Yet even though the Nasdaq 100 didn’t manage to gain ground overall, some of its components saw an extremely strong performance. Below, we’ll take a look at Advanced Micro Devices(NASDAQ: AMD), Workday (NASDAQ: WDAY), and lululemon athletica (NASDAQ: LULU) to see why they were the best stocks in the Nasdaq 100 in 2018.
Chipping away at the competition
Advanced Micro Devices led all comers in 2018 with an 80% gain. That continued a three-year run for the stock, which has risen about sixfold since the beginning of 2016. Yet some investors have to be disappointed, given that AMD stock had at times during 2018 reached levels tripling where it ended
Coming into 2018 , AMD continued to ride favorable trends. Cryptocurrencies were exploding higher, driving demand for Advanced Micro’s graphics processing units. At the same time, the overall tech industry’s appetite for central processing units was also strong, with cloud computing capacity requiring data servers that can handle the exploding amount of information enterprise customers are gathering.
Yet by the end of the year, some of those trends had faded, with cryptocurrency prices collapsing. Even so, AMD has hope for the future, and bullish investors hope that its data center chips can keep gaining ground on the company’s competitors. If that happens, 2019 could be another solid year for AMD stock.
Workday works harder
Workday also had an impressive year, with its stock rising 57%. The human-capital management specialist has done an excellent job of making its enterprise HR tools available via the cloud, and its subscription business has generated rising amounts of recurring revenue.
A strong employment environment is helping HR-focused companies like Workday, and more customers are flocking to use the HR specialist’s platform. With increased expectations for the remainder of the 2019 fiscal year, Workday has shareholders convinced that its growth path extends far into the future,