Posted 1/1/2024, 10:57:45 PM
Tech's 'Magnificent Seven' Power Market Gains in 2023
- The "Magnificent Seven" mega-cap tech stocks dominated the market in 2023, accounting for 75% of the S&P 500's gains
- Semiconductor company Nvidia posted a 240% surge, powering it to a $1 trillion valuation and tripling its CEO's wealth
- Meta and Tesla also rebounded from weak years to notch triple-digit returns amid the tech rebound
- Analysts expect the Big Tech group to continue outperforming in 2024 thanks to AI opportunities and potential Fed rate cuts
- Nvidia, Microsoft, Apple, and Amazon appear well-positioned to capitalize on the rise of artificial intelligence