3 Russell 2000 Tech Stocks That Skyrocketed 1,000% Or More In 2024: Analysts Say They're Just Getting Started

Throughout 2024, certain small-cap gems in the Russell 2000 soared past expectations and gained over 1,000% year-to-date.

Using a methodology focused on high-trading-volume tech stocks with “buy” ratings or better, Benzinga identified three winners.

Analysts still see room to run — here's why.

1. Rigetti Computing: YTD Gain — 1,578%

Quantum computing isn't just a buzzword — it's becoming big business. Rigetti Computing Inc RGTI is leading the charge, with its Quantum Cloud Services (QCS) platform and innovative quantum processors.

Why the surge? Rigetti's picks-and-shovels business model positions it as the backbone of quantum computing. Its cloud platform integrates seamlessly with traditional hardware, making quantum power more accessible. Analysts liken Rigetti to an early-stage Nvidia, and with its strong cash position, the company seems primed for further innovation.

Caveat: Revenue is still modest ($2.4 million in the third quarter of 2024) and losses remain steep. But if Rigetti can crack the code on scaling quantum tech, the potential payoff could be massive.

2. D-Wave Quantum: YTD Gain — 1,107%

D-Wave Quantum Inc QBTS is redefining problem-solving with its Quantum Computing as a Service (QCaaS) model. Its annealing quantum computers, capable of solving logistical and financial optimization problems, have captured investor interest.

The appeal lies in D-Wave's focus on real-world applications, from supply chain optimization to drug discovery. Its cloud-based tools make quantum computing accessible, while collaborations with major industries hint at a bright future.

Challenges? Like its peers, D-Wave's revenue ($9.4 million) pales compared to its operating losses ($74 million). Yet, the stock's meteoric rise reflects growing confidence in the transformative potential of its tech.

Read Also: What’s Going On With SoundHound AI Stock?

3. SoundHound AI: YTD Gain — 1,064%

SoundHound AI Inc SOUN is riding the AI wave, with a 89% revenue increase in the third quarter of 2024. Its secret sauce? Partnerships like one with Apivia Courtage, where its AI tools have revolutionized customer interactions by reducing direct inquiries by 20%.

The company is expanding into healthcare, retail, and finance, aiming to cement its role in conversational AI. With analysts setting ambitious price targets, SoundHound is proving there's plenty of room left in the AI market.

Stocks To Watch

From quantum computing to conversational AI, these three stocks have delivered jaw-dropping returns in 2024. While risks abound in these nascent industries, their explosive potential makes them ones to watch.

Whether you're a tech enthusiast or an investor seeking the next big thing, the future of these companies — and their stock prices — could be truly transformative.

Read Next:

• Quantum Computing: The New AI? A Look at the Rapidly Expanding Market and Top Stocks For 2025

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