JNPR - These 4 AI-Related Stocks Outside Magnificent 7 Are Already Outperforming In 2024 | Benzinga
Nvidia Inc (NASDAQ:NVDA) and Meta Platforms Inc (NASDAQ:META), top artificial intelligence (AI) plays and elite members of the Magnificent 7 club, are topping the S&P 500 leaderboard so far this year.
These two stocks were among the best performers of 2023 — indeed, Nvidia was the year’s winner by a country mile with a gain of 239% — and also led the powerful fourth-quarter surge that has resumed in the opening weeks of 2024.
Much of this momentum is based on the anticipation that AI will become a significant revenue stream, despite it not yet making a substantial impact on the earnings of either company.
Some fear that these AI expectations have become overplayed and the risk of disappointment could burst this AI “baby bubble”, as analysts at Bank of America call it.
Also Read: Is Tesla Still A Magnificent 7 Stock? Berkshire Hathaway, Broadcom, Eli Lilly Line Up As Contenders
AI Plays Outside Magnificent 7
If, however, investors believe that AI will come to dominate tech growth, there are a number of stocks sitting outside the Magnificent ...