Finance
Magnificent Seven? It’s More Like the Blazing Two and Tepid Five
Nvidia and Meta have pulled away from the rest of the once-hot group as investors focus on AI.
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For more than a decade, the stock market has been supercharged by a handful of technology behemoths that have offered the promise of hypergrowth. You know them: household names such as Google parent Alphabet, Amazon.com, Apple, Facebook parent Meta, Microsoft and Tesla. Grouped under various acronyms that played off their corporate monikers—FANG, FAANG, MAMAA—these companies became a staple of just about everyone’s portfolio.
Then last year, a newcomer joined the crowd: Nvidia Corp., the leading chipmaker for artificial intelligence technology. With its stock up more than sixfold since the start of 2023, portfolio advisers soon began talking about an investment strategy built around a new grouping, the “Magnificent Seven.”