Last year, a group of the world’s largest technology stocks delivered an average return of 112%, far outpacing the 24% return in the S&P 500 index. They were dubbed the “Magnificent Seven.” The group includes:
Nvidia
Meta Platforms
Apple
Microsoft
Alphabet
Amazon
Tesla (NASDAQ: TSLA)
However, some of those stocks aren’t looking so magnificent in 2024. Tesla is the worst performer of the bunch, and up until last week, it was sitting on a year-to-date loss of more than 40%. However, the stock recovered some ground following the release of its financial results for the first quarter (ended March 31), where CEO Elon Musk highlighted a number of growth initiatives the electric vehicle (EV) giant planned to pursue.
Cathie Wood, who runs Ark Investment Management, is one of the most bullish voices on Wall Street when it comes to Tesla. She has called it the “biggest artificial intelligence (AI)…
