The Nasdaq 100 stocks are the engines behind the innovations of the day such as artificial intelligence pioneers, biotech upstarts, and large cloud computing companies. But which of these stocks is growing more rapidly than the rest? I've spent weeks rummaging through earnings calls, analyst reports, and growth rates to give you not only a list, but a close-up look at the 10 fastest-growing Nasdaq 100 stocks. Let's get to the nitty-gritty and yes, there will be tables and charts!
Why Nasdaq 100 Index Stocks Beat the Market (Spoiler: It's Not All Tech)
Nasdaq 100 is not Silicon Valley alone. It consists of various industries that are driving the world economy. These companies are performing so well because of the following reasons:
| Metric | Nasdaq 100 | S&P 500 | Dow Jones |
|---|---|---|---|
| 5-Year Avg. Return | 18.7% | 12.3% | 9.8% |
| Revenue Growth (2024) | 14% | 6% | 3% |
| P/E Ratio | 28.5 | 22.1 | 18.9 |
Source: Bloomberg, Q2 2024
Key Takeaways:
The Top 10 Nasdaq 100 Fastest-Growing Companies (2024)
Let's sort the wheat from the chaff. Here are the 10 fastest growers ranked on the basis of revenue, earnings surprises, and sentiment:
1. NVIDIA (NVDA) AI Leader
Growth Drivers
- AI chip market (80% of the data center market).
- Robotics partnerships with Mercedes and Siemens.
Key Players:
| Metric | Q1 2024 | YoY Growth |
|---|---|---|
| Revenue | $26.4B | 265% |
| Net Income | $14.2B | 312% |
| R&D Expenditure | $3.8B | 47% |
Why It's Under the Radar:
Everyone's paying attention to AI chips, but NVIDIA's Omniverse (industrial metaverse) may reach a $10 billion market by 2026.
2. ASML Holding (ASML) Semiconductor Tech
Growth Driver:
- EUV lithography tools monopoly (key to 3nm chips).
2024 Results:
- Profits up 62% YoY.
- Backlog of $45B (production for 3 years).
Risks:
- Geopolitical tensions (China bans).
3. DexCom (DXCM) MedTech Innovator
Growth Driver:
- Diabetes CGM (continuous glucose monitoring) devices.
| Market Share (U.S.) | Revenue (2024 Est.) | Growth (YoY Est.) |
|---|---|---|
| 48% | $4.2B | 31% |
Why It's a Hidden Gem:
With only 25% of type 2 diabetics utilizing CGMs, a $30B untapped market exists.
4. Tesla (TSLA) EV & Autonomy
Growth Drivers
- Expanding EV production (Gigafactories).
- Full Self-Driving (FSD) software development.
- Energy storage solutions (Powerwall, Megapack).
| Metric | Q1 2024 | YoY Change |
|---|---|---|
| Vehicle Deliveries | 450K units | 18% |
| Automotive Revenue | $20.1B | 15% |
| R&D Investment | $1.2B | 30% |
Key Insight:
Beyond cars, Tesla's AI capabilities (Dojo supercomputer, Optimus robot) present long-term transformative potential.
5. Moderna (MRNA) Biotech Pioneer
Growth Drivers
- mRNA platform technology beyond COVID-19 (flu, RSV, cancer vaccines).
- Personalized cancer vaccine (PCV) development.
- Strategic partnerships for drug discovery.
| Metric | Q1 2024 | YoY Change |
|---|---|---|
| Total Revenue | $2.0B | -60% (post-pandemic vaccine peak) |
| R&D Pipeline Programs | 45+ | 20% Increase |
| Cash Reserves | $15B | Stable |
Future Outlook:
While revenue normalizes post-pandemic, the focus is on leveraging its robust mRNA pipeline for future blockbusters.
6. CrowdStrike (CRWD) Cybersecurity Shield
Growth Drivers
- Cloud-native Falcon platform for endpoint security.
- Expansion into identity protection and log management.
- Growing Annual Recurring Revenue (ARR).
| Metric | Latest Quarter | YoY Growth |
|---|---|---|
| ARR | $3.65B | 39% |
| Subscription Revenue | $872M | 42% |
| Net New ARR | $221M | 27% |
Market Position:
Consistently gaining market share in a rapidly expanding cybersecurity market, driven by sophisticated threat landscapes.
7. Broadcom (AVGO) Infrastructure Giant
Growth Drivers
- Dominance in networking and storage semiconductors.
- Strategic acquisitions (e.g., VMware) expanding software footprint.
- AI-driven demand for custom silicon and networking solutions.
| Segment | Revenue (Q1 2024) | YoY Growth |
|---|---|---|
| Semiconductor Solutions | $7.8B | 25% |
| Infrastructure Software | $4.2B | 150% (incl. acquisitions) |
| Total Revenue | $12.0B | 34% |
Synergy Play:
Integrating large software acquisitions offers significant cross-selling opportunities and margin expansion potential.
8. MercadoLibre (MELI) LatAm E-commerce & Fintech
Growth Drivers
- Leading e-commerce platform in Latin America.
- Rapid expansion of Mercado Pago (fintech arm).
- Logistics network (Mercado Envios) improvements.
| Metric | Latest Quarter | YoY Growth (FX Neutral) |
|---|---|---|
| Gross Merchandise Volume (GMV) | $11.5B | 50% |
| Total Payment Volume (TPV) | $45.0B | 85% |
| Net Revenue | $4.0B | 58% |
Ecosystem Strength:
The synergy between its e-commerce, payments, and logistics creates a powerful flywheel effect in a high-growth region.
9. PACCAR (PCAR) Trucking Innovation
Growth Drivers
- Strong demand for Kenworth, Peterbilt, and DAF trucks.
- Investment in electric and hydrogen fuel cell vehicles.
- Aftermarket parts and financial services growth.
| Metric | Q1 2024 | YoY Change |
|---|---|---|
| Truck Deliveries | 51,000 units | 10% |
| Net Sales & Revenues | $8.5B | 12% |
| Net Income | $1.1B | 20% |
Transition Leadership:
While a traditional manufacturer, PACCAR is strategically investing to lead the transition to sustainable trucking solutions.
10. Costco (COST) Retail Consistency
Growth Drivers
- Strong membership renewal rates and growth.
- Value proposition attracting customers in inflationary times.
- Expansion of e-commerce and international presence.
| Metric | Latest Quarter | YoY Change |
|---|---|---|
| Net Sales | $58.5B | 9.1% |
| Comparable Sales (U.S.) | N/A | 7.7% |
| Membership Fee Revenue | $1.1B | 8.2% |
Loyalty Powerhouse:
Costco's membership model provides a resilient and predictable revenue stream, underpinning consistent growth even in a competitive retail landscape.
What Your Competitors Won't Tell You: 3 Things to Watch
Most articles discuss growth and neglect to discuss the issues. Here's what you need to know:
Risk 1: Over-Concentration in Tech Concentration
The top 5 stocks in the Nasdaq 100 index (Apple, Microsoft, Amazon, NVIDIA, Meta) account for 42% of the index. If tech falters, the entire index suffers.
Solution:
Rebalance your investment portfolio to mid-capitalization stocks such as Fortinet (FTNT) or Vertex Pharmaceuticals (VRTX).
Risk 2: Regulatory Crackdowns Scrutiny
- Amazon: Sued by FTC over AWS antitrust issues.
- Microsoft: OpenAI alliance in the spotlight.
Graph: Hypothetical "Regulatory Risk Heatmap"
| Sector / Company Type | Data Privacy | Antitrust | AI Ethics |
|---|---|---|---|
| Big Tech (Social Media) | High | Medium | Medium |
| Big Tech (E-commerce/Cloud) | Medium | High | Low |
| AI Pioneers | Medium | Low | High |
| Biotech (Gene Editing) | Low | Low | Medium |
This heatmap is illustrative and represents hypothetical risk levels.
Risk 3: Valuation Bubbles Valuation
Tesla's P/E is 72—double the Nasdaq 100 average. Put that alongside Toyota at 12 or Ford at 8.
Case Study: How Moderna Quietly Dominates mRNA Innovation
Most know Moderna for COVID vaccines, but their pipeline is exploding:
- Cancer Vaccines: Phase 3 with Merck shows 45% decrease in melanoma recurrence.
- Flu Vaccine: Tested 20% more effective than standard shots.
Estimated Revenue:
| Year | Revenue |
|---|---|
| 2024 | $12B |
| 2025 | $15B |
| 2026 | $18B |
How to Invest in Nasdaq 100 Index Stocks: 3 Ways
-
- Invesco QQQ (QQQ): Tracks the index very closely.
- ProShares UltraPro QQQ (TQQQ): 3x leveraged (extremely high risk!).
-
- Target high R&D spenders: Companies with R&D expenditures >15% of sales (e.g., Alphabet, AMD).
-
- AI: NVIDIA, Palantir.
- Biotech: Regeneron, Seagen.
Interactive Tool: What Nasdaq 100 Stock is Right for Your Needs
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