From Nasdaq:

The “Magnificent Seven” tech stocks have outperformed the Nasdaq Composite Index for over a year, with a 12.4% year-to-date return. Two of these stocks, Nvidia and Amazon, show strong business growth and potential upside from their current highs, making them solid picks for investors in 2024.

Nvidia holds a strong position in the AI market, with its revenue from the data center segment reaching $32 billion and a reported market share of 80%. The company’s revenue is expected to continue growing, making it an attractive stock to buy. Furthermore, demand for Nvidia’s chips is accelerating, indicating robust growth opportunities for the company.

Amazon’s various revenue streams, including cloud services, advertising, and e-commerce, make it an attractive investment. The company’s improving growth in e-commerce, coupled with investments in AI and infrastructure, are driving its stock higher. With faster delivery speeds and new AI tools, Amazon is expected to maintain its competitive edge in the market.

Despite concerns about increased competition and customer behavior, AI technology is poised to make Amazon’s brand stronger. The company is also making investments to enhance the shopping experience with new AI tools, which will protect its competitive moat. At a fair valuation and with improving e-commerce business, Amazon’s stock could deliver market-beating gains in the coming years.



Read more: 2 Best “Magnificent Seven” Stocks to Buy in February