The "Magnificent Seven" stocks generated billions of dollars in wealth for both professional and retail investors as the group of elite tech stocks soared last year. These seven stocks -- Microsoft (NASDAQ: MSFT), Apple, Nvidia, Alphabet, Amazon, Meta Platforms, and Tesla -- more than doubled on average last year, earning the name "magnificent" along the way.

Not surprisingly, these stocks have been popular with professional investors, and hedge funds have piled into them in recent years. All seven are widely held among hedge funds, but according to hedge Follow, the most widely held Magnificent Seven stock among the top hedge funds is Microsoft, which is owned by 177 of the top investment managers.

The stock's biggest holders are institutional investors like Blackrock and State Street, and the biggest funds that own the stock include the Bill and Melinda Gates Foundation, Ken Fisher's Fisher Asset Management, and Chris Hohn's TCI Fund Management. Here's why it's so popular.

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Source Fool.com