Large-cap technology companies like Meta Platforms (META) and Nvidia (NVDA) contributed to the Nasdaq composite’s over 40% gain and were named one of the 100 best stocks of 2023. The Magnificent Seven stocks dominated headlines in 2023, and for good reason.
The year started off in great shape when the Nasdaq composite denoted a completion day on Jan. 6, rising 2.6% in higher volume. From that point, the record energized 16% to a high of 12,269 toward the beginning of February, an upturn that ignited a portion of the year’s earliest champs.
After the follow-through day, a few weeks later, Nvidia began its meteoric rise. The stock took off out of a cup base during the seven day stretch of Jan. 27. Nvidia kept on mobilizing into its February income report, which showed the third consecutive profit decline and second consecutive income decline. However, revenue from data centers, which includes Nvidia’s AI chips, increased by 11% to $3.62 billion.