Big Tech is once again setting records. Apple, Tesla, Amazon, Google, and Meta hit all-time high stock prices this month, with four of the five peaking on December 11. Apple led the charge, trading at its record high the day before.
Breaking Down the Surge
Google’s gains reflect excitement over its quantum computing breakthrough, while Tesla’s self driving programme plans continue to fuel investor optimism. Amazon’s e-commerce and AWS strength remain pivotal, and Meta benefits from cost-cutting and AI advances. Meanwhile, Apple’s Vision Pro headset buzz lifted its valuation towards $4 trillion. Microsoft and Nvidia, the remaining members of the Magnificent 7, reached their highs earlier in the year but continue to play a leading role in Big Tech’s rally as 2024 comes to a close.
The Bigger Picture
The alignment of their record highs points to an extraordinary moment in the tech sector, driven by optimism in AI, resilient revenues, and general market sentiment. However, it also raises questions about whether this concentration of market power is sustainable or indicative of a potential tech bubble.
For now, the Magnificent 7 are charting new territory, with their performance driving markets to new heights. As the year wraps up, these all-time highs set the stage for a pivotal 2024. Will Big Tech sustain this growth, or are we nearing a peak?
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