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Apple, Nvidia, Microsoft, Meta and other companies that make up the ‘Magnificent Seven’
Harris Financial Group managing partner Jamie Cox details how to allocate with a soon-to-be ‘slowing’ economy.
The “Magnificent Seven” in business are a group of high-performing stocks. These stocks are influential in the U.S. stock market and are heavily driven by innovations in technology, brand equity and financial performance, according to Investopedia.
The companies included in the Magnificent Seven are known around the world and have a strong consumer base that is loyal to the companies and the services they provide.
The Magnificent Seven is a term that replaced FANNG. Jim Cramer from CNBC first came up with FANG acronym to represent the most successful companies in the stock market at the time in 2013, according to US News and Money. These companies were Facebook, Amazon, Netflix and Google.
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Microsoft is one company that makes up the “Magnificent Seven.” (Toby Scott/SOPA Images/LightRocket via Getty Images / Getty Images)
Cramer revised the acronym to FAANG in 2017 to include Apple. It wasn’t until 2023 when the Magnificent Seven emerged. Michael Hartnett, a Bank of America analyst, is credited with using this borrowed term from the 1960s movie to describe high-performing stocks, according to U.S. News and Money.
Take a look at the companies that make up the Magnificent Seven.
1. Microsoft
Microsoft is the world’s largest software company. It is known for Windows software as well as the Xbox game consoles and Microsoft 365 suite. The company is also the producer of several laptops and desktop computers.
In the early days of Microsoft in 1975, creators Bill Gates and Paul Allen created the Altair 8800 computer while students at Harvard University.
2. Amazon
Amazon started as an online bookstore in 1994 before becoming one of the world’s largest online retailers.
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Affiliated with Amazon is Amazon Web Services, a cloud computing service. Amazon also houses its own digital streaming service with Prime Video and innovative products like the Kindle e-reader and smart home devices like the Echo.
Amazon is a leader in online retail, streaming and more. (Kazuhiro Nogi/AFP via Getty Images / Getty Images)
The massive company had humble beginnings, with Jeff Bezos starting Amazon out of his Seattle garage in 1995.
3. Meta
Meta Platforms, Inc., previously Facebook, Inc., is a technology company that owns and operates social media platforms and messaging software, including Meta, Instagram, WhatsApp and Messenger.
Mark Zuckerberg founded the company in 2004, originally as Facebook. The switch from Facebook to Meta came with the company’s focus on AI, specifically through creating the “metaverse.”
“The metaverse is the next evolution in social connection and the successor to the mobile internet,” according to the company’s website. “Like the internet, the metaverse will help you connect with people when you aren’t physically in the same place and get us even closer to that feeling of being together in person.”
4. Apple
Apple is a leader in technology through the sales of its highly sought after products. Around 50% of Apple’s total revenue comes from iPhones, according to U.S. News and Money.
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The company sells many other popular electronic products, like laptops, desktops, watches and headphones.
The Apple Vision Pro is the first AI headset released by Apple. (Michael M. Santiago/Getty Images / Getty Images)
In February 2024, Apple released its first wearable virtual reality headset, the Apple Vision Pro. The headset comes with a hefty price tag of $3,499. Since it’s release, many have gone viral for working on subways with their headsets and someone even wearing the device during his wedding.
5. Alphabet
Alphabet is the parent company of Google. Google was rebranded in 2015 as Alphabet, making the search engine a subsidiary of the company.
Under Google falls Google Search, the AI Gemini, Gmail, Google Calender and more. The video sharing platform YouTube is also owned by Google.
Google also has many products like phones, tablets and watches.
6. Nvidia
Nvidia is a leader in technology and artifical intelligence. The company is widely known for it’s highly advanced graphics processing units (GPUs).
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The GPUs designed by Nvidia are for professional use, as well as gaming, according to Investopedia. They also design chip systems used for technology, such as vehicles and robotics, according to the source.
7. Tesla
Tesla was co-founded by Elon Musk in 2003. The company is known for its production of electric vehicles, battery products and solar energy products.
Elon Musk is the co-founder and CEO of Tesla. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
The Tesla Model Y is a popular choice among consumers. Other models include the Model S, Model 3, Model X and the futuristic Cybertruck.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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