CNBC’s Jim Cramer on Monday reviewed several companies that have surpassed $100 billion in market capitalization, noting that they capture the “zeitgeist of the moment” on the market.
AppLovin, an enterprise software company, has seen a nearly 760% year-to-date increase and is seen as a potential e-commerce success story due to its strong performance in the video game space. Palantir has also seen enormous gains, up 322% year-to-date, with some investors believing it could revolutionize the U.S. defense budget.
Spotify, which has rallied over 156% this year, is also a market favorite due to its “sticky” subscription model, similar to those of Netflix, Costco, and Amazon. The data center sector has also seen significant gains, with stocks like Arista Networks and Eaton performing well.
Other companies that have seen their valuations swell include Arm, Progressive, Marsh & McLennan, Apollo Global, KKR, Chubb, Fiserv, Automatic Data Processing, Boston Scientific, Citigroup, Palo Alto Networks, Micron, and Analog Devices.
Cramer noted that the market is experiencing a heightened level of activity, with various factors driving stock performance, including a presidential rally, an end-of-the-year rally, and a stock shortage rally. As a result, many of these stocks saw a sell-off on the same day.