The performance of the Magnificent Seven group of tech stocks varies significantly, with Nvidia showing remarkable growth, contrasting with Apple's stagnant performance. Other stocks like Palantir, Netflix, and Uber have emerged as leaders in 2023, indicating a potential shift in market dominance. The growth of Palantir is particularly noteworthy, with its stock rising over 830% in the last two years. As the broader market progresses, it may be time to reassess the roles of these companies and consider new leaders outside the traditional Magnificent Seven.
Shares of Palantir (NASDAQ:PLTR) have rocketed over 830% in the last two years, and this multi-year rally is showing no signs of slowing down.
Nvidia (NASDAQ:NVDA) continues to blast off while iPhone maker and perceived AI laggard Apple (NASDAQ:AAPL) has mostly sat out the surge in the S&P 500.
The performance discrepancy among the Magnificent Seven tech stocks has grown more striking in recent months, indicating that not all members are performing equally.
As we look ahead to the second half of the year, bigger laggards in the cohort risk trailing the broad stock market's returns.
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