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The Magnificent Seven: Stock market leaders thrive in 2024

The Magnificent Seven: Stock market leaders thrive in 2024

In recent months, a select group of companies collectively known as the ‘Magnificent Seven’ has wielded influence over the stock market. These companies have found themselves in the spotlight once again amidst a thriving stock market, marked by record highs in key indices such as the S&P 500 and Dow. 

Against this backdrop, the Magnificent Seven has experienced a noteworthy surge in their combined market capitalization, garnering increased favor among investors.

According to data obtained by Finbold, the cumulative market capitalization of the Magnificent Seven— Meta Platforms (NASDAQ: META), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Netflix (NASDAQ: NFLX), Alphabet Inc (NASDAQ: GOOGL), Microsoft (NASDAQ: MSFT), and Nvidia (NASDAQ: NVDA)—reached $13.3 trillion by the market’s close on March 1.

Magnificent Seven market cap/ stock price chart on March 3. Source: Companies Market Cap

This figure reflects a substantial increase of approximately $1.3 trillion or 10% within two months, compared to the $12 trillion recorded on January 1, 2023.

Magnificent Seven market cap/ stock price chart on January 1. Source: Companies Market Cap/Wayback Machine

Within this group of companies,  Microsoft, boasting a market capitalization of $3.087 trillion, has claimed the top spot, surpassing Apple as the world’s most valuable company. 

By press time, Apple held the second position with a market cap of $2.77 trillion. Notably, semiconductor giant Nvidia has made remarkable strides, ranking third with a market cap of $2.05 trillion. Interestingly, at the beginning of the year, Nvidia held the sixth position with a market cap of $1.22 trillion.

Themes driving Magnificent Seven

One prevailing theme dominating discussions about the Magnificent Seven’s performance is the increasing influence of artificial intelligence (AI). Three standout companies, Nvidia, Microsoft, and Meta, have firmly positioned themselves as frontrunners in the AI space.

For instance, Nvidia has sustained its impressive momentum from 2022, becoming synonymous with the technology powering large language models like OpenAI’s ChatGPT. This success is reflected in the company’s financials, with the latest reports highlighting data center sales of $18 billion, marking a remarkable 409% increase. This achievement has propelled Nvidia’s stock to record a 70% increase in 2024.

Similarly, social media giant Meta has made substantial progress in realizing its vision for advancing AI and the metaverse. The company has unveiled several products, including a new AI language model, Llama 3, slated for release in July. Combined with robust fourth-quarter results from 2023, Meta’s stock has rallied by an impressive 45% in 2024.

Microsoft has also capitalized on the AI wave through its investment in OpenAI. The company has seamlessly integrated AI elements into its key product offerings. Similarly, Alphabet has made strides, unveiling products such as Gemini.

Struggling Magnificent Seven companies 

However, not all members of the Magnificent Seven are enjoying equal success. Tesla, known for its AI and self-driving technology ambitions, is primarily perceived by the market for its core business of manufacturing electric vehicles. Despite this, Tesla’s stock has faced a challenging year, declining by 18% since January, mainly due to uncertainties surrounding the demand for electric vehicles.

Apple has also encountered challenges in 2024, witnessing a 3% decline in its stock. Notably, Apple has announced plans to delve into AI after shelving its electric vehicle ambitions. One notable factor contributing to these challenges is the heightened exposure of both Apple and Tesla to the Chinese market, which is grappling with various economic challenges.

With stocks like Apple and Tesla facing struggles, it remains to be seen whether the Magnificent Seven will continue to move as a unit or if individual entities will break out.

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