Wall Street slightly soured on tech stocks in 2022 as an economic downturn saw the Nasdaq-100 Technology Sector index plunge 40% during the year. However, investors have grown bullish about the industry again, thanks to exciting prospects in sectors like artificial intelligence (AI) and cloud computing.

As a result, the same index is up 51% year over year. Investors have rallied over the "Magnificent Seven," a phrase used to describe the seven most influential companies in tech. The seven include , Amazon, Apple, Meta Platforms, Microsoft, Nvidia (NASDAQ: NVDA), and Tesla.

These companies are investing heavily in AI, an industry projected to expand at a compound annual growth rate of 37% through 2030. Meanwhile, chipmaker Nvidia has seen exponential growth over the last year as its graphics processing units (GPUs) have become the gold standard for AI developers worldwide.

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Source Fool.com