenue between $1.24 billion and $1.26 billion, marking an approximate 31% increase at the midpoint of the range, which exceeded analysts’ expectations of $1.18 billion, as per CNBC.
3. DexCom, Inc. (NASDAQ:DXCM)
Number of Hedge Fund Holders: 55
Cramer expressed bewilderment with DexCom, Inc.’s (NASDAQ:DXCM) recent earnings miss and commented:
“Fourth for years, Dexcom… This stock’s been hurt and I think a lot of it’s because Abbott’s blood sugar monitoring device may be better even as Dexcom’s device is twice as expensive over the course of a year. Not necessarily better, but more cost-effective. That’s what, by the way, it’s one big reason why we own Abbott for the Charitable Trust. That stock’s very cheap given how great the company is.
Dexcom in the most recent quarter, well, let’s just say it gave you an inline forecast and a disappointing just 2% decline, ooh, a decline in US sales. The numbers from the second half of 2024 shocked people because Dexcom doesn’t miss, and the explanation, some sort of sales reorg, just didn’t cut it. So the stock finished the year down 37%. I’m still mystified by what happened here.”
DexCom (NASDAQ:DXCM) is a healthcare company focused on the design, development, and commercialization of continuous glucose monitoring (CGM) systems to improve diabetes management. While the company has been a key player in this space, its second-quarter results fell short of investor expectations, leading to a drop in its stock price. Additionally, its revenue growth has slowed in the past few quarters due to factors like faster-than-expected rebate use for its G7 CGM, sales team restructuring, and weaker DME performance.
Despite concerns over GLP-1 drugs potentially reducing CGM demand, management remains confident in the continued need for its devices. It is worth noting that the company reported a 12% increase in net income for the third quarter, totaling $134.6 million, and ended with nearly $2.5 billion in cash, cash equivalents, and marketable securities.
In addition to its traditional focus on people with diabetes, DexCom (NASDAQ:DXCM) has been expanding its market by targeting a broader range of patients. In March, the U.S. Food and Drug Administration cleared Stelo, a CGM option designed for individuals who do not use insulin therapy. This includes patients with type 2 diabetes and even those with pre-diabetes.
Furthermore, the company recently introduced a proprietary generative AI platform, which will be integrated into its devices, starting with Stelo. This AI feature aims to assist patients by analyzing data and lifestyle patterns to provide personalized recommendations, helping users make more informed decisions.
2. Intel Corporation (NASDAQ:INTC)
Number of Hedge Fund Holders: 68
Including Intel Corporation (NASDAQ:INTC) in the worst performers’ list, Cramer discussed:
“Let’s start with something critical: Intel and its financial situation. Intel is a national treasure people, it can’t be allowed to fail. Too dire a possibility? I don’t think so. Its balance sheet is a mess, its product line isn’t good enough, I don’t know if it can deliver on many of its promises to [the] government. Sure, nice guy messianic former CEO Pat Gelsinger is gone but so what? Intel needs a plan in 30 days, so the stock will keep coming down even after last year’s staggering 60% decline. Intel’s too big to be bought, too indebted to be finessed… The risk is existential.”
Intel (NASDAQ:INTC) designs and manufactures computing products, including processors, memory, and AI solutions, serving sectors like cloud services, OEMs, and digital transformation with hardware and software platforms. For many years, the company was the world’s largest chipmaker. However, recent challenges have made it increasingly difficult for the company to maintain its leading position.
The company has been grappling with its shrinking market share in semiconductors, particularly as disruptive companies like Nvidia and AMD have made significant strides. According to a Wall Street Journal article, Intel’s competitive position has become increasingly precarious, with AMD in particular gaining traction in the crucial data center market.
Despite these challenges, Intel (NASDAQ:INTC) has continued to innovate in certain areas. In a prior earnings call, former CEO Gelsinger referred to the Lunar Lake processors for laptops as a financial failure. However, Intel’s fortunes shifted with the release of the Intel Arc B580. Recently, the co-CEO, Michelle Johnston Holtshaus, reassured the public of the company’s commitment to the discrete graphics market, emphasizing that it would continue to make investments in this area, as she explained during her presentation at CES 2025.
1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 193
Talking about NVIDIA Corporation (NASDAQ:NVDA), Cramer said:
“The stock was up 171% last year and also by the way, had a very strong close today of 4.3%. Of course, for a decent chunk of the year, there was a lot of worry about a late product and a fractured client base that wants to design its own chip because NVIDIA’s cost too much even if the return on investment’s really large here.
Believe me, if I thought anyone could touch NVIDIA’s products and platforms, I’d be happy to say, sell it and book the gain but I can’t justify that because this company’s peerless. Frankly, the biggest thing working against the stock is, well, the terrible way it trades, giving up huge clumps after making soft climbs. For any other company, I’d say abandon the stock, but NVIDIA’s products are too good, too indispensable and its CEO runs harder than anyone else I’ve ever met. I expect a great speech from Jensen Huang at CES next Monday.”
NVIDIA (NASDAQ:NVDA), a leader in graphics, computing, and networking solutions, is driving significant growth through its GPUs and the CUDA software platform, which are essential for AI infrastructure. CEO Jensen Huang’s recent keynote at CES unveiled several products, including Project DIGITS, a personal AI supercomputer, next-gen GeForce RTX 50 gaming GPUs, and the Cosmos platform for robotics and autonomous vehicles. The company also highlighted its focus on AI Blueprints for Agentic AI to automate business functions.
It is noteworthy that Analyst Dan Ives sees a $1 trillion market opportunity in robotics, potentially boosting NVIDIA’s valuation to over $4 trillion. Furthermore, the company’s Chief Financial Officer, Colette Kress, highlighted the company’s growth prospects, noting that Blackwell chip shipments are on track and the upcoming fiscal year is expected to see growth in the data center business.
Kress pointed to two key transformations driving long-term revenue growth. First, there is a $1 trillion installed base of general-purpose computing solutions that have been in use for decades, presenting significant opportunities as data and accelerated computing become more critical in data centers. Second, Kress emphasized the shift to AI solutions, where the growing use of data with AI in daily life offers substantial expansion potential. These changes, she noted, will unfold over the next decade and beyond.
While we acknowledge the potential of NVIDIA Corporation (NASDAQ:NVDA) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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