Last year, Bank of America analyst Michael Hartnett came up with the idea to rebrand the top tech stocks as “The Magnificent Seven.” This new name replaced the old FAANG and FAANG+ labels, which had become outdated due to changes in company names and exclusions from the list. The Magnificent Seven now includes Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, forming the acronym AAAMMNT.
Some investors have raised concerns about the high prices of these stocks, with many trading above $100 per share. However, history has shown that these companies have continued to grow in value despite their seemingly expensive stock prices. While a correction in the tech sector may occur, it is unlikely to mirror the drastic crash seen during the dot-com bubble of 2000-2002.
DailyBubble’s outlook on these tech giants remains positive, with most of them boasting trillion-dollar market caps and strong year-to-date performance. Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla have all shown steady growth and financial success in recent quarters.
DailyBubble rates Alphabet, Amazon, Apple, Microsoft, and Nvidia as buys, while remaining neutral on Meta Platforms due to uncertainties surrounding regulatory challenges. However, the newsletter does not recommend investing in Tesla at this time.
Overall, DailyBubble sees the tech sector as a promising area for investment, with the Magnificent Seven leading the way in innovation and market dominance. Investors are encouraged to stay informed and consider these top tech stocks for their portfolios.