Did you know? The Magnificent Seven

‘The Magnificent Seven’ is an appropriated name now being used to describe the seven US technology companies that were the darlings of the stock market in 2023. These companies are Apple, Microsoft, Google parent Alphabet, retail giant Amazon, chip maker Nvidia, Facebook parent Meta Platforms and electric vehicle pioneer Tesla (whether Tesla is a tech company is debatable).

They collectively gained 111% in 2023. At the end of the year, five of the names were valued at more than $1 trillion (of which two were valued close to $3 trillion) and in aggregate they were valued at $12 trillion. At year end, they accounted for over 30% of the S&P 500 Index (a market value-weighted index of the biggest 500 companies listed on US stocks exchanges) and nearly 50% of the tech-heavy Nasdaq Composite Index (which includes most stocks listed on the Nasdaq stock exchange in the US).

The Magnificent Seven was originally a 1960 American Western film, directed by John Sturges. The movie starred Yul Brynner, Steve McQueen and Charles Bronson amongst the seven protagonists hired to protect a Mexican village from bandits.