You may not be familiar with the organization, but there's a good chance you're using a product containing semiconductor chips made by Taiwan Semiconductor Manufacturing (NYSE: TSM). TSMC (as it's better known) manufactures chips for chip design companies that aren't willing or able to make their own. If you've been paying close attention of late, you've likely noticed the global semiconductor shortage is motivating chip brands to take more of their manufacturing destinies into their own hands.
Tech stocks, in particular, were the high-octane fuel that soared. Where the Nasdaq Composite index returned nearly 900% over that time frame, or more than twice what the S&P 500 did during those years, the tech-heavy Nasdaq 100 index returned 1,250%. The following three stocks showed not only some of the fastest rates of growth in earnings and revenue, but Wall Street forecasts earnings will maintain that pace going forward.
All eyes have been on the economy this year, with investors and consumers alike looking for any indication that things are on the mend. With that as a backdrop for the day's trading session, e-commerce platform Shopify (NYSE: SHOP) climbed 5.5%, cybersecurity specialist Palo Alto Networks (NASDAQ: PANW) jumped 3.8%, and cloud-centric database provider MongoDB (NASDAQ: MDB) rallied 3% as of 12:22 p.m. ET. To be clear, there was little in the way of company-specific news about these businesses.