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This year, the technology firms listed on the U.S. stock exchange that saw the greatest rise in stock prices were those associated with artificial intelligence (AI) and digital currency. With reductions in interest rates this year, the initial public offering (IPO) market has started to rebound, prompting several tech companies to launch their shares. Established software companies like fintech and travel applications faced a drop in stock value after their listings, whereas AI and digital currency firms witnessed significant growth in their stock prices. This is attributed to the surge in investment capital, as the AI and digital currency sectors, which had previously been in the developmental phase, have now showcased real revenue and market impact this year.

◇Technology Stocks Driven by AI and Digital Currency

The technology firm that garnered the most attention from the list this year is ‘CoreWeave.’ CoreWeave, which became publicly traded in March, witnessed its stock value increase from an initial public offering (IPO) price of $40 to a high of $187, and ended at $104.01 as of the 7th (local time). Despite a drop, the stock still increased by 160% compared to the IPO price. The company functions as a data center operator, offering ‘AI-specific infrastructure’ by acquiring large numbers of NVIDIA’s graphics processing units (GPUs). Essentially, it leases GPUs to businesses aiming to develop and run AI applications. Unlike companies managing large-scale cloud services such as Amazon Web Services (AWS) and Google Cloud, it stands out by providing computing resources tailored for generative AI. CoreWeave has especially drawn interest due to its strong ties with NVIDIA, the top AI chipmaker. NVIDIA has invested in CoreWeave and gives priority in GPU distribution to the company.

The company that has experienced the greatest increase in stock price is the stablecoin provider ‘Circle.’ Its stock has increased by 233% since its listing in June. Circle issues and manages the stablecoin ‘USDC,’ which maintains a 1:1 value with the U.S. dollar. The issued coins are supported by an equivalent amount of U.S. dollars in cash and short-term U.S. Treasury bonds, with the interest from these reserves serving as its primary source of income. Unlike other dollar-based stablecoins that have unclear collateral structures, Circle is considered to be aligned with the U.S. financial regulatory framework because it only uses secure assets like cash and government bonds as collateral. Because of this, USDC has been accepted as a payment option by Visa and PayPal, and BlackRock is involved in managing its reserves. Specifically, after the Trump administration passed the so-called ‘Genius Act’ in July, which integrates stablecoins into the formal financial system, expectations for the broader use of USDC have also contributed to the rise in Circle’s stock price. The market value of USDC has also increased from about $45 billion at the start of the year to $75.8 billion as of the 10th.

A blockchain-powered lending firm named Figure experienced a 46% surge in its stock value, while the virtual currency platform Bullish reported a 22% increase. Figure has improved transparency and efficiency by utilizing blockchain technology to replace conventional loan records. Securing mortgage loans for property acquisitions via Figure takes just 10 days, which is 3 to 6 times quicker than traditional financial organizations. In contrast to typical exchanges that facilitate trades between users, Bullish is an institutional virtual currency exchange that provides direct liquidity to minimize price fluctuations.

◇Establishing Technical Infrastructure is Essential

A shared trait among companies that thrived in this year’s IPOs is their emphasis on developing infrastructure or services. In the last 2-3 years, the IPO landscape has shown preference for businesses with consistent revenue structures, like subscription-based software (SaaS) and consumer products. Nevertheless, as AI and digital currencies started to produce direct sales and demonstrate expansion opportunities, firms establishing the foundation for these industries have attracted investor interest. Businesses whose infrastructure scales with the growing AI and digital currency sectors are being acknowledged for their evident growth prospects in the market.

On the other hand, traditional consumer technology companies encountered challenges. Notable examples are fintech firm Chime (-25%), ticket reselling company StubHub (-17%), and travel technology firm Navan (-29%). Even design software company Figma and security firm Netskope, which experienced stock price growth unrelated to AI and virtual currency, managed to keep their positive momentum because they are integrated into the AI environment. U.S. IT media platform TechCrunch noted, “Investors favor companies that showcase the benefits and advancements of AI,” and “Banks anticipate this trend to persist until 2026.”