TECH - This 'Magnificent 7' ETF Is Riding High On Nvidia's AI Surge — Analysts See Room For More Growth | Benzinga
The latest earnings report from Nvidia Corporation (NASDAQ:NVDA) has not only boosted the company’s stock but also sparked interest in the Roundhill Magnificent Seven ETF (NASDAQ:MAGS).
What Happened: Nvidia’s fourth-quarter earnings report, released on Wednesday, showed a significant increase in chip demand for AI projects. The Roundhill Magnificent Seven ETF, which includes Nvidia among other tech giants, also saw a substantial increase, rising over 4% and experiencing a record daily volume of 280,000 shares traded, CNBC reported.
David Mazza, chief strategy officer at Roundhill Investments, said, "We remain confident that these names, even absent Tesla's recent underperformance, are reflective of the Magnificent 7.”
UBS global wealth management CIO for the Americas, Solita Marcelli, believes that despite a 24% rise in the tech-heavy Nasdaq, there is still potential for further growth in tech stocks, especially those tied to the AI revolution.
"If you choose not to own one of those, well that's hundreds of basis points of portfolio allocation that you can still be exposed to growth and technology — and even AI, potentially — with other technology companies," said Andrew Stewart, CIO at Exchange Capital Management.
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