Benzinga
Published Apr 01, 2024 14:50
Updated Apr 01, 2024 16:10
Nvidia Leads, Tesla Lags Among Magnificent Seven Stocks: Q1 Market Shake-Up
Benzinga - by Surbhi Jain, .
Among the so-called Magnificent Seven technology companies, Nvidia Corp (NASDAQ:NVDA) and Tesla Inc (NASDAQ:TSLA) have emerged as standout performers, albeit in contrasting directions.
What Happened: Apple Inc (NASDAQ:AAPL) and Tesla suffered double-digit declines in the first three months of the year, according to the Wall Street Journal.
The other Mag7 stocks include Nvidia, Microsoft Corp (NASDAQ:MSFT), Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG), Amazon.com Inc (NASDAQ:AMZN) and Meta Platforms Inc (NASDAQ:META).
Among these companies, Nvidia’s stock has soared the highest, spiking 85% over the first quarter this year. Tesla’s stock, meanwhile, has struggled to maintain momentum, marking a notable shift in market dynamics. It’s down 20%.
Chart: Benzinga Pro
Nvidia, known for its graphics processing units (GPUs) and artificial intelligence (AI) technologies, saw its stock rise by 245% in 2023. Shares continued their ascent in 2024. Nvidia’s stock is up about 85% YTD.
Also Read: Nvidia Captures 92% of Data Center GPU Market, Underlining US Leadership in Generative AI
With its stock posting impressive returns, Nvidia has solidified its position as a frontrunner among the Magnificent Seven. The stellar performance of Nvidia’s stock can be attributed to several key factors:
Despite its revolutionary advancements in sustainable transportation and energy solutions, Tesla’s stock has experienced significant volatility, failing to maintain its momentum among the Magnificent Seven.
Tesla’s struggles can be attributed to:
What’s Next: Nvidia’s continued focus on AI, gaming, and data center solutions could position it for sustained growth.
On the other hand, Tesla’s ability to address production challenges and capitalize on emerging opportunities in the EV market will be critical to its long-term success.
Read Next: ‘They Are Not All Magnificent’: Wall Street Veteran Points Out 2 Vulnerable Magnificent 7 Stocks
Image: Midjourney
Latest Ratings for TSLA
Feb 2022 | Daiwa Capital | Upgrades | Neutral | Outperform |
Feb 2022 | Piper Sandler | Maintains | Overweight | |
Jan 2022 | Credit Suisse | Upgrades | Neutral | Outperform |
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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