The Magnificent Seven tech giants are rewriting the playbook on market dominance, with their combined market capitalization surging to an unprecedented $18.2 trillion.
Five out of the seven juggernauts — Apple Inc. (NASDAQ:AAPL), Alphabet Inc. (NASDAQ:GOOGL), Amazon Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META), and Tesla Inc. (NASDAQ:TSLA) — smashed through record highs during Wednesday trading, solidifying their grip on the global stock market and fueling another strong rally in 2024.
The Roundhill Magnificent Seven ETF (NYSE:MAGS), a closely watched benchmark for the group's market performance, surged 2.8% on Wednesday, setting a new all-time high.
Notably, Tesla shares soared to fresh all-time highs after surpassing the peak set in November 202. The EV-maker has gained 67% since the U.S. presidential election, thanks to its innovative ability to scale like a software company.
“Because Tesla can remotely update its fleet’s software, its ability to scale and grow are more similar to the other tech companies in the Magnificent-7 than an auto manufacturer,” said Wall Street veteran investor Ed Yardeni in a note Wednesday.
Alphabet led the day's rally with a 4.63% gain, while Apple lagged, showing a flat performance.
The elite group of tech giants has delivered an average return of 67.1% year-to-date, compared to a record-breaking 111.7% average return in 2023.
Microsoft Corp. (NYSE:MSFT) and Nvidia Corp. (NASDAQ:NVDA) were the only members of the elite group that did not hit new all-time highs during Wednesday's trading session.
Yet, Nvidia remains the standout performer with a staggering year-to-date gain of 182%, securing its position as the top performer in the Magnificent Seven.
| Name | Market Cap | All-time high | 1-Day %chg | Total Return (YTD) | Total Return (2023) |
| Apple Inc. | $3.745 trillion | Dec. 11, 2024 | -0.11% | 29.38% | 49.01% |
| NVIDIA Corporation | $3.417 trillion | Nov. 21, 2024 | 3.62% | 182.08% | 239.02% |
| Microsoft Corporation | $3.336 trillion | July 5, 2024 | 1.24% | 20.17% | 58.19% |
| Amazon.com, Inc. | $2.417 trillion | Dec. 11, 2024 | 2.18% | 51.06% | 80.88% |
| Alphabet Inc. | $2.374 trillion | Dec. 11, 2024 | 4.63% | 38.41% | 58.83% |
| Meta Platforms, Inc. | $1.597 trillion | Dec. 11, 2024 | 2.39% | 79.09% | 194.13% |
| Tesla, Inc. | $1.348 trillion | Dec. 11, 2024 | 4.68% | 69.00% | 101.72% |
| Total | $18.233 trillion | ||||
| Median | $2.417 trillion | 51.25% | 80.88% | ||
| Average | $2.605 trillion | 67.13% | 111.68% |
Latest Magnificent Seven Headlines
- Google Introduces AI Agent Prototype That Can Browse The Web
- Meta Platforms Suffers Major Outage: Facebook, Instagram And Other Apps Down For Thousands
- Apple Strengthens GenAI With iOS 18.2: Genmoji, Image Playground Come To iPhone
- Broadcom Stock Jumps On Apple AI Chip Report: What’s Going On?
- Nvidia Loses Supreme Court Appeal, Faces Continued Legal Battle Over Cryptocurrency Disclosure
- Tesla Tops Nvidia And Apple In Innovation: Analyst Sees Significant Market Cap Upside For Elon Musk-Led EV Giant
- Robotaxi Exit To ‘Clear The Way’ For GM To License Tesla FSD, Says Gary Black — Move Will Save The Mary Barra-Led Company $1B A Year
- Google Wants FTC To Dismantle Microsoft’s Exclusive Cloud Hosting Deal With OpenAI: Report
- Google Introduces AI Agent Prototype That Can Browse The Web
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