RIVN - 2024 Q3: Stay Invested In Big Tech But Watch For Weak Breadth

2024-06-30 08:30:00 ET

Summary

• Nvidia stock led the Magnificent Seven, delivering over 150% in total return YTD.
• Most of the Mag Seven outperformed the S&P 500 in the first half.
• Generative AI is also expected to strengthen the competitiveness of the biggest tech companies further.
• Automotive EV stocks have suffered in the first half. TSLA has also underwhelmed.
• With the economy expected to slow and legacy automakers catching up, pure-play EV investors must brace for more pain.

Nvidia Stock's Breathtaking First-Half Performance

We have finally come to the end of the first half of 2024. It has been a highly eventful start, as Nvidia ( NVDA ) stock led the Magnificent Seven with a total return of more than 150% YTD. NVDA's breathtaking performance briefly took its market cap ahead of Apple ( AAPL ) and Microsoft ( MSFT ) as the world's most valuable company in late June 2024....

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