The Magnificent Seven: Key Stocks to Watch as Nvidia Hits Record Highs

In the financial world, seven powerhouse stocks have been making headlines for their impressive performance in 2023. These stocks, affectionately known as the Magnificent Seven, are not just any ordinary group of companies; they are behemoths in the stock market with significant market capitalizations. The group includes heavyweights such as Apple, Microsoft, Alphabet (Google's parent company), Amazon.com, Nvidia, Meta Platforms (formerly Facebook), and Tesla.

The influence of the Magnificent Seven is substantial, especially considering their weight in market-cap driven indices like the Nasdaq composite and S&P 500. Their movements can profoundly sway the market's direction, making them pivotal players in the stock market arena.

Each member of the Magnificent Seven has showcased impressive year-to-date (YTD) performance figures. Alphabet has risen by 50%, Amazon by 79%, Apple by 52%, Meta Platforms has jolted up by 178%, Microsoft by 55%, and Tesla by 106%. Nvidia is leading the pack, however, with an eye-watering 235% surge YTD.

Amazon and Alphabet in the Buying Zone

Amazon's stock remains buoyant above a buy point of 145.86, registering a modest increase of 0.5% on a recent Wednesday. This stability comes even as Amazon extends its tech reach through Amazon Bedrock, a platform offering high-performing foundational models from leading AI organizations.

Similarly, Alphabet is commanding attention above its 139.42 buy point, enjoying a 1.3% rise. Despite a recent hiccup with an edited demo video of its Gemini AI model, Alphabet retains investor confidence.

Nvidia: A Supercharged Performer

Nvidia has emerged as the standout performer among the Magnificent Seven. The company's stock skyrocketed past a double-bottom buy point of 476.09 and is now breaking records, passing a flat base buy point of 505.48 with a 3.3% rally. Investors are keenly watching Nvidia as it expands into enterprise-grade generative AI services for businesses, through tools like NeMo Retriever.

Tesla Facing Resistance

Tesla, on the other hand, has witnessed a 0.2% dip, falling below key support lines as it prepares to release its Q4 earnings. Despite this, Tesla boasts record vehicle sales for the fourth quarter, exceeding Wall Street's forecasts.

Apple and Microsoft: Dow Jones Staples

Two Dow Jones stalwarts, Apple and Microsoft, are exhibiting mixed performance. Apple is approaching a new buy point, with rumors of a new AI feature in the works for iPhone and iPad. Microsoft, buoyed by positive Wall Street reports, is holding strong above its flat base buy point with a 1% gain. Both are critical to watch in the Magnificent Seven lineup.

Meta Platforms Hits New Peaks

Meta Platforms is on an upward trajectory, reaching new heights after rebounding off its 50-day line. The company's shares have received a boost from the rollout of Threads in the EU, further strengthening its hold in the social media market.

Apple, Nvidia, Tesla