2023-07-18 05:40:00 ET
The FAANG stocks have been among the best performers across the entire market since the acronym was coined in 2017 by CNBC commentator Jim Cramer. The FAANG acronym references:
However, since 2017, stock market leadership has evolved. The latest group of stocks investors are focused on is the "Magnificent 7," a term introduced by Bank of America analyst Michael Hartnett just a couple of months ago. It describes seven of the top performing stocks in the benchmark S&P 500 index in 2023, all of which operate in the technology sector:
Compared to FAANG , the Magnificent 7 includes Microsoft, Tesla, and Nvidia, with Netflix removed entirely. So far in 2023, the clear standout in this group is Nvidia, because its stock has surged 217% this year, comfortably beating all of its Magnificent 7 peers.
For further details see:
Move Over, FAANG: 1 Unstoppable "Magnificent 7" Stock to Buy Hand Over Fist