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Big tech stocks recorded over 75% in 2023

Big tech stocks reclaimed their position as the market’s leaders this year.

Collectively, the stocks known as the Magnificent Seven—Apple, Microsoft, Alphabet, Amazon.com, Nvidia NVDA Tesla and Meta Platforms—have jumped 75% in 2023, leaving the other 493 companies in the S&P 500 in their dust.

Tweet on big tech stocks’ year fluctuation

Dow Jones/Factset chart

The so-called Magnificent Seven stocks have swelled to represent about 30% of the S&P 500’s market value, according to Goldman Sachs Global Investment Research. That is approaching the highest-ever share for any seven stocks.

The influence of the big tech stocks is massive on a global scale, too. Within the MSCI All Country World Index a benchmark that claims to cover about 85% of the global investible equity market the combined weighting of the Magnificent Seven is larger than that of all of the stocks from Japan, France, China and the U.K.

Investors and strategists have long raised concerns about market concentration. When just a handful of stocks are responsible for most of the market’s gains, it becomes more vulnerable to a downturn if a few heavyweights fall.

Image: Big Tech