Why Artificial Intelligence (AI) Could Be a Game Changer for This "Magnificent Seven" Stock
Technology stocks roared back in 2023 thanks to multiple tailwinds such as cooling inflation and the booming popularity of artificial intelligence (AI), which explains why the tech-laden Nasdaq 100 Technology Sector index jumped an impressive 66% near year-end.
Seven megacap tech companies, collectively known as the "Magnificent Seven," have been a driving force behind the surge in tech stocks this year. These Magnificent Seven stocks include (NASDAQ: AAPL), Amazon, Alphabet, Meta Platforms, Microsoft, Nvidia, and Tesla. However, there is one stock in this group that hasn't taken off like the others: Apple.
While shares of Apple are up 49% in 2023, they have underperformed the Nasdaq 100. That may be the case because the company's growth hasn't been solid of late. Apple's revenue in fiscal 2023, which ended on Sept. 30, was down almost 3% year over year to $383 billion. Bottom-line growth nearly stagnated as adjusted earnings increased just two cents year over year to $6.13 per share.
Source Fool.com
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