3 Bitcoin Plays That Outperformed AI-Fueled Nvidia In 2023

2023 is a year Nvidia NVDA stock investors will remember. Leveraging its early lead and advanced AI technology, the stock set numerous records and soared to unprecedented heights, surpassing the performance of many of its technology sector peers.

However, here’s a look at three Bitcoin plays outperformed Nvidia.

How Did Nvidia Perform in 2023?

Nvidia outperformed “The Enormous Eight” (as labeled by Charlie Bilello) in 2023. So, while Nvidia clocked about 230% returns YTD (as of Dec. 20), the other seven stocks in the group performed as follows (rounded off, as of Dec.20):

• Meta Platforms META: +190%
• Tesla TSLA: +100%
• Amazon AMZN: +81%
• Netflix NFLX: +66%
• Alphabet/Google GOOG GOOGL: +57%
• Microsoft MSFT: +55%
• Apple AAPL: +50%

Also Read: Nasdaq 100 Hits Record High, Set For Best Annual Performance Since 1999 Tech Boom

Which 3 Bitcoin-Related Stocks Outperformed Nvidia?

It’s surprising to see any stocks outshine Nvidia’s impressive 230% increase, but Bitcoin has also had a remarkable year, climbing 165% year-to-date. This surge in investor confidence in Bitcoin has contributed to the success of related Bitcoin ventures, exceeding investor predictions.

1. Marathon Digital Holdings MARA – MARA stock is up 550% so far this year, driven by its solid positioning in the Bitcoin mining space that helps it capture the upside move in the underlying commodity. As of Nov. 30, Marathon held 14,025 unrestricted bitcoin.
2. Riot Platforms RIOT – RIOT stock is up 388% YTD, fueled by strong fundamentals. It has massive capacity growth still to come, and its margins are best-in-class. Riot has no long-term debt and a robust treasury, which helps the company’s stock deliver outsized gained during a bitcoin rally. Riot held 7,358 bitcoin as of the end of November.
3. MicroStrategy MSTR – MSTR stock is up over 295% this year. The company has access to low-cost debt and equity financing to continue accumulating Bitcoin. It also has a core business whose performance isn’t influenced by Bitcoin, limiting the stock’s downside risk. As of Nov. 30, MicroStrategy owned 174,530 bitcoin.

Now Read: Crypto-Linked Stocks Are Moving Higher: What’s Going On?

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