Tech's Magnificent Seven Stocks Lose $250 Billion in Value to Start 2024 After Massive 2023 Gains
• The "Magnificent Seven" stocks are now worth $11.7 trillion, equal to the UK, Japan, and Canada's markets combined • The group of 7 tech stocks rose 107% in 2023, driving most S&P 500 gains • Investors are concerned the handful of richly-valued mega caps indicate a speculative bubble • The Magnificent Seven valuations are "extreme," presenting opportunities in other areas • The 7 stocks lost $250 billion in the first trading day of 2024, with Apple dropping 4%