Confluent's latest quarterly report came out on Feb. 11, and its share price popped 25% the following day thanks to stronger-than-expected growth and solid guidance that bested Wall Street's expectations.

The S&P 500 (SNPINDEX: ^GSPC) continues to set new record highs, extending the raging bull market which began when the index bottomed in October 2022. However, not every stock has followed along. Confluent (NASDAQ: CFLT) stock is still trading 62% below its best-ever level which was set during the tech frenzy in 2021.

AppLovin has consistently exceeded expectations in recent quarters, largely due to the success of its AI-driven ad search engine, which has fueled its stock rally.

Moderna (MRNA) has been a classic example of how one successful product can propel a biotech stock to new heights in a matter of months. Before developing its COVID-19 vaccine, Moderna had no approved products.