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The S&P 500’s communications services sector has seen strong growth this year, driven by positive earnings and enthusiasm for the promise of artificial intelligence.
The Communications Services sector (SP500-50) emerged as the second-best performing sector among the 11 S&P 500 sectors, posting gains 26% In the first half of 2024. The sector made 35 new highs in the first half, reaching a 52-week high of $316.15.
Selected Telecommunications Sector SPDR Fund (New York: California:XLCThe S&P 500 Communications Services stock, which tracks the Communications Services sector of the S&P 500, hit a record high of $87.02 and has gained 31-fold in the first six months.
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The AI craze continued in full force in the first half of 2024, with mega-cap names posting huge gains. Google (GOOG) and Meta (META), among the Super Seven, posted gains of 30% and 42%, respectively, in the first two quarters of 2024.
The explosive rise of artificial intelligence has pushed these 4 telecom stocks to all-time highs:
- Meta platforms (Meta) and the alphabet Shares of Google Inc. (GOOG), part of Interactive Media & Services Group, hit all-time highs of $531.49 and $186.05, respectively.
- News Corp Shares of Media Inc. (NWSA) also hit an all-time high of $28.00. T-Mobile Shares of Wireless Communications Services of the United States (TMUS) rose to a new high of $182.67.
Meanwhile, media company Paramount Global Class B (PARA) appears to be struggling, with the stock falling 26% In the first half of the year.