The "Magnificent Seven" mega-cap stocks' stellar 2023 continued Monday.
The Big Tech giants added $150 billion to their combined market cap in a single day, driven higher by investors' renewed focus on AI.
Microsoft and Nvidia led the charge, with both companies' share prices hitting fresh all-time highs.
The "Magnificent Seven" stocks' stellar 2023 continued Monday, as investors' renewed focus on artificial intelligence powered two of the group's members to fresh all-time highs.
By the closing bell, shares had climbed 2% to hit a new record high. That boosted Microsoft's total valuation by $57 billion to $2.8 trillion overall, per Refinitiv.
Nvidia also enjoyed a strong start to the week as momentum built ahead of its third-quarter earnings, which are set to be released Tuesday.
Shares in the trillion-dollar chipmaker – whose dominant share of the graphics processing unit (GPU) market has made it the best-performing S&P 500-listed stock of 2023 – climbed another 2.3%, hitting a record high of their own.
Nvidia's market cap rose $27 billion to $1.2 trillion, Refinitiv data showed.
The other five Magnificent Seven stocks – Apple, Google owner Alphabet, Amazon, Facebook parent Meta Platforms, and Elon Musk's EV maker Tesla – also edged up on Monday, with their combined valuation swelling by $66 billion, by Business Insider's calculations.
The seven companies' increasing dominance of the S&P 500 has been one of the defining stories of 2023, with their strong performance this year driving most of the benchmark index's returns.
Their combined market cap now stands at $11.8 trillion, according to Refinitiv – almost three times the size of Germany's economy.
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