The winning equity trade of 2023 was (in hindsight) simple: Buy and hold the so-called Magnificent 7 mega-cap tech stocks. We’re talking Alphabet, Meta, Tesla, Nvidia, Microsoft, Apple and Amazon. These names returned an astounding 111% on average, as investors embraced solid earnings as well as the generative artificial intelligence (AI) craze. But what worked in 2023 may not work—or work as well—as it did in the coming 12 months. With this in mind, investors may want to consider the possibility that the Nasdaq rally broadens out beyond just the biggest of the big.
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February 02, 2024
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