TSLA - Is Tesla Still A Magnificent 7 Stock? EV Maker Could Get Bumped By These Companies | Benzinga
Tesla‘s (NASDAQ:TSLA) standing within the Magnificent Seven is in question.
What Happened: The Austin, Texas-based electric vehicle (EV) company now stands at number nine on the list of biggest companies on the S&P 500 index.
Therefore, when looking at the top seven stocks on the S&P 500 index with the largest market caps, then Tesla doesn’t rank.
The Elon Musk-led carmaker’s recent share price slump coincides with a dramatic drop in market cap. Back in November 2021, Tesla stock enjoyed a record of nearly $410 — putting its market cap at $1.31 trillion.
It has been on a broadly downward trajectory ever since. See the chart below.
Tesla’s market cap was slashed in half and now stands at $603.71 billion. The company has also been relegated from seventh to ninth on the mega-cap leaderboard.
But if one were to define the Magnificent Seven as simply the seven biggest and most influential technology stocks, one could argue that other companies are more worthy of the group.
Other Magnificent Contenders
Let’s first look at Broadcom (NASDAQ:AVGO), a major semiconductor designer and manufacturer.
It currently sits with a market cap just a couple of billion dollars below Tesla. The difference is that its shares have been on a long-term ...