In 2024, the “Magnificent Seven” stocks—Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla—delivered impressive gains. These tech giants, with their massive market capitalizations, have a significant influence on the Nasdaq composite and S&P 500 indexes. Here’s a snapshot of their 2024 performance:
- Alphabet (GOOGL): +35.5%
- Amazon (AMZN): +44.4%
- Apple (AAPL): +30.1%
- Meta Platforms (META): +65.4%
- Microsoft (MSFT): +12.1%
- Nvidia (NVDA): +171.2%
- Tesla (TSLA): +62.5%
Nvidia Stock Movement: Nvidia’s stock recently reversed 2% lower, after a rebound the day before, facing resistance at its 50-day moving average. Despite this, Nvidia remains a key player, especially with its new AI initiatives unveiled at CES 2025, including Nvidia Cosmos, a platform designed to accelerate AI development in autonomous vehicles and robots.
Amazon’s Position: Amazon’s stock has maintained strength, recently reclaiming its buy point and continuing to hold above its 50-day line. The company reported robust earnings, surpassing analysts’ expectations, with its Amazon Bedrock platform gaining attention for its role in offering high-performing AI foundation models.
Tesla’s Performance: Tesla experienced a 3.4% drop recently, partly reversing a previous rally. Despite missing its delivery targets for Q4, the company is positioning itself for strong growth, having reported 495,570 deliveries for the quarter.
Apple and Microsoft:
Apple has faced some challenges, including weak sales guidance and slower-than-expected AI rollouts, with its stock selling off 4%. However, the company still posted solid earnings in its latest quarter.
Microsoft exceeded earnings expectations in its fiscal Q1, driven by its cloud business, but issued conservative guidance for the current quarter.
Meta’s Resilience: Meta Platforms saw a 0.9% drop recently but continues to show strong performance, holding above key technical levels. The company’s significant investments in AI and the metaverse remain a focal point for investors.
Alphabet’s Outlook: Alphabet also experienced a decline of 1.4%, but the company remains close to record highs. Its strong performance in AI-driven internet search and advertising boosts its growth prospects.
Overall, the Magnificent Seven stocks remain central to the tech sector’s performance, with each facing unique challenges and opportunities heading into 2025.
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