FSLY - Why Fastly Stock Has Already Doubled This Year
2023-07-12 18:18:48 ET
Shares of edge computing specialist Fastly (NYSE: FSLY) have skyrocketed this year. The stock soared 92.6% in the first half of the year alone, according to data provided by S&P Global Market Intelligence . And thanks to a strong July so far, the stock has now more than doubled this year, rising about 110% year to date.
While broader-market momentum in tech stocks has undoubtedly been a key driver for the growth stock 's gains, Fastly's business momentum under recently appointed CEO Todd Nightingale has helped, too.
Highlighting how momentum in tech has been a tailwind for Fastly, consider that the tech-heavy Nasdaq Composite is up 33% as investors' appetite for technology stocks seems insatiable. This, of course, follows a sharp decline in the Nasdaq last year. The beginning of a rebound in the Nasdaq this year has been helped by an artificial intelligence (AI) frenzy. Investors are betting that demand for more artificial intelligence will lead to higher sales at tech companies (like Fastly), providing computing power or other services used by AI.
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Why Fastly Stock Has Already Doubled This Year