Technology stocks ought to take a bow. They were the standout performers in the first half of 2023, powering Wall Street — and the Club’s portfolio – higher over the first and second quarters in impressive fashion. The tech-heavy Nasdaq Composite recorded its best first half of a year since 1983, rising 32.7% through Friday’s session. In the three months ended June 30, the Nasdaq climbed around 13%. The S & P 500 rose 8.3% in the second quarter to extended its 2023 advance to 15.9%. It’s just the 11th time since 1950 that the S & P has recorded a first-half gain of 15% or more. For its part, the Dow Jones Industrial Average posted a positive first-half performance — but lagged significantly behind the S & P 500 and Nasdaq as it maintains relatively less tech exposure. After rising 3.4% in the second quarter, the 30-stock Dow stood higher by 3.8% year to date. Our portfolio largely followed suit. Our tech holdings, led by Nvidia ‘s (NVDA) ferocious rally, were the clear-cut winners. On the other hand, our biggest laggards varied across sectors — from retail to health care. In most cases, their weakness stemmed from a pivotal event, like disappointing earnings. Here’s a closer look at the Club’s best and worst performers in the first half of 2023, starting with the four winningest stocks. The winners NVDA YTD mountain Nvidia’s year-to-date stock performance. Nvidia occupies the top spot, with shares nearly tripling in value as they rose 189.5% in the first half of the year. The semiconductor firm, which is now worth more than $1 trillion, also was the top-performing S & P 500 stock in the first half. Investor optimism around Nvidia’s essential role in enabling artificial intelligence fueled the stock’s impressive gains. On the hardware side, Nvidia makes cutting-edge graphics processers used to train large-language models, like the popular ChatGPT. And its computing platform CUDA and pretrained models on the software side also create the company’s competitive advantage in AI . Demand for Nvidia’s AI chips has soared, which contributed to the jaw-dropping second-quarter guidance issued in May . It’s also why Nvidia was recently able to downplay potential new U.S. restrictions on chip exports to China : Demand everywhere else is so strong. The market has clearly taken note as estimates have been revised higher. Wall Street now expects Nvidia to earn $7.58 per share in fiscal 2024, according to an average of analyst estimates compiled by FactSet. Remarkably, that’s up 75% from the $4.34 per share analysts expected Nvidia to earn in FY24 at the end of 2022. After entering a correction phase last year, Nvidia’s gaming business has appeared to bottom, too, further boosting sentiment around the stock. META YTD mountain Meta Platform’s year-to-date stock performance. Meta Platforms (META) is both the No. 2 Club stock and S & P 500 constituent in the first half, gaining 138.5% over the first and second quarters. Meta rose 35.4% in Q2 alone. Investors have bought into the Facebook and Instagram parent’s “year of efficiency” story, which CEO Mark Zuckerberg laid out Feb. 1 alongside the company’s fourth-quarter earnings . And it only took a few months for those efficiency gains to show up in the social media giant’s financial results . Meta’s solid execution has also been met with some encouraging signs in the digital advertising market after a downturn last year, and increasing traction in Reels, its short-form video feature to battle TikTok. Meta is wisely using AI to attract more advertisers through improved monetization, and to fuel its content recommendations for Reels to grow engagement. More generally, we see Meta as a likely winner in the AI race. PANW YTD mountain Palo Alto Networks’ year-to-date stock performance. Palo Alto Networks (PANW) advanced 83.1% over the first and second quarters, making it the third-best performing Club holding in the first half. In the second quarter, in particular, the cybersecurity stock rose about 28%. Palo Alto’s success this year has been driven by a number of factors, including its impressive stretch of profitability, which enabled the company to join the S & P 500 . Its inclusion became effective in late June, meaning index funds and ETFs that track the S & P 500 needed to buy PANW shares at any price to fulfil their purpose. Palo Alto also has benefited from cybersecurity being a resilient pocket of enterprise software budgets. The company’s platform approach appeals to value-conscious customers who want to consolidate their security spending to fewer vendors; Palo Alto’s offerings include physical firewalls and cloud-native products. This general trend around consolidation should help Palo Alto down the road, too. AMD YTD mountain Advanced Micro Devices’ year-to-date stock performance. Advanced Micro Devices (AMD) rose 16.2% in the second quarter to bring its first-half gains to 75.9%, the fourth-best performance of any Club stock. The bulk of those gains came in the first quarter, during which AMD soared 51.3%. AMD’s best single-day performance in the first half fell on Feb. 1, the day after CEO Lisa Su said on the company’s fourth-quarter earnings call that its struggling PC business was bottoming. That was an important AMD-specific development that helped send its stock up 12.6% in one day. More generally, the chipmaker’s stock has seen a huge lift from AI tailwinds across the technology industry. To that end, AMD’s second-best day this year was May 25, the day after Nvidia’s blowout earnings and guidance. AMD rose 11.6% in sympathy. While we see AMD’s chips playing a part in the AI ecosystem in the coming years, for now it’s a distant second to Nvidia . We took some profits in AMD in late May, believing its AI-fueled stock gains were getting ahead of any AI-related revenue contribution. What’s the common denominator among the first-half winners? Wall Street’s aversion to high-multiple tech stocks — a key theme throughout 2022 — changed with the turn in the calendar. Last year, value stocks were all the rage. Now, the market has shifted back to favoring growth, particularly growth tied to artificial intelligence. It’s worth noting that three of the four first-half winners also were standout performers in the second quarter, specifically. If our list were to only focus on top-four Q2 performers, Nvidia, Meta and Palo Alto would’ve made the cut, while AMD would’ve been replaced by Eli Lilly (LLY). The drugmaker’s stock soared nearly 37% in the second quarter, after declining 5.8% in the first quarter. Its strong April-through-June gains were fueled by promising Alzheimer’s drug-trial data and a range of encouraging news around its obesity-and-diabetes therapies . The laggards FL YTD mountain Foot Locker’s year-to-date performance. Foot Locker (FL) shares fell 28.3% in the first half of the year, the biggest decline for a Club stock during that stretch. After rising 5% in first quarter, Foot Locker shares plummeted 31.7% in the April-through-June quarter. Foot Locker’s disappointing first-quarter results , reported on May 19, were the primary reason for its bad first-half performance. The stock fell 27.2% in a single session in response, closing at $30.21 per share. Foot Locker had closed the prior session at $41.52 per share, meaning it was slightly positive for the year after closing Dec. 30 at $37.79. We invested in Foot Locker as a turnaround story , so we had low expectations going into the first-quarter print. Still, the actual results and lowered full-year guidance proved to be worse than we expected. The bottom line is Foot Locker’s situation got materially worse after management rolled out its “Lace Up” strategy at an investor day in March. The Club, like many others on Wall Street , had been impressed by the plan outlined during that event. To get the stock going, proof will be in the pudding. The business turnaround will need to start showing some momentum. EL YTD mountain Estee Lauder’s year-to-date stock performance. Shares of Estee Lauder (EL) dropped 20.9% in the first half of 2023, making the high-end cosmetics company the second-worst Club stock over that timeframe. After a less-than-1% drop in the first quarter, EL shares fell about 20% in the second quarter. China’s economic recovery has not lived up to expectations, which contributed to major inventory issues at Estee Lauder’s important duty-free stores because products weren’t selling as well as hoped. This dynamic led Estee Lauder to issue a very weak fourth-quarter outlook on May 3 , sending its stock down 17% in one session. Estee Lauder’s China opportunity over the long term still looks attractive. But more immediately, the big question for investors is what the company’s fiscal year 2024 guidance will look like. We expect it’ll take a few quarters to work off that excess inventory. We’re willing to be patient with the stock — and even bought some on weakness in mid-May — because we don’t think Estee Lauder’s brands have lost appeal. It’s easier to work through inventory issues when brand reputation is still intact. HAL YTD mountain Halliburton’s year-to-date stock performance. The third-worst first-half performer is Halliburton (HAL), which fell about 16% during that stretch. The oilfield services provider actually saw its stock gain 4.8% in the second quarter, but was stuck in the bottom four after a 19.6% first-quarter decline. Weakness in oil prices, tied in part to economic uncertainty, has been a drag on Halliburton and other energy names. West Texas Intermediate crude ended the second quarter under $71 per barrel, about $10 below where it started the year. Updates from Halliburton haven’t been terrible in 2023 — delivering quality fourth-quarter numbers in January with an update to its cash-return policy that links a portion of future dividends and stock buybacks to free cash flow. Then, in late April, its first-quarter results were solid , too, with management talking up cash returns and its outlook on demand. However, an overhang on the stock has been investor concern about services pricing, and whether a key tailwind for Halliburton in recent years is fading. If true, that’s good for our exploration-and-production companies like Coterra Energy (CTRA), but less so for Halliburton. HUM YTD mountain Humana’s year-to-date stock performance. Humana (HUM) dropped 12.7% in the first half of 2023, rounding out the bottom-four Club stocks between January and June. Well into the second quarter, Humana’s stock was essentially flat for the year — it closed Dec. 30 at $512.19 per share and then at $512.63 per share June 13. Then UnitedHealth Group (UNH) warned about elevated medical costs among seniors , driven in part by a rise in outpatient procedures. Managed-care stocks were slammed, including Humana, which tumbled 11.2%, to $455 per share. Humana has failed to gain traction since, ending the second quarter at $447.13 per share. On June 16 in a securities filing , the company indicated that it also is seeing an uptick in surgeries and other medical services. While HUM encouragingly reaffirmed its full-year earnings guidance, the company now expects its benefits expense ratio, a closely watched industry metric, to come in toward the top of its full-year guidance range. The common denominator among the worst-performing Club stocks is a bit less obvious than with the winners. But with three of the four losers, we can point to major events that really torpedoed sentiment around the stock: earnings for Foot Locker and Estee Lauder, while UNH’s warning for Humana. All three companies had major pivot points within the second quarter that prompted investors to head for the exit and changed the narrative around the stock. Halliburton’s presence in the bottom four, in some sense, represents the still-present recession fears among a segment of the investment community, and what happens when there’s concern that a big Covid tailwind – pricing power – might soon recede. If our list were focus only on the second quarter, Halliburton would have been replaced by Disney (DIS), which fell 10.8% in April-through-June period; the other three would’ve made the cut. The media and entertainment giant’s stock ended the second quarter nearly 12% below where it traded before its fiscal second-quarter results were released May 10. DIS shares tumbled nearly 9% the next day . (See here for a full list of the stocks in Jim Cramer’s Charitable Trust is long.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Nvidia CEO Jen-Hsun Huang at the Consumer Elctronics Show (CES) in Las Vegas, USA, 04 January 2017. Huang announced that his company would collaborate with the German car company Audi in future.
GM may have decided to pull the plug on the forward-looking Chevy Brightdrop electric van a few months ago, but don’t let that stop you, but don’t let that fool you. Right now might be the best time ever to get your hands on one.
Despite that, I’ve heard more than one fleet manager express hesitation at the thought of adding a discontinued product to their fleet, even if it is a killer discount. To them, I offer the following, model-agnostic rebuttal:
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Legacy brands support their products
Fleet of FedEx BrightDrop 600 electric vans; via GM.
Companies like GM aren’t going anywhere soon, and neither are the customers they’ve spent millions of dollars acquiring over the past several decades. They’ll keep building parts and offering service and maintenance on vehicles like the Brightdrop for at least a decade — not least of which because they have to!
GM sells each Brightdrop with a minimum 8 year/100,000 mile warranty on the battery and other key components, which can be extended either through GM itself or through reputable third-party companies like Xcelerate Auto for seven more.
So, yes: parts longevity and manufacturer support will be there (something I’d be less confident about with a startup like Rivian or Bollinger, for example), but there’s more.
Section 179 and local incentives
McKinstry’s 100th Silverado EV; via GM.
The One Big, Beautiful Bill Act (OBBBA) of 2025 gutted America’s energy independence goals and ensuring its auto industry would fall even further behind the Chinese in the EV race, but the loss of Section 45W wasn’t the only change written into the IRS’ rulebook. Section 179, an immediate expense reduction that business owners can take on depreciable equipment assets, has been made significantly more powerful for 2025.
The section 179 expense deduction is limited to such items as cars, office equipment, business machinery, and computers. This speedy deduction can provide substantial tax relief for business owners who are purchasing startup equipment.
The revised Section 179 tax credit (or, more accurately, expense reduction) allows for a 100% deduction for equipment purchases has doubled to $2.5 million, with a phase-out kicking in at $4 million of capital investments that drops to zero at $6.5 million. That credit and can be applied to new and used vehicles, as well as charging infrastructure, battery energy storage systems, specialized tools, and more (as long as they’re new to you).
All of which is to say: don’t let a little thing like GM discontinuing the Brightdrop convince you to skip it. If you do that, the bean counters that killed off the Buick Grand National, GMC Syclone, and Pontiac Fiero win.
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US Energy Information Administration (EIA) data released on November 25 and reviewed by the SUN DAY Campaign reveal that, during the first nine months of 2025 and for the past year, solar and battery storage have dominated growth among competing energy sources, while fossil fuels and nuclear power have stagnated.
Solar set new records in September
EIA’s latest “Electric Power Monthly” report (with data through September 30, 2025), once again confirms that solar is the fastest-growing source of electricity in the US.
In September alone, electrical generation by utility-scale solar (>1 megawatt (MW)) ballooned by well over 36.1% compared to September 2024, while “estimated” small-scale (e.g., rooftop) solar PV increased by 12.7%. Combined, they grew by 29.9% and provided 9.7% of US electrical output during the month, up from 7.6% a year ago.
Moreover, generation from utility-scale solar thermal and photovoltaic systems expanded by 35.8%, while that from small-scale systems rose by 11.2% during the first nine months of 2025 compared to the same period in 2024. The combination of utility-scale and small-scale solar increased by 29.0% and produced a bit over 9.0% (utility-scale: 6.85%; small-scale: 2.16%) of total US electrical generation for January-September, up from 7.2% a year earlier.
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And for the third consecutive month, utility-scale solar generated more electricity than US wind farms: by 4% in July, 15% in August, and 9% in September. Including small-scale systems, solar has outproduced wind for five consecutive months and by over 40% in September.
Wind leads among renewables
Wind turbines across the US produced 9.8% of US electricity in the first nine months of 2025 – an increase of 1.3% compared to the same period a year earlier and 79% more than that produced by US hydropower plants.
During the first nine months of 2025, electrical generation from wind plus utility-scale and small-scale solar provided 18.8% of the US total, up from 17.1% during the first three quarters of 2024.
Wind and solar combined provided 15.1% more electricity than did coal during the first nine months of this year, and 9.8% more than the US’s nuclear power plants. In fact, as solar and wind expanded, nuclear-generated electricity dropped by 0.1%.
Renewables are now only second to natural gas
The mix of all renewables (wind, solar, hydropower, biomass, and geothermal) produced 8.7% more electricity in January-September than they did a year ago, providing 25.6% of total US electricity production compared to 24.2% 12 months earlier.
Renewables’ share of electrical generation is now second to only that of natural gas, which saw a 3.8% drop in electrical output during the first nine months of 2025.
Solar + storage have dominated 2025
Between October 1, 2024, and September 30, 2025, utility-scale solar capacity grew by 31,619.5 MW, while an additional 5,923.5 MW was provided by small-scale solar. EIA foresees continued strong solar growth, with an additional 35,210.9 MW of utility–scale solar capacity being added in the next 12 months.
Strong growth was also experienced by battery storage, which grew by 59.4% during the past year, adding 13,808.9 MW of new capacity. EIA also notes that planned battery capacity additions over the next year total 22,052.9 MW.
Wind also made a strong showing during the past 12 months, adding 4,843.2 MW, while planned capacity additions over the next year total 9,630.0 MW (onshore) plus 800.0 MW (offshore).
On the other hand, natural gas capacity increased by only 3,417.1 MW and nuclear power added 46.0 MW. Meanwhile, coal capacity plummeted by 3,926.1 MW and petroleum-based capacity fell by an additional 606.6 MW.
Thus, during the past year, renewable energy capacity, including battery storage, small-scale solar, hydropower, geothermal, and biomass, ballooned by 56,019.7 MW while that of all fossil fuels and nuclear power combined actually declined by 1,095.2 MW.
The EIA expects this trend to continue and accelerate over the next 12 months. Utility-scale renewables plus battery storage are projected to increase by 67,806.1 MW (a forecast for small-scale solar is not provided). Meanwhile, natural gas capacity is expected to increase by only 3,835.8 MW, while coal capacity is projected to decrease by 5,857.0 MW, and oil capacity is anticipated to decrease by 5.8 MW. EIA does not project any new growth for nuclear power in the coming year.
SUN DAY Campaign’s executive director Ken Bossong said:
The Trump Administration’s efforts to jump-start nuclear power and fossil fuels are not succeeding. Capacity additions from solar, wind, and battery storage continue to dramatically outpace those from gas, coal, and nuclear, and by growing margins.
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The bZ3X is off to a strong start as Toyota’s most affordable electric SUV, starting at around $15,000 in China.
The bZ3X is a $15,000 Toyota electric SUV in China
Toyota’s joint venture, GAC Toyota, launched the bZ3X in China this March, an affordable, compact electric SUV aimed at young families.
The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV,” starting at just 109,800 yuan, or roughly $15,000.
By May, the electric SUV was the best-selling foreign-owned EV in China, beating out the Volkswagen ID.3, Nissan N7, BMW i3, and Volkswagen ID.4 CROZZ.
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According to the latest update, the bZ3X remains a hot seller. GAC Toyota announced that bZ3X sales exceeded 10,000 units for two consecutive months, with 10,010 units sold in November. Cumulative deliveries have now surpassed 62,000 units.
GAC Toyota recently put the electric SUV through rigorous testing on a winter road trip across China, “showcasing its impressive capabilities as a 100,000-yuan-class pure electric vehicle.”
Measuring 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, the bZ3X is about the same size as BYD’s popular Yuan Plus (sold as the Atto 3 overseas).
Inside, the electric SUV is a major upgrade over the Toyota vehicles we’re accustomed to, with advanced ADAS features, smart storage, and large digital screens.
The bZ3X is available in seven different trims in China, two of which include a LiDAR. Upgrading to the LiDAR version costs 149,800 yuan ($20,500).
Toyota’s electric SUV is available with 50.04 kWh and 67.92 kWh battery pack options, providing a CLTC range of 430 km (267 miles) and 610 km (379 miles), respectively.
Less than two weeks ago, GAC Toyota launched pre-sales for the bZ7, a new flagship electric sedan. According to Toyota, the new flagship EV “possesses a higher level of intelligence than any of Toyota’s offerings in global markets,” as the automaker fights to regain market share in China’s fierce auto market.
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