US Tech Stocks Outshine Global Peers Thanks To AI, Fueling US Market Comeback After 2022 Sell-Off
Portfolio Pulse from Piero Cingari
US tech stocks, led by AI-driven innovations, have fueled a strong market comeback in 2023, with the Nasdaq 100 Index rising 38.7% and the S&P 500 Index up 15%. The 'Magnificent Seven' tech giants contributed 76% of the Nasdaq's gains.
June 21, 2023 | 2:51 pm
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POSITIVE IMPACT
Apple Inc. (NASDAQ:AAPL) has seen a 42.3% return YTD, contributing 4.95% to the Nasdaq 100's gains.
Apple's strong performance in 2023, with a 42.3% return YTD, has contributed significantly to the Nasdaq 100's gains. The company is one of the 'Magnificent Seven' tech giants driving the market comeback.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Amazon Inc. (NASDAQ:AMZN) has seen a 50% return YTD, contributing 3.05% to the Nasdaq 100's gains.
Amazon's strong performance in 2023, with a 50% return YTD, has contributed significantly to the Nasdaq 100's gains. The company is one of the 'Magnificent Seven' tech giants driving the market comeback.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Alphabet Inc. (NASDAQ:GOOG) has seen a 36% return YTD, contributing 3% to the Nasdaq 100's gains.
Alphabet's strong performance in 2023, with a 36% return YTD, has contributed significantly to the Nasdaq 100's gains. The company is one of the 'Magnificent Seven' tech giants driving the market comeback.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Alphabet Inc. (NASDAQ:GOOGL) has seen a 36% return YTD, contributing 3% to the Nasdaq 100's gains.
Alphabet's strong performance in 2023, with a 36% return YTD, has contributed significantly to the Nasdaq 100's gains. The company is one of the 'Magnificent Seven' tech giants driving the market comeback.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Meta Platforms Inc. (NASDAQ:META) has seen a 133% return YTD, contributing 3.3% to the Nasdaq 100's gains.
Meta Platforms' strong performance in 2023, with a 133% return YTD, has contributed significantly to the Nasdaq 100's gains. The company is one of the 'Magnificent Seven' tech giants driving the market comeback.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Microsoft Corp. (NASDAQ:MSFT) has seen a 40.4% return YTD, contributing 5.1% to the Nasdaq 100's gains.
Microsoft's strong performance in 2023, with a 40.4% return YTD, has contributed significantly to the Nasdaq 100's gains. The company is one of the 'Magnificent Seven' tech giants driving the market comeback.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
NVIDIA Corp. (NASDAQ:NVDA) has seen a 194% return YTD, contributing 6.6% to the Nasdaq 100's gains.
NVIDIA's strong performance in 2023, with a 194% return YTD, has contributed significantly to the Nasdaq 100's gains. The company is one of the 'Magnificent Seven' tech giants driving the market comeback.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Invesco QQQ Trust (NASDAQ:QQQ) has seen a 38.7% rise in 2023, outperforming global competitors, driven by the strong performance of US tech stocks.
The Nasdaq 100 Index, tracked by QQQ, has risen 38.7% in 2023, outperforming global competitors. This is primarily due to the strong performance of US tech stocks, particularly the 'Magnificent Seven' tech giants, which have contributed 76% of the Nasdaq's gains.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
SPDR S&P 500 ETF Index (NYSE:SPY) has risen approximately 15% in 2023, surpassing its advanced country peers, excluding Japan.
The S&P 500 Index, tracked by SPY, has risen approximately 15% in 2023, surpassing its advanced country peers, excluding Japan. This is due to the strong performance of US tech stocks, which have fueled the market comeback.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Tesla Inc. (NASDAQ:TSLA) has seen a 120% return YTD, contributing 3.4% to the Nasdaq 100's gains.
Tesla's strong performance in 2023, with a 120% return YTD, has contributed significantly to the Nasdaq 100's gains. The company is one of the 'Magnificent Seven' tech giants driving the market comeback.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100