The Magnificent Seven tech giants are rewriting the playbook on market dominance, with their combined market capitalization surging to an unprecedented $18.2 trillion.
Five out of the seven juggernauts — Apple Inc. AAPL, Alphabet Inc. GOOGL, Amazon Inc. AMZN, Meta Platforms Inc. META, and Tesla Inc. TSLA — smashed through record highs during Wednesday trading, solidifying their grip on the global stock market and fueling another strong rally in 2024.
The Roundhill Magnificent Seven ETF MAGS, a closely watched benchmark for the group's market performance, surged 2.8% on Wednesday, setting a new all-time high.
Notably, Tesla shares soared to fresh all-time highs after surpassing the peak set in November 202. The EV-maker has gained 67% since the U.S. presidential election, thanks to its innovative ability to scale like a software company.
“Because Tesla can remotely update its fleet’s software, its ability to scale and grow are more similar to the other tech companies in the Magnificent-7 than an auto manufacturer,” said Wall Street veteran investor Ed Yardeni in a note Wednesday.
Alphabet led the day's rally with a 4.63% gain, while Apple lagged, showing a flat performance.
The elite group of tech giants has delivered an average return of 67.1% year-to-date, compared to a record-breaking 111.7% average return in 2023.
Microsoft Corp. MSFT and Nvidia Corp. NVDA were the only members of the elite group that did not hit new all-time highs during Wednesday's trading session.
Yet, Nvidia remains the standout performer with a staggering year-to-date gain of 182%, securing its position as the top performer in the Magnificent Seven.
| Name | Market Cap | All-time high | 1-Day %chg | Total Return (YTD) | Total Return (2023) |
| Apple Inc. | $3.745 trillion | Dec. 11, 2024 | -0.11% | 29.38% | 49.01% |
| NVIDIA Corporation | $3.417 trillion | Nov. 21, 2024 | 3.62% | 182.08% | 239.02% |
| Microsoft Corporation | $3.336 trillion | July 5, 2024 | 1.24% | 20.17% | 58.19% |
| Amazon.com, Inc. | $2.417 trillion | Dec. 11, 2024 | 2.18% | 51.06% | 80.88% |
| Alphabet Inc. | $2.374 trillion | Dec. 11, 2024 | 4.63% | 38.41% | 58.83% |
| Meta Platforms, Inc. | $1.597 trillion | Dec. 11, 2024 | 2.39% | 79.09% | 194.13% |
| Tesla, Inc. | $1.348 trillion | Dec. 11, 2024 | 4.68% | 69.00% | 101.72% |
| Total | $18.233 trillion | ||||
| Median | $2.417 trillion | 51.25% | 80.88% | ||
| Average | $2.605 trillion | 67.13% | 111.68% |
Latest Magnificent Seven Headlines
- Google Introduces AI Agent Prototype That Can Browse The Web
- Meta Platforms Suffers Major Outage: Facebook, Instagram And Other Apps Down For Thousands
- Apple Strengthens GenAI With iOS 18.2: Genmoji, Image Playground Come To iPhone
- Broadcom Stock Jumps On Apple AI Chip Report: What’s Going On?
- Nvidia Loses Supreme Court Appeal, Faces Continued Legal Battle Over Cryptocurrency Disclosure
- Tesla Tops Nvidia And Apple In Innovation: Analyst Sees Significant Market Cap Upside For Elon Musk-Led EV Giant
- Robotaxi Exit To ‘Clear The Way’ For GM To License Tesla FSD, Says Gary Black — Move Will Save The Mary Barra-Led Company $1B A Year
- Google Wants FTC To Dismantle Microsoft’s Exclusive Cloud Hosting Deal With OpenAI: Report
- Google Introduces AI Agent Prototype That Can Browse The Web
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
