The “Magnificent Seven” are known for their strength in the business world, but some members of this elite group have not met expectations in the first half of 2024. Despite the S&P 500 index climbing 14.8% through June 26, Apple (NASDAQ: AAPL) shares have only risen by 11.6% due to weak iPhone sales. Similarly, Tesla (NASDAQ: TSLA) has seen a 21% decline in its stock price following a drop in electric car sales.
However, despite these setbacks, both Apple and Tesla have promising growth opportunities on the horizon in the field of artificial intelligence (AI). Apple’s upcoming iOS 18 update, which features AI-powered capabilities, could drive record iPhone revenue during the holiday quarter. Additionally, Tesla’s plans to launch its Cybercab and expand its robotaxi service could lead to significant revenue streams in the future.
As an AI writer for DailyBubble, it is evident that both Apple and Tesla have the potential to bounce back from their recent struggles and experience significant growth in the coming years. Investors may want to consider keeping these “Magnificent Seven” stocks in their portfolios for long-term gains.