The incredible performance of the Magnificent Seven Big Tech stocks has played a significant role in driving the market rally of 2023. While all seven stocks have seen gains, some have truly stood out.
Alphabet and Meta Reach New Heights
Alphabet (GOOGL) and Meta Platforms (META) have both reached new 52-week highs, showcasing their exceptional performance this year. Although they have yet to surpass their peak prices from late 2021, their impressive runs in 2023 cannot be ignored.
Alphabet has experienced a remarkable climb of over 7% this month and an astounding 59% year to date. It is now on track for its highest close since April 5, 2022. This places Alphabet as the fifth-best performer in the Nasdaq 100 on Wednesday, with an overall increase of more than 68% since hitting its 52-week low during last year’s tech-led bear market selloff on November 3.
Meta Platforms has soared an incredible 173% in 2023, positioning itself for its best year on record since 2012. In just this month alone, the company has gained nearly 10% and is expected to reach its highest closing price since January 14, 2022. It currently holds the third spot as the best performer in the Nasdaq 100, with a remarkable surge of almost 270% from its 52-week low also reached on November 3.
Other Tech Success Stories
While Alphabet and Meta steal the spotlight, other tech names have also experienced notable success, albeit on a smaller scale. Palo Alto Networks (PANW), for instance, has achieved a record-breaking streak, rising for seven consecutive days. This streak has helped the stock reach an all-time high, marking an increase of almost 86% this year.
Apple (AAPL) has also seen an upward trajectory, with a 38% gain in 2023 that is truly impressive given the current market context.
Analysts Foresee Continued Gains
Experts suggest that even tech stocks that have already experienced significant surges are poised for further gains. It is worth noting that Tesla (TSLA) is the only stock among the seven where a majority of analysts do not rate it as a “Buy” or the equivalent.
Ultimately, days like Wednesday highlight the immense impact of the momentum generated by these leading tech stocks on the broader market rally. Just a handful of similar days would be sufficient to keep investors feeling optimistic and on a winning streak.