Could Tesla Lose its Spot on the Magnificent Seven?

What we’re showing

The YTD performance of Magnificent Seven stocks, as of March 12, 2024.

Nvidia and Meta lead

Nvidia refuses to slow down, constantly setting new all-time highs. The chipmaker is currently the world’s third most valuable company, with a valuation of around $2.3 trillion. This puts it very close to Apple (#2), which is currently valued at $2.7 trillion.

The second best performer of the group is Meta, which recently reentered the trillion dollar club after falling out of favor in 2022. The company saw a massive one-day gain of $197B on Feb 2, 2024.

Apple and Tesla in the red

Tesla has lost over a quarter of its value YTD as EV hype continues to fizzle out. Other pure play EV stocks like Rivian and Lucid are also down significantly.

Meanwhile, Apple shares have struggled due to falling demand for its products in China, as well as the company’s lack of progress in the artificial intelligence (AI) space.

Investors may have also been disappointed to hear that Apple’s electric car project, which started a decade ago, has been scrapped.