High Growth Tech Stocks to Watch in December 2024

The United States market has experienced a flat performance over the last week but has seen an impressive 32% increase over the past year, with earnings projected to grow by 15% annually in the coming years. In this environment, identifying high growth tech stocks involves focusing on companies that demonstrate strong potential for innovation and scalability, aligning well with these optimistic growth expectations.

Top 10 High Growth Tech Companies In The United States

Name	Revenue Growth	Earnings Growth	Growth Rating
Super Micro Computer	23.83%	24.32%	★★★★★★
Ardelyx	25.24%	69.64%	★★★★★★
Sarepta Therapeutics	24.00%	42.51%	★★★★★★
Alnylam Pharmaceuticals	22.35%	70.33%	★★★★★★
Clene	78.50%	60.16%	★★★★★★
TG Therapeutics	34.66%	56.98%	★★★★★★
Alkami Technology	21.89%	98.60%	★★★★★★
Travere Therapeutics	31.70%	72.51%	★★★★★★
Seagen	22.57%	71.80%	★★★★★★
ImmunoGen	26.00%	45.85%	★★★★★★

Click here to see the full list of 245 stocks from our US High Growth Tech and AI Stocks screener.

Here's a peek at a few of the choices from the screener.

Bit Digital (NasdaqCM:BTBT)

Simply Wall St Growth Rating: ★★★★★☆

Overview: Bit Digital, Inc. is involved in the bitcoin mining industry and has a market capitalization of approximately $677.77 million.

Operations: The company operates in the bitcoin mining sector, generating revenue primarily from software and programming, which amounts to $98 million.

Bit Digital's recent performance underscores a challenging yet evolving landscape. Despite a significant revenue jump to $22.71 million in Q3 2024 from $11.56 million the previous year, the company faced a steep net loss increase to $38.8 million from $7.18 million, reflecting aggressive investment and scaling challenges in high-performance computing (HPC). The firm's strategic partnership with Boosteroid, potentially adding up to $700 million in revenue over five years, highlights its push into lucrative markets despite current profitability hurdles. Moreover, R&D efforts remain robust as Bit Digital aims to capitalize on advanced GPU technologies and expand its service offerings, positioning it for potential future growth amid high market volatility and competitive pressures.

• Click here to discover the nuances of Bit Digital with our detailed analytical health report.

• Learn about Bit Digital's historical performance.

Canaan (NasdaqGM:CAN)

Simply Wall St Growth Rating: ★★★★★☆

Overview: Canaan Inc. focuses on the research, design, and sale of integrated circuits for bitcoin mining equipment in China, with a market cap of $599.63 million.

Operations: The company generates revenue primarily from the sale of semiconductors, amounting to $229.63 million. It also engages in leasing final mining equipment by integrating its integrated circuit products for bitcoin mining and related components in China.

Canaan's trajectory in the high-growth tech sector is marked by significant revenue acceleration and strategic advancements in its product offerings, despite facing profitability challenges. In Q3 2024, Canaan reported a revenue surge to $73.61 million from $33.32 million year-over-year, showcasing a robust growth rate of 44.4%. This growth is complemented by their recent enhancements to the Avalon Miner A15 series, which now features improved hash rates and power efficiency, catering to escalating computational demands in crypto mining. Furthermore, Canaan's commitment to R&D is evident as they navigate through market volatilities with an eye on future profitability; earnings are expected to grow by an impressive 114.5% annually. These developments position Canaan as a resilient player aiming for operational excellence and market expansion amidst ongoing financial recalibrations.

• Take a closer look at Canaan's potential here in our health report.

• Gain insights into Canaan's past trends and performance with our Past report.

SpringWorks Therapeutics (NasdaqGS:SWTX)

Simply Wall St Growth Rating: ★★★★★☆

Overview: SpringWorks Therapeutics, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing medicines for underserved patient populations with rare diseases and cancer, with a market cap of $3.11 billion.

Operations: SpringWorks Therapeutics focuses on developing and commercializing treatments for rare diseases and cancer, targeting underserved patient populations. The company operates as a commercial-stage biopharmaceutical entity with a market capitalization of approximately $3.11 billion.

SpringWorks Therapeutics stands out in the biotech sector with a projected annual revenue growth of 44.7%, significantly surpassing the US market average of 8.9%. Despite current unprofitability, earnings are expected to soar by 70% annually, positioning the company for a profitable turnaround within three years. Recent advances include promising results from their Phase 2b ReNeu trial, where mirdametinib showed notable efficacy in treating neurofibromatosis type 1-associated plexiform neurofibromas, with deep and durable tumor volume reductions observed. These clinical successes coupled with robust R&D investments underscore SpringWorks' potential to transform patient outcomes and secure a strong market position as it moves towards profitability.

• Delve into the full analysis health report here for a deeper understanding of SpringWorks Therapeutics.

• Explore historical data to track SpringWorks Therapeutics' performance over time in our Past section.

Summing It All Up

• Dive into all 245 of the US High Growth Tech and AI Stocks we have identified here.
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Ready For A Different Approach?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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