Since the start of 2023, the market has been on an absolute tear. The S 500 and the Nasdaq Composite have soared 34% and 54%, respectively, during that time (as of March 18).

But it hasn't been a broad-based rally. In fact, the so-called "Magnificent Seven" stocks, which include some of the world's most dominant and influential enterprises, are carrying most of the weight. And their market caps are reaching new heights.

This doesn't mean these stocks are off limits. Investors should take a closer look at Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) in particular. Trading at a forward price-to-earnings (P/E) ratio of just 21.8, this tech giant is the cheapest of all the Magnificent Seven stocks based on this popular metric.

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Source Fool.com