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Taiwan Semiconductor and Apple Lead 2024 Stock Market Surge
Taiwan Semiconductor and Apple are among the top performers in 2024, with significant interest from major funds. Analysts predict continued growth into 2025, driven by technological advancements and strong market demand.
As 2024 draws to a close, investors are keenly eyeing the stock market leaders that have defined the year, with Taiwan Semiconductor Manufacturing Co. (TSM) and Apple Inc. (AAPL) standing out as top performers. Major investment funds have been heavily investing in these companies, signaling confidence in their continued growth into 2025.
Taiwan Semiconductor is experiencing a breakout, with its stock emerging from a cup-with-handle base, reaching a buy point of 205.63. The stock's relative strength line is nearing new highs, indicating robust market performance. Despite volume being 14% above average, which is below the ideal 40% for the best breakouts, continued fund interest could drive the stock higher. The Janus Henderson Forty Fund and the AllSpring Growth Fund are notable holders of TSM shares, reflecting its strong Accumulation/Distribution Rating of B.
Apple, another 2024 standout, is approaching a $4 trillion market cap, a milestone that could serve as a psychological catalyst for further growth. The stock is currently 3% below the target price of 264.62 needed to reach this market cap. Analysts, including Daniel Ives from Wedbush Securities, have reiterated an outperform rating for Apple, with a 12-month price target of 300. Ives highlights Apple's potential for a strong holiday season, driven by the iPhone 16's AI-driven upgrade cycle. Apple's installed base of 1.5 billion iPhones, with 300 million in the upgrade window, positions it well for continued success.
In addition to TSM and Apple, Meta Platforms (META) is also attracting significant fund interest. Meta is attempting to surpass a buy point of 602.95, with its stock supported by a strong Accumulation/Distribution Rating of B-. Major funds like the Fidelity Contrafund and the MFS Growth Fund are key investors in Meta, which boasts a Composite Rating of 97.
Overall, the stock market in 2024 has been characterized by strong performances from tech giants, with Taiwan Semiconductor and Apple leading the charge. As investors look to 2025, these companies are well-positioned to continue their upward trajectory, supported by technological advancements and robust market demand.
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