The S&P 500 index has roared higher over the past 16 months, rebounding from its bear market low to reach record levels — and confirm a new bull market. And the movement has been led by one group of stocks in particular. Dubbed the “Magnificent Seven” in reference to the 1960 Western, these players are technology stocks, and each one is a leader in its specialty area.
Some investors may worry that after these gains, it’s too late to get in on these stock market stars. The concern is they may have become too expensive and are ready to stagnate or fall. But a stock with spectacular momentum still could have plenty of room to run if the company has strong long-term prospects. And that’s the case of some of today’s top-performing stocks. Let’s check out two Magnificent Seven companies to buy hand over fist right now.
Image source: Getty Images.
1. Nvidia
Nvidia (NASDAQ: NVDA) sells the world’s top-performing artificial intelligence (AI) chip, the H100 graphics processing unit (GPU) that powers crucial operations such as the training and inference of AI models. This has helped Nvidia’s revenue and net income soar in the triple digits in recent times and reach record levels. And it’s also helped the shares to soar more than 240% over the past year.
Of course, rivals such as Advanced Micro Devices and Intel exist in this market, but so far Nvidia has shown it has what it takes to stay ahead. And at the company’s GTC AI Conference this week, chief executive officer Jensen Huang announced product launches and updates that offer us reason to be optimistic.
One particular bit of news was especially noteworthy, and that’s the upcoming release of Nvidia’s Blackwell architecture and chips. The platform, available later this year, will help customers run generative AI on large language models (LLMs) at a cost and energy consumption level 25 times lower than its predecessor.
Chief executive officers of the biggest tech companies from Meta Platforms to Tesla commented on the Blackwell announcement — showing that they’re on board to use the platform. “There is currently nothing…
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