Here’s a look at the tech industry companies that saw the biggest share price gains and losses in the first six months of 2024 including Nvidia, Dell Technologies, UIPath and Lumen Technologies.

A Booming Year For Many Tech Stocks – So Far

Fueled by anticipated growth from new AI technologies and products, many IT companies have seen their stock prices increase in the first six months of 2024.

Of the 56 publicly traded companies currently on the CRN watch list, 37 recorded share price gains between the opening bell on Jan. 2 and the close of trading on June 28 – many of them by significant double-digit percentages. One of them enjoyed a nearly 151-percent increase in its stock price and, however briefly, at one point became the world’s most valuable company.

Nineteen companies, meanwhile, saw the value of their shares decline during the period – a number of them also by double-digit amounts and one losing nearly half of its value.

In the first half of the year the Dow Jones index increased 4.13 percent to 39,118.86 while the S&P 500 grew 15.07 percent to 5,460.48 and the tech-heavy NASDAQ rose 19.22 percent to 17,732.60.

The first half of 2024 continues a hot streak for tech stocks. For all of 2023, 48 companies on the CRN watch list recorded stock price gains, most with double-digit gains and seven with share price gains greater than 100 percent.

Among the IT industry’s biggest companies reporting stock price gains in the first half of the year – but not cracking the top 10 – were Western Digital (up 46 percent), Oracle (up 35 percent), SAP (up 33 percent) and Google parent Alphabet (up 31 percent). Likewise companies whose stock declined during the period – but not enough to make the list of 10 biggest declines – included SentinelOne (down 21 percent), Workday and Couchbase (both down 18 percent) and Zoom (down 17 percent).

Here’s a look at the biggest stock price gainers and losers in the first half of 2024. We start with the 10 biggest gainers, counting down to the IT vendor with the biggest stock price gain. Then we list the 10 companies whose stock price declined during the year, concluding with the IT vendor with the biggest loss.

The rankings are based on the percentage change between the opening share prices on Jan. 2, 2024, and the closing share prices on June 28, 2024. The market capitalizations are as of June 28, 2024.

Gainers No. 10: Broadcom (AVGO)

CEO: Hock Tan

Jan. 2, 2024, Opening: $1,092.12

June 28, 2024, Close: $1,605.53

Change: +47.01%

Market Capitalization: $747.36 Billion

On Nov. 22, 2023, Broadcom closed its $69 billion acquisition of virtualization giant VMware, one of the largest acquisitions in the history of the IT industry. (VMware shares stopped trading that day and the company was removed from the CRN watch list.)

This year has seen a steady stream of news as Broadcom makes changes to its go-to-market strategy for VMware, which CEO Hock Tan said in a March blog post had “understandably created some unease” among partners and customers. Changes have included an end to perpetual licenses and a focus on selling to the largest 2,000 customers.

Broadcom, a leading provider of semiconductors and infrastructure products, previously acquired storage networking company Brocade Communications Systems in 2017 and software giant CA Technologies in 2018.

For the first six months (ended May 5) of its fiscal 2024 Broadcom reported revenue of $24.45 billion, up nearly 39 percent from $17.65 billion in the first half of fiscal 2023. Net income for the period was $3.45 billion, down nearly 53 percent from $7.26 billion one year earlier.

Gainers No. 9: NetApp (NTAP)

CEO: George Kurian

Jan. 2, 2024, Opening: $87.19

June 28, 2024, Close: $128.8

Change: +47.72%

Market Capitalization: $26.51 Billion

In May, NetApp reported that for all of fiscal 2024 (ended April 26) revenue was $6.27 billion, down 1.5 percent from $6.36 billion in fiscal 2023. Net income for the fiscal year was down nearly 23 percent to $986 million from $1.27 billion one year before.

For its fourth fiscal quarter NetApp reported revenue of $1.67 billion, up 5.5 percent from $1.58 billion in the same quarter one year before. Net income in the quarter increased nearly 19 percent to $291 million from $245 million one year earlier.

Gainers No. 8: Rackspace (RXT)

CEO: Amar Maletira

Jan. 2, 2024, Opening: $1.96

June 28, 2024, Close: $2.98

Change: +52.04%

Market Capitalization: $667.08 Million

Rackspace is a provider of hybrid and multi-cloud services and solutions.

The price of Rackspace stock tumbled below $3 per share in late 2022 and has remained there since, reaching a low of $1.16 per share on Oct. 27, 2023. But the company’s stock price has been on the rise this year.

For all of 2023 Rackspace reported revenue of $2.96 billion, down more than 5 percent from $3.12 billion in 2022. The company reported a net loss of $837.8 million for the year compared to a $804.8 million loss for 2022.

For the first quarter (ended March 31) of 2024 Rackspace reported revenue of $690.8 million, down nearly 9 percent from $758.7 million in the first quarter of 2023. The company reported a net loss of $640.6 million, including $593 million in non-cash impairment charges.

Gainers No. 7: CrowdStrike (CRWD)

CEO: George Kurtz

Jan. 2, 2024, Opening: $251.47

June 28, 2024, Close: $383.19

Change: +52.38%

Market Capitalization: $93.25 Billion

In a sign of how quickly an IT company’s fortunes can change, CrowdStrike, one of the fastest growing players in the crowded IT security arena with its cloud security, identity protection and next-generation SIEM offerings, had one of the fastest growing stock values in the first half of 2024.

The company, of course, has been in the news after a defective update of the company’s software on July 19 triggered a global outage of Microsoft Windows systems and led to massive disruptions for airline flights, medical services, 911 emergency systems and more. The company concluded that a bug in the company’s validation process for security configuration updates caused the outrage.

The incident has taken a toll on CrowdStrike’s share price. From its $343.05 closing price on July 18 – the day before the outage – the company’s stock plummeted the morning of July 19 and closed at $304.96 that day. The stock’s value continued to decline the week following the incident to around $260-$265 per share.

Prior to the incident, CrowdStrike was flying high. Industry analyst firms like IDC, Gartner and Forrester Research positioned the company among the cybersecurity industry’s leaders and the company’s products racked up awards and sales. In February, for the second year in a row the company ran a 30-second commercial during the Superbowl. In June the company said its sales through reseller CDW exceeded $1 billion. Also in June the company’s stock was added to the S&P 500 index.

For the first quarter (ended April 30, 2024) of its fiscal 2025 CrowdStrike reported revenue of $921.0 million, up 33 percent from $692.6 million in the first quarter of fiscal 2024.

Gainers No. 6: Commvault (CLVT)

CEO: Sanjay Mirchandani

Jan. 2, 2024, Opening: $79.33

June 28, 2024, Close: $121.57

Change: +53.25%

Market Capitalization: $5.32 Billion

In April, Commvault acquired Appranix, a provider of cloud cyber resilience technology, to boost Commvault’s ability to help customers reduce the amount of time they need to recover after a cyberattack or system outage.

In April Commvault reported that for fiscal 2024 (ended March 31) revenue reached $839.2 million, up 7 percent from $784.6 million in fiscal 2023. Net income for the fiscal year was $168.9 million compared to a $35.8 million loss one year before.

For the fiscal 2024 fourth quarter (ended March 31) Commvault reported revenue of $223.3 million, up nearly 10 percent from $203.5 million in the same quarter one year before. Net income for the quarter was $126.1 million compared to a $43.5 million loss one year earlier.

Gainers No. 5: Pure Storage (PSTG)

CEO: Charles Giancarlo

Jan. 2, 2024, Opening: $35.28

June 28, 2024, Close: $64.21

Change: +82.00%

Market Capitalization: $20.88 Billion

In 2024, Pure has been focused on extending the AI and security functionality of its Pure storage platform with the goal of making it easier to manage and protect individual storage arrays and fleets of storage arrays.

For its fiscal 2025 first quarter (ended May 5) Pure reported revenue of $693.5 million, up 18 percent from $589.3 million in the first quarter of fiscal 2024. The company reported a net loss of $35.0 million for the quarter compared to a $67.4 million net loss one year before.

Gainers No. 4: Vertiv (VRT)

CEO: Giordano Albertazzi

Jan. 2, 2024, Opening: $47.48

June 28, 2024, Close: $86.57

Change: +82.33%

Market Capitalization: $32.41 Billion

Vertiv, a provider of digital infrastructure and continuity systems, began 2024 having just acquired CoolTera, a developer of coolant distribution infrastructure for data center liquid cooling technology, in December 2023.

For its second quarter (ended June 30) Vertiv reported revenue of $1.95 billion, up nearly 13 percent from $1.73 billion in the second quarter of 2023. Net income for the quarter was $178.1 million, up 114 percent from $83.2 million one year earlier.

Gainers No. 3: Dell Technologies (DELL)

CEO: Michael Dell

Jan. 2, 2024, Opening: $75.45

June 28, 2024, Close: $137.91

Change: +82.78%

Market Capitalization: $97.82 Billion

Throughout the first half of 2024, Dell aggressively expanded its use of AI technologies across its product portfolio, including launching the Dell AI Factory to build AI capabilities into its PCs, servers, storage systems, data protection and networking products. In May the company debuted a line of Copilot+ AI PCs.

For its fiscal 2025 first quarter (ended May 3, 2024) Dell reported revenue of $22.24 billion, up 6 percent from $20.92 billion in the first quarter of fiscal 2024. Net income for the quarter was $955 million, up 65 percent from $578 million one year before.

Gainers No. 2: MicroStrategy (MSTR)

CEO: Phong Le

Jan. 2, 2024, Opening: $692.49

June 28, 2024, Close: $1,377.48

Change: +98.92%

Market Capitalization: $24.43 Billion

MicroStrategy recorded the second biggest share price gain in the first half of 2024 among all the companies on the CRN stock watch list.

MicroStrategy is a leading company in the data analytics space, offering products for both enterprise and embedded analytics.

The Tysons Corner, Va.-based company is also a major investor in Bitcoin and the company’s stock often rises or declines due to changes in Bitcoin’s value. Bitcoin has increased this year from $44,172.00 on Jan. 1 to $62,668.20 as of June 30 – a nearly 42 percent gain. As of April 26, just before its first quarter earnings announcement, MicroStrategy said it owned 214,400 Bitcoin valued at $7.54 billion.

For first quarter (ended March 31) of 2024 MicroStrategy reported revenue of $115.2 million, down 5 percent from $121.9 million in the first quarter of 2023. The company reported a net loss of $53.1 million for the quarter compared to net income of $461.2 million (including a $453.2 million tax benefit) one year before.

MicroStrategy will announce its 2024 second quarter results on Aug. 1.

On July 11, after the period covered by this stock price analysis, MicroStrategy said its board of directors had approved a 10-for-1 stock split for the company’s class A common stock and class B common stock, effective in early August.

Gainers No. 1: Nvidia (NVDA)

CEO: Jensen Huang

Jan. 2, 2024, Opening: $49.24

June 28, 2024, Close: $123.54

Change: +150.89%

Market Capitalization: $3.04 Trillion

Among all the companies on our watch list microprocessor and AI system developer Nvidia recorded the fastest growth in its share price in the first half of 2024.

Nvidia’s stock skyrocketed in value in 2023, driven by the wave of generative AI applications like ChatGPT that drove demand for the company’s data center GPUs. That momentum continued into 2024 and throughout the first six months of the year Nvidia competed with Apple and Microsoft for the title of “world’s most valuable company” with market capitalizations exceeding $3 trillion.

(As of June 28, Nvidia’s $3.04 trillion market cap was third behind Microsoft’s $3.32 trillion and Apple’s $3.23 trillion market caps.)

Nvidia’s most recent financial results illustrate the exploding demand for the company’s offerings. For its fiscal 2025 first quarter (ended April 28) Nvidia reported revenue of $26.04 billion, up a stunning 262 percent from $7.19 billion in the first quarter of fiscal 2024. Net income for the quarter was $14.88 billion, up 628 percent from $2.04 billion one year earlier.

Losers No. 1: Extreme Networks (EXTR)

CEO: Ed Meyercord

Jan. 2, 2024, Opening: $17.68

June 28, 2024, Close: $13.45

Change: -23.93%

Market Capitalization: $1.75 Billion

Extreme Networks is the first on our list of IT companies whose share price declined in the first half of 2024.

On Jan. 8 the company “strengthened and realigned” its executive team, elevating Norman Rice, previously chief operating officer, to chief commercial officer. He was charged with leading the company’s sales, partner, services and supply chain organizations. Chief Revenue Officer Joe Vitalone resigned from his position.

(On December 20, 2023 the company appointed Monica Kumar as its new chief marketing officer. She previously served as CMO at Hitachi Vantara.)

On May 1 the company reported that for its fiscal 2024 third quarter (ended March 31) revenue was $211.0 million, down 36.5 percent from $332.5 million in the third quarter of fiscal 2023. The company reported a net loss of $64.4 million for the quarter compared to net income of $22.1 million one year earlier.

Extreme Networks will report its fiscal 2024 full year and fourth quarter (ended June 30) financial results on Aug. 7.

Losers No. 2: Domo (DOMO)

CEO: Josh James

Jan. 2, 2024, Opening: $10.17

June 28, 2024, Close: $7.72

Change: -24.09%

Market Capitalization: $294.71 Million

Domo is a developer of mobile, cloud-based business intelligence and data visualization tools.

In June the company launched the Domo Samurai: The Integration Suite, combining the components of the company’s cloud platform including Cloud Amplifier and Magic ETL.

For its fiscal 2025 first quarter (ended April 30) Domo reported revenue of $80.1 million up 1 percent from $79.5 million in the first quarter of fiscal 2024. The company y reported a $26.0 million net loss for the quarter compared to a $24.4 million net loss one year before.

Losers No. 3: OpenText (OTEX)

CEO: Mark Barrenechea

Jan. 2, 2024, Opening: $41.59

June 28, 2024, Close: $30.04

Change: -27.77%

Market Capitalization: $8.10 Billion

OpenText is a leading provider of information management, IT operations, application development and cybersecurity software.

In a July 3 filing with the U.S. Securities and Exchange Commission, just after the period covered by this stock analysis, OpenText outlined a “business optimization plan” to strategically align the company’s workforce. The plan included laying off 1,200 employees and creating 800 new positions for an overall workforce decline of 1.7 percent to approximately 23,000 employees.

On May 1 OpenText completed the sale of its mainframe application modernization and connectivity business to Rocket Software for $2.275 billion. On May 8 OpenText said the proceeds from the sale were used to reduce the company’s debt by $2 billion.

For its fiscal 2024 third quarter (ended March 31) OpenText reported revenue of $1.45 billion, up 16.3 percent from $1.24 billion in the third quarter of fiscal 2023. Net income for the quarter was $98.3 million, up 70.8 percent from $57.6 million one year earlier.

OpenText will report its fiscal 2024 fourth quarter and full year results on Aug. 1.

Losers No. 4: BlackBerry (BB)

CEO: John Giamatteo

Jan. 2, 2024, Opening: $3.50

June 28, 2024, Close: $2.48

Change: -29.14%

Market Capitalization: $1.47 Billion

BlackBerry, once known for its ubiquitous mobile devices, today provides endpoint protection and managed detection and response security technology. In May the company launched CylanceMDR, powered by the Cylance AI platform.

The company began the year under new CEO John Giamatteo who was named to the post on December 11, 2023. Giamatteo was previously president of the company’s cybersecurity business unit. He replaced Richard Lynch who was named interim CEO on Nov. 4 following the retirement of then-CEO John Chen.

In February the company said it was making progress on its plan to separate its IoT and cybersecurity businesses as standalone divisions in a bid to drive profitability and positive cash flow. The plan included headcount reductions and the closing of six of the company’s 36 global office locations.

For its full fiscal 2024 (ended Feb. 29) BlackBerry reported revenue of $853 million, up 30 percent from $656 million in fiscal 2023. The company’s net loss for fiscal 2024 was $130 million compared to the $734 million net loss reported one year before.

For its fiscal 2025 first quarter (ended May 31, 2024) the company recorded revenue of $144 million, down from $373 million in the first quarter of fiscal 2024. (The previous year’s revenue included the proceeds from the sale of substantially all of BlackBerry’s non-core patents and patent applications to Malikie Innovations Limited.)

Losers No. 5: Snowflake (SNOW)

CEO: Sridhar Ramaswamy

Jan. 2, 2024, Opening: $195.00

June 28, 2024, Close: $135.09

Change: -30.72%

Market Capitalization: $45.23 Billion

Data cloud service provider Snowflake has been dealing with the fallout from a cyberattack the company disclosed in May that impacted the data of such customers as LendingTree, Santander Bank and Ticketmaster operator Live Nation Entertainment, according to a CNBC story.

A massive data breach of AT&T customer records, disclosed on July 12 (after the time period covered by this stock analysis) is also believed to be tied to the Snowflake data breach.

On Feb. 28 the company announced that CEO Frank Slootman had decided to retire (while remaining as chairman of the company’s board), effective immediately. The company named Sridhar Ramaswamy, who joined Snowflake in in May 2023 through the acquisition of Neeva, as Snowflake’s new CEO, also effective immediately.

After a gangbusters IPO in 2020, Snowflake’s stock hit a high of $401.89 on Nov. 16, 2021. This year the company’s shares were on the rise through mid-February when it hit $236 a share on Feb. 14 and have been on the decline since.

For its fiscal 2025 first quarter (ended April 30) Snowflake reported revenue of $828.7 million, up nearly 33 percent from $623.6 million in the first quarter of fiscal 2024.

Losers No. 6: Xerox (XRX)

CEO: Steven Bandrowczak

Jan. 2, 2024, Opening: $18.15

June 28, 2024, Close: $11.62

Change: -35.98%

Market Capitalization: $1.44 Billion

In January, Xerox announced “a new operating model and organizational structure” to further the company’s “reinvention.” The plan included a shift to a business unit operating model, the formation of a new Global Business Services organization, “improvement and stabilization” of the company’s core print business, greater focus on IT and digital services, and what the company called “disciplined execution in revenue diversification.”

In April Xerox said the company would put greater emphasis on its technology around workflow automation, intelligent assistant services and personalization, including the suite of Xerox FreeFlow Workflow Software, Predictive AI Pro and XMPie. At the same time the company said it was discontinuing manufacture of some “legacy platform” products including the Xerox iGen 5 Press and Xerox Nuvera Presses.

For its 2024 second quarter (ended June 30) Xerox reported sales of $1.58 billion, down 10 percent from $1.75 billion in the second quarter of 2023. The company reported net income of $15 million compared for the quarter to a $64 million net loss one year prior.

Losers No. 7: Intel (INTC)

CEO: Patrick Gelsinger

Jan. 2, 2024, Opening: $49.20

June 28, 2024, Close: $30.97

Change: -37.05%

Market Capitalization: $131.84 Billion

In 2024 Intel has continued its efforts to regain its momentum of earlier years. Under CEO Pat Gelsinger the chipmaker has undertaken a massive build-out of new fabs in the U.S. and sought to revitalize its contract chip manufacturing business under the IDM (integrated device manufacturing) 2.0 strategy. The company also has undertaken structural reorganizations and cost-cutting initiatives.

In April the company initiated a round of layoffs that affected an undisclosed number of employees in the company’s Sales and Marketing Group.

In June Intel secured an $11-billion investment from Apollo Global Management for the advanced chip fabrication plant that opened in Ireland in 2023.

For the first quarter of 2024 Intel reported revenue of $12.72 billion, up nearly 9 percent from $11.72 billion in the first quarter of 2023. The company reported a $381 million net loss for the quarter compared to a $2.76 billion loss one year earlier.

The company reports its Q2 results on Aug. 1.

Losers No. 8: MongoDB (MDB)

CEO: Dev Ittycheria

Jan. 2, 2024, Opening: $404.45

June 28, 2024, Close: $249.96

Change: -38.20%

Market Capitalization: $18.34 Billion

MongoDB is a leading provider of next-generation database technology used for operational, analytical and AI tasks. In early May the company launched its MongoDB AI Applications Program (MAAP) that provides a complete technology stack, services and other resources to help businesses develop and deploy at scale applications with advanced generative AI capabilities.

MongoDB shares reached a high of $500.90 on Feb. 9, but the company’s stock has declined since after the company issued reduced guidance for expected fiscal 2025 Q1 and full-year growth during the company’s earnings calls in early March and in late May. The company’s shares declined more than 31 percent between their $310-per-share close on May 30 and $236.06 close on May 31.

For the fiscal 2025 first quarter (ended April 30, 2024) MongoDB reported revenue of $450.6 million, up more than 22 percent from $368.3 million in the first quarter of fiscal 2024.

Losers No. 9: Lumen Technologies (LUMN)

CEO: Kate Johnson

Jan. 2, 2024, Opening: $1.79

June 28, 2024, Close: $1.10

Change: -38.55%

Market Capitalization: $1.12 Billion

Telecommunications company Lumen Technologies, formerly CenturyLink, has struggled against financial headwinds in recent years and had the second biggest stock price decline in the first half of 2024. This follows the poor performance of the company’s stock for all of 2023 when it lost more than 65 percent of its value – second worst among all companies on the CRN watch list.

The company took a number of steps in 2023 to turn itself around including cutting its workforce by 4 percent in October amid a $7 billion debt restructuring.

In October Lumen sold its content delivery service contracts to Akamai Technologies and in November completed the previously announced sale of its EMEA business to London-based Colt Technology Services for $1.8 billion.

For the first quarter (ended March 31) of 2024 Lumen reported operating revenue of $3.29 billion, down 12 percent from $3.74 billion in the first quarter of 2023. The company reported net income of $57 million for the quarter compared to net income of $511 million one year before.

The company reports its Q2 results on Aug. 6.

Losers No. 10: UiPath (PATH)

CEO: Daniel Dines

Jan. 2, 2024, Opening: $24.52

June 28, 2024, Close: $12.68

Change: -48.29%

Market Capitalization: $7.26 Billion

Robotic process automation software developer UiPath recorded the biggest stock price decline among all companies on the CRN watch list, losing nearly half of its value in the first six months of 2024.

Much of the decline came following the company’s May 29 earnings announcement and its guidance for only 8 percent growth this year, according to The Motley Fool website.

On May 29 UiPath said that CEO Rob Enslin, the company’s CEO for two years, had resigned effective June 1 and that Daniel Dines, the company’s founder and former CEO, had been re-appointed CEO. Dines had been serving as chief innovation officer and chairman.

On July 10, after the time period covered by this analysis, UiPath disclosed a plan to cut its workforce by about 10 percent or about 4,200 employees.

For UiPath’s fiscal 2025 first quarter (ended April 30) the company reported revenue of $335.1 million, up percent from $289.6 million in the first quarter of fiscal 2024. The company reported a net loss of $28.7 million for the quarter compared to a $31.9 million net loss one year before.