The S&P 500 index, which is tracked by the SPDR S&P 500 ETF Trust SPY , posted a gain of 6.2% in the first quarter of 2023, while technology stocks in the Nasdaq 100 index, which is tracked by the Invesco QQQ Trust Series 1 QQQ , fared much better by posting a20% increasein the quarter, also marking the third-best quarterly performance since the dot-com boom in 2001.
Which U.S.stocks have performed the best so far in 2023? And what kind of upside potential do they still offer in the following quarters? Is the Wall Street analyst consensus in agreement with current market valuations?
Benzinga answered these questions by screeningstocks having a market valuation of at least $1 billion and ranked them by Q1 total returns. Here's what we discovered.
Read Also:Top 5 Best And Worst U.S. Industry ETFs In Q1 2023: AI and Bank Turmoil Shaped Stock Returns
The Five Top Performing U.S. Stocks in Q1 2023
5) Marathon Digital Holdings, Inc. MARA
Marathon Digital Holdings is a digital asset miningtechnology company with a focus on the blockchain ecosystem and the development of digital assets. The company grew by 143% in the first quarter, owing to a 50% quarterly gain in the overall crypto market value, which increased to 1.15 trillion at the conclusion of the quarter. A short squeeze phenomenon was another factor that most likely led to the company's extraordinary rise. Marathon Digital Holdings was one of the most shorted companies in the marketat the start of the year, with a short interest of 43%. Once sellers were forced to liquidate positions and purchase back stock amid strongprice momentum, the unwinding of those short bets likely exacerbated the bullish surge. By the conclusion of the quarter, short interest in MARA had dropped to 27%. Marathon trades at a discount of 30% versus the average analysts price target. Analyst Gianni Di Poce recently said the company could rise 47% as the shares are undervalued.
4) Oscar HealthIncOSCR
Oscar Health, Inc., formerly known as Mulberry Health Inc., is a health insurance company in the U.S. that created +Oscar, a technology-driven platform meant to help providers and payors directly support their shift to value-based care. Oscar Health rose by 170% in the first quarter of2023. The company skyrocketed in the last days of the quarter on the heels of better-than-expected fourth quarterearnings and the appointment of former Aetna CEO Mark Bertolini. The newly hired CEO believes the firm can provide digital tools to assist doctors and health systems engage with patients and manage their treatment. Oscar Health is trading at a 22% price premium to the average analyst price target.
3) C3.aiIncAI
C3.ai, Inc., formerly known as C3 IoT, Inc., operates as an enterprise artificial intelligence (AI) software company providing a wide range of AI applications. C3.ai delivered a 191% return in the first quarter of 2023. However, the stock still trades 65% lower from its IPO. In February, C3.ai saw an increase in the short interest by market participants to 22%, after the short-seller Spruce Point Capital questioned its profitability. C3.ai is trading at a 40% premium to the average analyst price target.
2) Riot PlatformsIncRIOT
Riot Platform is a bitcoin mining firm that operates in three segments: Bitcoin mining, data center hostingand engineering. The firm also offers co-location services to large-scale bitcoin mining enterprises.
Riot Platforms rose 195% in the first quarter of the year, but continues to be 85% lower than its all-time high reached in February of 2021. The rise in bitcoin prices (up nearly 70% in the first quarter) was one of the key bullish driver for the stock. The short interest is currently around 19% and the stock is broadly in line with the average analyst price target
See the latest analysis on Riot Platform: This Bitcoin-Mining Stock Surged Over 47% In 1 Month: But Options Market Has Something Else To Say
1)Biomea Fusions IncBMEA
Biomea Fusionis a clinical-stage biopharmaceutical firm specializing in the research and development of covalent small molecule medicines for the treatment of patients with genetically defined cancers and metabolic diseases.
BMF-219, an orally bioavailable, powerful, and specific covalent inhibitor, is its primary product candidate for treating patients with liquid and solid tumors, as well as type 2 diabetes.
Biomea Fusions increased 272% in the first quarter of the year. The vast bulk of the performance occurred on the last day ofthe quarter, when the company announced positive data from an ongoing phase II trial, indicating that 89% of patients achieved a HbA1c decrease.
Biomea is selling at a discount to Wall Street analysts' average price target, which is 53% higher than current stock prices.
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Joe Biden has authorised Ukraine to begin firing US-supplied rockets deep into Russia – as Sir Keir Starmer prepares to push for “further support” for Kyiv at the G20 summit.
Mr Biden’s policy shift means Kyiv will now be able to use Army Tactical Missile Systems (ATACMS)for long-range attacks, two American officials have told Sky News’ US partner network NBC News.
Ukraine plans to conduct its first such attacks in the coming days, the sources said, without revealing details due to operational security concerns.
A Russian politician and the son of president-elect Donald Trumphave both likened the move to risking a third world war.
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Maria Butina told the Reuters news agency: “These guys, Biden’s administration, is trying to escalate the situation to the maximum while they still have power and are still in office.
“I have a great hope that Trump will overcome this decision if this has been made because they are seriously risking the start of World War Three which is not in anybody’s interest.”
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Meanwhile, Donald Trump Jr wrote on X: “The Military Industrial Complex seems to want to make sure they get World War 3 going before my father has a chance to create peace and save lives… Imbeciles!”
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The outgoing Biden administration’s move comes as there are concerns about the level of support the Trump White House may be willing to give Ukraine.
Mr Trump has previously vowed to limit US support for Ukraine and end its war with Russia.
In an evening address after Kyiv was given permission to fire deep into Russia, Ukrainian President Volodymyr Zelenskyy said: “Today, there’s a lot of talk in the media about us receiving permission for respective actions. But strikes are not carried out with words. Such things are not announced. Missiles will speak for themselves. They certainly will.”
Back in September, Russian President Vladimir Putin said if the US were to lift the ban on long-range missile use it would be seen as NATO’s “direct participation” in the war.
He added: “This, of course, will significantly change the very essence, the very nature of the conflict.”
Meanwhile, the UK prime minister has said he has “no plans” to speak with the Russian president as world leaders gather for the G20 summit in Rio de Janeiro.
Mr Putin will not be attending the two-day summit which starts on Monday after saying in October that his presence would “disrupt the normal work of this forum”. Russia’s foreign minister Sergei Lavrov will be attending instead.
It will take place days after German Chancellor Olaf Scholz spoke to Mr Putinon what was the Russian leader’s first publicly announced conversation with the sitting head of a major Western power in nearly two years.
Asked if he had any plans to make a similar call, Sir Keir said: “It’s a matter for Chancellor Scholz who he speaks to. I have no plans to speak to Putin.”
Speaking to reporters while on his way to the summit, he added: “We are coming up to the 1,000th day of this conflict on Tuesday.
“That’s 1,000 days of Russian aggression, 1,000 days of huge impact and sacrifice in relation to the Ukrainian people and recently we’ve seen the addition of North Korean troops working with Russians which does have serious implications.
“I think on one hand it shows the desperation of Russia, but it’s got serious implications for European security […] and for Indo-Pacific security and that’s why I think we need to double down on shoring up our support for Ukraine and that’s top of my agenda for the G20.
“There’s got to be full support as long as it takes and that certainly is top of my agenda, shoring up that further support for Ukraine.”
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One of Russia’s ‘largest air attacks’
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The latest developments come after Russia launched a large-scale attack on Ukraine on Sunday, with Mr Zelenskyy claiming Moscow had launched a total of 120 missiles and 90 drones.
Two major strikes, which left a total of 18 people dead, hit a residential building in the northeastern city of Sumy as well as energy infrastructure across Ukraine, prompting emergency power cuts.
Hours later, Moscow mayor Sergei Sobyanin said Russia’s air defence units had destroyed a drone heading towards the city.
In the event of human extinction due to war or climate change, octopuses have been identified as potential rulers of Earth, according to leading scientists. Their intelligence, dexterity, and adaptability are believed to position them as candidates for developing an advanced civilisation. Professor Tim Coulson, a zoologist at the University of Oxford, suggests that octopuses could evolve tools and technologies to build underwater cities akin to human societies should the right environmental conditions emerge.
Key Traits Supporting Octopus Dominance
As per a report by DailyMail UK, there are several attributes of octopuses that make them unique. Their problem-solving capabilities, decentralised nervous system, and ability to manipulate objects enable them to adapt to challenging environments. The report further highlights that while they are unlikely to fully transition to land due to their lack of a skeleton, it is believed they could find innovative ways to extend their time out of water, such as developing breathing apparatuses.
These marine creatures, already adept at using tools and hunting, could exploit niches left vacant in a post-human world, the report adds. Octopuses are known to thrive in diverse environments, from deep seas to coastal waters, and possess the capacity for both solitary survival and complex behaviours.
Primates Unlikely to Succeed Humans
Contrary to previous theories suggesting primates might replace humans, the report reveal that researchers argue that primates face many of the same extinction threats as humans. Slow reproductive rates, vulnerability to predators, and dependence on specific ecosystems reduce their chances of survival in a changed world. The report further mentions that while intelligent birds and insects demonstrate advanced behaviour, they lack the dexterity needed to create tools or transform their surroundings on a human scale.
Speculative but Plausible Future
Professor Coulson told the publication that the rise of octopuses as dominant species is speculative. Evolution is unpredictable, shaped by countless variables, random mutations, and extinction events. However, given the intelligence and adaptability of octopuses, they remain a strong contender for evolving into an advanced civilisation in the absence of human influence, he told the publication.
A groundbreaking artificial intelligence tool called FastGlioma has been developed, enabling surgeons to detect residual cancerous brain tumours within 10 seconds during surgery. The innovation, detailed in a recent study in Nature, is seen as a significant advancement in neurosurgery, outperforming traditional tumour detection methods. Researchers from the University of Michigan and the University of California, San Francisco, led the study, highlighting its potential to improve surgical outcomes for patients with diffuse gliomas.
Todd Hollon, M.D., a neurosurgeon at the University of Michigan Health, described FastGlioma as a transformative diagnostic tool that provides a faster and more accurate method for identifying tumour remnants. He noted its ability to reduce reliance on current methods, such as intraoperative MRI or fluorescent imaging agents, which are often inaccessible or unsuitable for all tumour types.
Addressing Residual Tumours During Surgery
As per the study from Michigan Medicine – University of Michigan, residual tumours, which often resemble healthy brain tissue, are a common challenge in neurosurgery. Surgeons have traditionally struggled to differentiate between healthy brain and remaining cancerous tissue, leading to incomplete tumour removal. FastGlioma addresses this by combining high-resolution optical imaging with artificial intelligence to identify tumour infiltration rapidly and accurately.
In an international study, the model was tested on specimens from 220 patients with low- or high-grade diffuse gliomas. FastGlioma achieved an average accuracy of 92%, significantly outperforming conventional methods, which had a higher miss rate for high-risk tumour remnants. Co-senior author Shawn Hervey-Jumper, M.D., professor of neurosurgery at UCSF, emphasised its ability to enhance surgical precision while minimising the dependence on imaging agents or time-consuming procedures.
Future Applications in Cancer Surgery
FastGlioma is based on foundation models, a type of AI trained on vast datasets, allowing adaptation across various tasks. The model has shown potential for application in other cancers, including lung, prostate, and breast tumours, without requiring extensive retraining.
Aditya S. Pandey, M.D., chair of neurosurgery at the University of Michigan, affirmed its role in improving surgical outcomes globally, aligning with recommendations to integrate AI into cancer surgery. Researchers aim to expand its use to additional tumour types, potentially reshaping cancer treatment approaches worldwide.