From Nasdaq OMX Group:



In 2023, technology stocks experienced a significant increase in value, with the Nasdaq-100 index jumping 65%. The driving force behind this growth was the performance of the “Magnificent Seven” megacap technology companies, including Apple, Amazon, Alphabet, Meta Platforms, Microsoft, Nvidia, and Tesla. Two of these companies, Nvidia and Meta Platforms, outperformed the others by a substantial margin. This growth was attributed to the increasing adoption of artificial intelligence (AI) in various industries, as well as the impressive revenue growth and business turnaround of these companies. Looking ahead to 2024, factors such as Nvidia’s new AI chips and Meta Platforms’ integration of AI-powered features are expected to further contribute to their success. Analysts predict strong earnings growth for both companies which could lead to further stock price gains. Considering these predictions, investing in Nvidia and Meta Platforms is recommended, as they are currently trading at discounted valuations compared to the Nasdaq-100 index. Both companies are expected to continue delivering strong returns to investors.



Original: 2 “Magnificent Seven” Artificial Intelligence (AI) Stocks to Buy Hand Over Fist Before They Crush the Market in 2024