In 2023, the Magnificent Seven stocks—Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta
Platforms, and Tesla—proved their worth with substantial gains, dominating market movements.
In 2024, their performance has continued to impress, further solidifying their significant influence
on the market. Due to their massive market capitalizations, these stocks hold outsized influence on
the Nasdaq Composite and S&P 500 indexes, driving broader market trends. Here’s a closer look
1. Nvidia (NVDA) – +183.2% YTD
Nvidia has been a standout performer in 2024, with a massive 183.2% year-to-date (YTD) gain.
The company continues to be the leader in AI and GPU technologies, benefiting from surging
demand for AI-powered applications and its dominant position in the AI chip market. Nvidia’s Q3
earnings exceeded Wall Street expectations, with a substantial increase in both earnings and
revenue compared to last year. However, the stock recently faced a 3% decline amid reports of an
investigation in China for anti-monopoly violations. Despite this setback, Nvidia’s growth
prospects in the AI space remain robust, and it continues to be a key driver of the tech sector.
