XLK - Why Sub-$50B Tech Could Outshine 'Magnificent Seven' In 2024 According To Munster: Could These 5 Stocks Fit The Bill? | Benzinga
This year witnessed a strong rally in mega-tech stocks right from the beginning. After a brief pause in late summer, they regained momentum and are poised to end the year with impressive gains. Gene Munster, a tech venture capitalist and analyst at Deepwater Asset Management, shared his insights into the outlook for tech stocks in 2024.
What Happened: Following Federal Reserve Chairman Jerome Powell‘s indication that the central bank has concluded its rate hikes, emerging tech stocks, representing companies with a market capitalization under $50 billion, outperformed the “Magnificent Seven,” as noted by Munster.
On Wednesday, while emerging tech stocks recorded an average increase of 9.3%, the “Magnificent Seven” posted a modest 1.1% gain, Munster added.
The “Magnificent Seven” includes mega-cap tech stocks like Apple, Inc. (NASDAQ:AAPL), Microsoft Corp. (NASDAQ:MSFT), Amazon, Inc. (NASDAQ:AMZN), Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), Tesla, Inc. (NASDAQ:TSLA), Nvidia Corp. (NASDAQ:NVDA), and Meta ...