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Transformative Year for Global Markets

Transformative Year for Global Markets

Published Dec 31, 2024
1 minute reading time
Author: Dr. Viktor Kalm
Senior Investment Analyst

The year 2024 proved pivotal for global financial markets, driven by a mix of political shifts, technological breakthroughs, and evolving macroeconomic conditions. The re-election of Donald Trump as U.S. President ushered in a pro-business environment, with policies aimed at deregulation and economic stimulus bolstering investor confidence. Key sectors such as technology and renewable energy emerged as standout performers, reflecting the rapid pace of innovation and the global pivot toward sustainability. The Federal Reserve's accommodative stance, marked by multiple rate cuts, provided a supportive monetary backdrop, spurring growth across industries and contributing to record equity market gains. Meanwhile, heightened regulatory scrutiny on Big Tech, coupled with geopolitical tensions and supply chain challenges, underscored the complexities facing businesses in an interconnected global economy.

Stock Market Resilience Amid Political Shifts

The re-election of Donald Trump as U.S. President in 2024 brought renewed focus on pro-business policies and deregulation, providing a supportive backdrop for equity markets. Despite initial uncertainties, the markets responded positively to the administration's plans for tax incentives and infrastructure spending, which bolstered investor confidence.


Tech Sector Dominance and Key Winners

Tesla (TSLA) and NVIDIA (NVDA) emerged as significant winners in 2024. TSLA benefited from continued global demand for electric vehicles and breakthroughs in battery technology. Meanwhile, NVDA capitalized on its leadership in AI and semiconductor innovation, driving its market capitalization to record highs as demand for AI-driven solutions surged.

BULLS & BEARS SAY

🟢 BULL CASE

Alphabet’s core advertising business is deeply entrenched in advertising budgets, allowing the firm to benefit from a secular increase in digital advertising spending.

The firm’s advertising business generates substantial cash flows that it can reinvest in growth areas such as GCP, AI-infused search, and aspirational projects such as Waymo.

Alphabet has a huge opportunity in the lucrative public cloud space as a key cloud vendor to enterprises looking to digitize their workloads.

🔴 BEAR CASE

While Alphabet is seeking to diversify its business away from search, text-based advertising remains the largest contributor to the firm’s top line creating a concentration risk.

Alphabet’s continued investments in new, often unproven technologies, via its Other Bets business have been a drag on cash flows.

Regulators around the world are keying in on Alphabet’s search dominance and could upend the search market through the imposition of deep, structural changes in the search space.

About the Author
Dr. Viktor Kalm
Senior Investment Analyst

Dr. Viktor Kalm is a Senior Investment Analyst at Alpha Spread. He has over seven years of experience in corporate finance, specializing in financial modeling, business valuation, and strategic planning services. Previously, as a hedge fund manager, he focused on private equity management, consistently delivering positive returns to his clients.

Dr. Viktor Kalm
Senior Investment Analyst

Dr. Viktor Kalm is a Senior Investment Analyst at Alpha Spread. He has over seven years of experience in corporate finance, specializing in financial modeling, business valuation, and strategic planning services. Previously, as a hedge fund manager, he focused on private equity management, consistently delivering positive returns to his clients.

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