2024 - A Year in Review for Business
A whole lot of NVIDIA, and other stuff too
The Bhatt Report: 2024 – A Year in Business
As 2024 draws to a close, it's time to reflect on the business landscape that was shaped by global events, political shifts, and powerful market forces. This year, more than most, businesses found themselves at the mercy of a turbulent world stage. From the assassination attempt on former and future U.S. President Donald Trump to the deepening rivalry between Russia and China versus the United States and the European Union, the world’s power dynamics had a massive impact on business strategies. The looming threat of a TikTok ban in the U.S. sparked fears of a fragmented global market, while the debate over tariff policies and the growing likelihood of a potential trade war have left business leaders on edge.
2024 was a year of great volatility for some of the biggest corporations in the world, as some fell hard, while others rose to extraordinary heights. Intel, once a titan of the tech world, struggled through a series of challenges, culminating in a major CEO change at the year’s end. CrowdStrike, a leader in cybersecurity, faced one of its worst crises, and Boeing encountered a storm of issues that captured public attention. On the other hand, several companies defied expectations and soared to new heights. Duolingo, powered by a highly effective marketing campaign, became a household name, while major social media players inked lucrative deals that bolstered their growth.
The semiconductor industry, arguably the most dynamic sector in 2024, saw transformative changes. The CHIPS Act continued to have a profound impact, and while AMD solidified its position as a top player, Intel's decline was undeniable. But the real story of the year was the meteoric rise of NVIDIA, which ended the year as one of the world’s most valuable companies.
In this chaotic year of business, let's dive into the first-ever Bhatt Report Annual Business Awards, where we honor the standout companies and individuals of 2024.
Rising Business of the Year: Duolingo
Honorable Mentions: Buc-ees, Perplexity AI, Shiprocket
2024 was undoubtedly the year of Duolingo. With an unmatched marketing strategy that consistently hit the mark, Duolingo became more than just an app—it became a cultural phenomenon. From embracing viral trends like the brat summer movement to launching the wildly successful "Spanish or Vanish" dance challenge, Duolingo's clever marketing tactics put the brand front and center in the global conversation. By the end of the year, Duolingo had evolved from an emerging player to one of the most formidable forces in the business world.
Rising Business Person of the Year: Zaria Parvez
Zaria Parvez, the TikTok social media manager for Duolingo, is a driving force behind the company's viral success. Parvez helped transform Duolingo’s social media presence into a powerhouse, making waves with campaigns that captivated millions. Beyond her work with Duolingo, Parvez’s newsletter Make It Go Viral has become a must-read for marketers, offering unparalleled insight into the mechanics of viral content.
The Failing Business of the Year: Boeing
Honorable Mentions: HYBE, Intel, CrowdStrike, Ticketmaster
2024 was a disastrous year for Boeing. The company faced a series of unprecedented challenges, ranging from the culmination of a long-running strike to widespread operational problems. While the company managed to negotiate an end to the strike, its reputation took a severe hit. Boeing’s struggles were compounded by a broader industry-wide downturn, which saw it joining the ranks of other faltering giants like Intel and HYBE.
Businessperson of the Year: Jensen Huang
Honorable Mentions: Elon Musk, Antonio Neri, Satya Nadella, Lisa Su, Sam Altman
Jensen Huang’s name became synonymous with success in 2024. As the CEO of NVIDIA, Huang steered the company to unparalleled heights, making it the most talked-about and most valuable tech company in the world. His leadership during the rise of AI-powered technologies was nothing short of visionary, and by the end of the year, he had solidified his position as one of the most influential figures in corporate America. Huang’s remarkable success redefined what it means to be a tech leader in today's rapidly evolving landscape.
Business of the Year: NVIDIA
Honorable Mentions: AMD, Duolingo, Microsoft, Crumbl Cookies, Discord, OpenAI
2024 was, without a doubt, NVIDIA’s year. The company rode the AI wave to unprecedented success, becoming the highest-valued company in the world. With the rise of generative AI and the explosion of demand for GPUs, NVIDIA’s dominance in the semiconductor market has made it a cornerstone of the tech industry. The company’s meteoric rise was fueled by groundbreaking innovations and savvy business moves, positioning NVIDIA as a leader not just in hardware, but in shaping the future of artificial intelligence. By the close of the year, NVIDIA had transitioned from a rising star to one of the three highest market-cap companies globally.