Nvidia Hits New Highs Among Top-Performing Stocks

Renowned as the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon.com, Nvidia, Meta Platforms, and Tesla lived up to their reputation in 2023 with substantial gains. These stocks remain among the top picks in today’s stock market, wielding significant influence on the market-cap weighted Nasdaq composite and S&P 500 indexes due to their substantial market capitalizations.

For an in-depth analysis of this matter, explore IBD’s page detailing the Magnificent Seven weightings, market capitalizations, and the latest news surrounding these companies.

Performance of Magnificent Seven Stocks
Amazon (AMZN) maintains its position above the 145.86 buy point of a cup base, with shares rising 1.1% on Thursday. Through the Amazon Bedrock platform, the e-commerce and cloud giant offers a fully managed service with a choice of high-performing foundation models (FMs) from leading AI companies.

Alphabet (GOOGL), the parent company of Google, remains within buy range above the 139.42 buy point in a cup with handle, witnessing a 1.6% climb on Thursday. Google introduced its Gemini AI model on Dec. 6, though it was later revealed that the demo video showcasing the AI’s capabilities was edited.

Nvidia (NVDA) emerges as the top performer among the Magnificent Seven stocks, delivering a remarkable 235% year-to-date return through Dec. 15. The AI giant, an IBD Leaderboard stock, has extended past a new flat base’s 505.48 buy point and rallied 2.7% on Thursday, reaching new record highs. On Nov. 28, Nvidia expanded its presence in AI by unveiling business intelligence for chatbots, copilots, and summarization tools.

Tesla (TSLA) faced challenges, dropping 1% on Thursday and remaining below its 50-day and 200-day lines. While fourth-quarter deliveries exceeded expectations, the stock struggled to maintain key support.

Dow Jones Stocks in Magnificent 7: Apple and Microsoft
Two Dow Jones names within the Magnificent Seven stocks, Apple (AAPL) and Microsoft (MSFT), experienced upward movement on Thursday. Apple stock rose 3.3%, trading below a cup-with-handle entry at 192.93 following a Dec. 5 breakout. Rumors suggest that Apple may introduce a generative AI feature, internally known as Apple GPT, on the iPhone and iPad next year.

Meta Platforms (META) continues its upward trajectory, hitting new highs after a strong rebound from the 50-day line in recent weeks. META stock gained 2% on Thursday, nearing new highs, and boasts a high IBD Composite Rating of 98 out of 99.

In recent developments, Meta CEO Mark Zuckerberg announced the availability of Threads to users in the European Union. Threads, launched as a separate app in July, competes with Elon Musk’s X (formerly Twitter). The European rollout faced delays due to regulatory uncertainty over the app’s use of personal data.