The ‘Magnificent Seven’ group sets new record

The ‘Magnificent Seven’ group sets new record

Stats show the seven added $4.81 trillion to their stock values in H1 – more than in the entire 2023.

The Magnificent Seven companies, Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta Platforms and Tesla, continued their strong performance this year, building on significant gains from 2023.

Over the past six months, all these tech giants saw double and triple-digit stock price growth, adding trillions of dollars to their market caps.

According to data presented by AltIndex.com, the Magnificent Seven companies have added $4.8 trillion to their stock values in six months of the year – more than in the entire 2023.

AltIndex.com says it seems that 2024 might set a new record for the Magnificent Seven stocks` growth. The stats show that in just six months of the year, Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta Platforms and Tesla outperformed their full 2023 gains – adding a staggering amount of money to their stock values.

Last year, the combined market cap of the seven tech giants surged by $4.8 billion – more than the GDP of some of the world’s largest economies, including Japan, Germany, India and the UK.

But the first half of 2024 brought even bigger gains, with their stock values rising by another $4.81 trillion.

Stats show the combined market cap of the Magnificent Seven stood at $16.6 trillion last week, up from $11.79 trillion in January.

Nvidia again proved the group’s best performer with its stock value rising by 160% in six months – three times more than Meta’s growth and five times more than that of Alphabet, Amazon and Tesla.

Stats show the company added a whopping $1.9 trillion to its stock value in the year’s first half, doubling its full-2023 gains. This growth was primarily driven by Nvidia’s dominance in providing chips essential for AI applications and the surging demand for its GPUs.

Meta’s stock value jumped by 50% or $463 billion in six months, the second-highest gain among the Magnificent Seven.

Amazon and Alphabet followed with a 30% stock value growth in this period – adding $513 billion and $535 billion, respectively.

While Tesla faced a more challenging year compared to its peers, the company continued to innovate in the electric vehicle space and expand its product lineup – helping it to grow its stock value by an impressive 37% in six months.

Tesla’s market cap topped $801 billion or $200 billion higher than in January.

Microsoft’s stock value increased by $680 billion, or 24%, driven by advancements in AI and its partnership with OpenAI.

Apple followed with similar gains, adding $500 billion to its stock value since the beginning of the year.

Although it has become usual for the seven to add hundreds of billions and even trillions of dollars to their stock values, AltIndex.com acknowledges their valuations are ‘still quite shocking’ compared to those of other industries or the GDP of the world’s leading markets.

For instance, according to AltIndex.com, the combined stock value of the seven is now worth more than the entire market value of many other industries, including the automotive, healthcare and energy sectors.

Furthermore, with a combined stock value of $16.6 trillion, the seven are now worth five times more than the GDP of the UK and India, four times more than those of Japan and Germany and only one trillion dollars short compared with the GDP of the world’s second-largest economy, China.

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