October 28, 2024

Which stocks are in the Magnificent 7?

Posted By: ndeeney

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The “Magnificent 7” refers to a group of seven high-performing tech stocks that drive much of the market’s growth, particularly during market rallies. These companies have significantly influenced stock market performance, accounting for a large share of the gains in major indexes such as the S&P 500 and the Nasdaq.

“Magnificent 7” originally referred to the iconic 1960 Western film, “The Magnificent Seven,” directed by John Sturges. The film portrays a group of seven gunfighters who band together to protect a small village from bandits, becoming a classic in cinematic history.

In 2023, Bank of America analyst Michael Hartnett revived the phrase “Magnificent 7” to refer to a specific group of stocks that are driving significant growth in the market. These companies stand out in the stock market as tech-industry trendsetters, which makes them vital players in determining economic growth and investment strategies.

These companies are:

Apple Inc. (AAPL)
Microsoft Corp. (MSFT)
Amazon.com Inc. (AMZN)
Alphabet Inc. (GOOGL) (the parent company of Google)
Meta Platforms Inc. (META) (formerly Facebook)
Nvidia Corp. (NVDA)
Tesla Inc. (TSLA)

Check out more on all seven stocks.

Nvidia stock (Ticker: NVDA)

Illustration: SOPA Images (Getty Images)

Nvidia (NVDA) designs and manufactures high-performance processors for a wide range of devices, including personal computers, tablets, smartphones, workstations, and servers. In 2024, the company has dominated the AI chip market.

As of October 2024, Nvidia’s stock performance looks like this:

Apple stock (Ticker: AAPL)

Illustration: Anadolu (Getty Images)

Apple Inc. (AAPL) is a premier player in the consumer electronics industry, renowned for its innovative technology and design excellence. The company generates a substantial portion of its revenue from a diverse portfolio of products, including iPhones, MacBooks, Mac desktops, iPads, Apple Watches, and other devices.

As of October 2024, Apple’s stock performance looks like this:

Microsoft stock (Ticker: MSFT)

Illustration: NurPhoto (Getty Images)

Microsoft (MSFT) is the world’s largest software company, recognized for its extensive portfolio of products and services. It is best known for the Windows Operating System, Microsoft Office Suite, Azure Cloud Services, LinkedIn, and others. The company is a market leader not only in professional software but also in artificial intelligence. The company has made strides in AI development, highlighted by its $13 billion investment in OpenAI, the creator of ChatGPT.

As of October 2024, Microsoft’s stock performance looks like this:

Google parent Alphabet stock (Ticker: GOOGL)

Illustration: NurPhoto (Getty Images)

Alphabet (GOOGL) is a leading global technology company and the parent organization of several influential firms, including the search and advertising giant Google and the video streaming service YouTube.

Additionally, Alphabet is at the forefront of the artificial intelligence trend. Its Gemini AI chatbot and other advanced AI models are significant competitors to ChatGPT, reflecting its commitment to developing cutting-edge AI technologies.

As of October 2024, Alphabet’s stock performance looks like this:

Amazon stock (Ticker: AMZN)

Illustration: NurPhoto (Getty Images)

Founded in 1994 as an online bookstore, Amazon (AMZN) has evolved into a global powerhouse over the past three decades. Today, it is one of the largest e-commerce retailers, a leading provider of cloud services, and a prominent digital entertainment platform.

In addition to its retail operations, Amazon Web Services (AWS) has established the company as a frontrunner in cloud computing, providing scalable infrastructure and services to businesses worldwide.

As of October 2024, Amazon’s stock performance looks like this:

Facebook parent Meta stock (Ticker: META)

Illustration: NurPhoto (Getty Images)

Meta Platforms (META) is the parent company behind some of the world’s most popular social media and messaging services, including Facebook, Instagram, WhatsApp, and Messenger. These platforms connect billions of users globally, enabling them to share content, communicate, and engage with communities across diverse interests.

As of October 2024, Meta’s stock performance looks like this:

Tesla stock (Ticker: TSLA)

Illustration: NurPhoto (Getty Images)

Tesla (TSLA) is a global leader in electric vehicles (EVs) and advanced driver assistance systems. The company has been at the forefront of innovation, driving the adoption of EVs across the auto industry. One of Tesla’s most ambitious projects is developing a fully autonomous vehicle known as the Robotaxi. This driverless car initiative has been in the works for several years, and investors are eagerly anticipating its market debut, which could influence the future of transportation.

As of October 2024, Tesla stock performance looks like this:

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