This Is the Best-Performing "Magnificent Seven" Stock of 2023. Will That Change in 2024?
If the 2023 stock market had an MVP, it would have to be Nvidia (NASDAQ: NVDA).
The chip maker and inventor of the graphics processing unit (GPU) has been the biggest winner in the generative artificial intelligence (AI) gold rush to date by far. Its revenue and profits have soared this year, and the stock has more than tripled year to date through Dec. 20. Along the way, the stock crossed the $1 trillion market cap, adding roughly $700 billion in market value and making it just one of five U.S. companies in that club.
The other four companies are Apple, Microsoft, Amazon, and . Together with Meta Platforms and Tesla, they've come to be known as the "Magnificent Seven," which has replaced FAANG stocks as shorthand for big tech stocks. Together they represent roughly $12 trillion in market cap, and the group has delivered monster returns this year, with each one outperforming the S 500 and the , as you can see from the chart below.
Source Fool.com
Alphabet Inc. A Stock
The stock is an absolute favorite of our community with 93 Buy predictions and no Sell predictions.
As a result the target price of 178 € shows a slightly positive potential of 13.64% compared to the current price of 156.64 € for Alphabet Inc. A.
