As earnings season kicks into gear, all eyes are on big tech. Why? Well, the "Magnificent Seven" stocks all played an important role in the Nasdaq Composite's 43% surge last year, and momentum has gotten stronger in 2024, which has helped the S 500 soar to new highs.

Following its fourth-quarter earnings report on Feb. 1, Meta Platforms (NASDAQ: META) rocketed by more than 20% and re-entered the exclusive club of trillion-dollar companies.

While progress in artificial intelligence (AI) applications is front and center for investors, Meta's management was sure to tame expectations amid the enthusiasm. Nevertheless, investors are cheering on the stock.

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Source Fool.com