2024 Q3: Stay Invested In Big Tech But Watch For Weak Breadth

(7min)

Summary

  • Nvidia stock led the Magnificent Seven, delivering over 150% in total return YTD.
  • Most of the Mag Seven outperformed the S&P 500 in the first half.
  • Generative AI is also expected to strengthen the competitiveness of the biggest tech companies further.
  • Automotive EV stocks have suffered in the first half. TSLA has also underwhelmed.
  • With the economy expected to slow and legacy automakers catching up, pure-play EV investors must brace for more pain.
  • Looking for a helping hand in the market? Members of Ultimate Growth Investing get exclusive ideas and guidance to navigate any climate. Learn More »

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gustavofrazao

Nvidia Stock's Breathtaking First-Half Performance

We have finally come to the end of the first half of 2024. It has been a highly eventful start, as Nvidia (NVDA) stock led the Magnificent Seven with a total return

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JR Research is an opportunistic investor. He was recognized by TipRanks as a Top Analyst. He was also recognized by Seeking Alpha as a "Top Analyst To Follow" for Technology, Software, and Internet, as well as for Growth and GARP.

He identifies attractive risk/reward opportunities supported by robust price action to potentially generate alpha well above the S&P 500. He has also demonstrated outperformance with his picks.

He focuses on identifying growth investing opportunities that present the most attractive risk/reward upside potential. His approach combines sharp price action analysis with fundamentals investing.

He tends to avoid overhyped and overvalued stocks while capitalizing on battered stocks with significant upside recovery possibilities.

He runs the investing group Ultimate Growth Investing which specializes in identifying high-potential opportunities across various sectors. He focuses on ideas that has strong growth potential and well-beaten contrarian plays, with an 18 to 24 month outlook for the thesis to play out.

The group is designed for investors seeking to capitalize on growth stocks with robust fundamentals, buying momentum, and turnaround plays at highly attractive valuations.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of AAPL, META, GOOGL, AMZN, MSFT, QQQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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