Magnificent Seven Tech Giants Continue to Drive Market Gains with AI Momentum
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The "Magnificent Seven" mega-cap tech stocks have significantly outperformed the other 493 stocks in the S&P 500 over the past year.
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LPL Financial's Jeffrey Buchbinder said not to underestimate these stocks, as their high earnings growth is key.
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The Magnificent Seven were responsible for over 60% of the S&P 500's 25% gain last year.
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Buchbinder said the Magnificent Seven are "single-handedly driving earnings growth" for the overall market.
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Analysts expect the outperformance trend to continue in 2023 and 2024 as the AI revolution builds momentum.