Among the "Magnificent Seven" stocks, Nvidia (NASDAQ: NVDA) had the best run in 2023, rising 239%. With that kind of one-year performance, investors shouldn't expect another repeat, or even for Nvidia to once again claim the crown of the best "Magnificent Seven" stock in 2024.

Instead, I think investors should be looking at Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) to outperform its peers. Alphabet also had a strong 2023, up 58%. But it's valued much lower than Nvidia despite strong tailwinds. This all adds up to what should be a phenomenal year for Alphabet stock in 2024.

First and foremost, Alphabet's primary business is advertising. While most people are excited about its artificial intelligence (AI) capabilities or cloud computing, the reality is that nearly 80% of revenue comes from its ad business.

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Source Fool.com