The "Magnificent Seven" was coined by Bank of America analyst Michael Hartnett to describe seven large, tech-focused companies. Due to a combination of their size, underlying fundamentals, and growth, these companies led the market rally in 2023. They have also contributed the bulk of the S&P 500's gains in 2024.

However, something has changed over the last month. One of the three Magnificent Seven stocks that had been down year to date is suddenly up -- a lot -- over the last month.

Here's why Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) has suddenly become the hottest Magnificent Seven stock and why it remains a great value even though it is hovering around a 52-week high.

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Source Fool.com