The companies in the Magnificent Seven had an outsized impact on the stock market's 2023 performance. And these stocks may deliver an encore in 2024, given Nvidia's latest outstanding quarterly report.

One Magnificent Seven stock to own is (NASDAQ: GOOGL)(NASDAQ: GOOG). Like many of its peers working on artificial intelligence (AI), the Google parent saw its stock price zoom from a 52-week low of $88.58 last February to a high of $153.78 on Jan. 29.

But Alphabet shares have now retreated from this high, creating a buy opportunity. Here are some reasons it makes sense to pick up and hold shares of this Magnificent Seven stock.

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Source Fool.com