Mag 7 Stocks Are Back, but for How Long?

Mag 7 Stocks Are Back, but for How Long?

Are the Magnificent 7 stocks still relevant in 2024?

Research Lead
Reviewed by: Staff
Edited by: James Rubin

The Magnificent 7 stocks are partying like it’s 2023, as the group of mega-cap companies that dominated markets last year crush the S&P 500 again. 

In the past month, the Mag 7 has gained an average of more than 11%, as measured by the Roundhill Magnificent Seven ETF (MAGS), nearly tripling the 4% gain on the SPDR S&P 500 ETF Trust (SPY)

While Nvidia’s outsized gains pull the Mag 7 stocks higher, five of the seven companies are outperforming the S&P 500 in the past month. 

A laggard in the group this year, Apple has surged recently on their new AI-driven “Apple Intelligence.” 

Even Tesla, which is down over 25% year-to-date, made gains on news that the company’s shareholders were set to approve company founder and CEO Elon Musk's $56 billion pay package in what is being seen as approval of his leadership and an incentive for maintaining focus on the electric vehicle maker. 

What Are the Mag 7 Stocks?

The "Magnificent 7" stocks, also known as the Mag 7, are a group of seven high-performing technology companies that have a large influence on the overall stock market. These companies are: 

  1. Apple (AAPL) 
  2. Nvidia (NVDA) 
  3. Microsoft (MSFT) 
  4. Alphabet (GOOG) 
  5. Meta Platforms (META) 
  6. Amazon (AMZN) 
  7. Tesla (TSLA) 

The term Magnificent 7 gained popularity in 2023 due to these stocks' exceptional performance and their ability to drive stock indexes higher. They are all mega-cap stocks, meaning their market capitalization (total value of all outstanding shares) is in the trillions of dollars. This large market cap gives them pronounced influence in major indexes like the S&P 500 and the Nasdaq 100, so their performance has a major impact on the overall market. 

Are the Mag 7 Stocks Still Relevant in 2024?

The Mag 7 stocks are still relevant in 2024, but their performance has been more mixed compared to 2023. Here's a quick rundown: 

  • Some are thriving: Nvidia and Meta Platforms (Facebook) have continued strong growth in 2024. 
  • Some are lagging: Apple and Tesla have underperformed the market this year. 
  • Others vary: Alphabet (Google), Amazon, and Microsoft have had decent performances, but not quite as stellar as 2023. 

Overall, the Magnificent 7 remain influential companies, but investors are taking a more individualized approach in 2024, looking at each company's specific performance rather than blindly following the entire group.

Kent Thune is Research Lead for, focusing on educational content, thought leadership, content management and search engine optimization. Before joining, he wrote for numerous investment websites, including Seeking Alpha and Kiplinger. 


Kent holds a Master of Business Administration (MBA) degree and is a practicing Certified Financial Planner (CFP®) with 25 years of experience managing investments, guiding clients through some of the worst economic and market environments in U.S. history. He has also served as an adjunct professor, teaching classes for The College of Charleston and Trident Technical College on the topics of retirement planning, business finance, and entrepreneurship. 


Kent founded a registered investment advisory firm in 2006 and is based in Hilton Head Island, SC, where he lives with his wife and two sons. Outside of work, Kent enjoys spending time with his family, playing guitar, and working on his philosophy book, which he plans to publish in the coming year.