- The stellar performance of the “Magnificent Seven” mega-cap stocks continued in 2023 on Monday.
- Big Tech giants added $150 billion to their combined market capitalization in a single day, driven by investors’ renewed focus on AI.
- Microsoft and Nvidia led the way, with both companies’ share prices reaching new all-time highs.
The stellar performance of “Magnificent Seven” stocks 2023 continued on Monday, as investors’ new focus on artificial intelligence pushed two members of the group to new all-time highs.
Microsoft and Nvidia led the charge, with the combined market capitalization of the seven companies increasing by $150 billion, according to Refinitiv data.
The first of those two tech giants made headlines when CEO Satya Nadella announced the hiring of ousted OpenAI boss Sam Altman in one of the most unexpected coups in Silicon Valley history.
By the closing bell, shares were up 2% to a new record high. This increased Microsoft’s total valuation from $57 billion to $2.8 trillion, according to Refinitiv.
Nvidia also enjoyed a strong start to the week as momentum continues ahead of its third-quarter earnings, which are scheduled to be released on Tuesday.
Shares in the trillion-dollar chipmaker – whose dominant share of the graphics processing unit (GPU) market has made it the best-performing S&P 500-listed stock of 2023 – climbed another 2.3%, breaking their own record high. reached at.
Refinitiv data showed that Nvidia’s market cap increased by $27 billion to $1.2 trillion.
According to Business Insider’s calculations, the other five Magnificent Seven stocks — Apple, Google owner Alphabet, Amazon, Facebook’s parent Meta Platform, and Elon Musk’s EV maker Tesla — also soared on Monday, adding $66 billion to their combined valuation. increased.
The growing dominance of seven companies on the S&P 500 has been one of the defining stories of 2023, with their strong performance this year outpacing the returns of most benchmark indexes.
According to Refinitiv, their combined market capitalization is now $11.8 trillion – almost three times the size of Germany’s economy.