Applovin Emerges As Nasdaq 100's Dark Horse In A Market Fixated On Nvidia, Tesla, Palantir

In a market obsessed with the usual suspects—Nvidia Corp, Tesla Inc and Palantir Technologies Inc — one stock has been quietly stealing the show: AppLovin Corp. APP.

While Wall Street fawns over AI chips and self-driving tech, APP has been quietly outperforming nearly every major stock in the Nasdaq 100—and it's not even close.

Let's Talk Numbers

Over the past year, APP stock has soared 698%, making it the top-performing stock in the Nasdaq 100. Even in the last six months, it's up a staggering 466%, comfortably beating Palantir's 323% and MicroStrategy Inc’s 161%. Big-name AI darlings like Nvidia and Tesla? They aren't even in the same league.

So, what's fueling this relentless rally?

AI-powered mobile advertising.

Headquartered in Palo Alto, AppLovin has found its sweet spot in the mobile app ecosystem, helping businesses reach and monetize audiences through its AI-driven marketing software. And with digital ad spending continuing to climb, AppLovin is cashing in big.

Read Also: Jim Cramer Says This Tech Stock Is Speculative But He Likes It

Technicals Are Screaming ‘Bullish’

APP stock isn't just riding hype—it's riding strong technical momentum.

Chart created using Benzinga Pro

APP stock is currently trading at $380.63, well above key moving averages:

• Eight-day SMA: $369.60
• 20-day SMA: $350.97
• 50-day SMA: $344.82
• 200-day SMA: $171.10

Add in a MACD (moving average convergence/divergence) of 12.08 and an RSI (relative strength index) of 61.64, and APP stock is flashing bullish signals across the board.

Translation? Buyers are in control, and momentum remains strong.

The Big Test: Q4 Earnings

The next major catalyst? Fourth quarter earnings on Feb. 12. Wall Street is eyeing $1.24 EPS on $1.26 billion in revenue according to Benzinga Pro data. Given AppLovin's track record, a blowout quarter could send shares even higher.

At this pace, AppLovin is rewriting the script on Nasdaq 100 winners—and proving that sometimes, the best bets aren't the most obvious ones.

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This illustration was generated using artificial intelligence via Midjourney.