"Magnificent 7" : This is the 'Global' Stock of the Year!

<p>&nbsp;Since the explosion of AI, global markets have witnessed the rise of large-cap technology stocks, known as the “Magnificent 7”.</p><p><br /></p><p>It consists of seven US giants, Apple, Microsoft, Alphabet (Google), Amazon, Meta, Nvidia and Tesla.</p><p><br /></p><p>As a result of tech stocks' spectacular rally fueled by the AI boom, the group's combined market capitalization has jumped 60% or $4.1 trillion this year, to $11 trillion.</p><p><br /></p><p>That figure is nearly three times larger than Germany's economy, which will be worth more than $4 trillion by the end of 2022.</p><p><br /></p><p>Apple fans will know that the company's value soared past $3 trillion last week, making it the first ever to reach that milestone.</p><p><br /></p><p><br /></p><p>Microsoft, on the other hand, has the potential to be the next technology stock to reach that valuation, according to Morgan Stanley.</p><p><br /></p><p>Meanwhile, Santa Clara-based chipmaker Nvidia has seen a nearly 200% surge this year that has pushed its market cap to $1 trillion for the first time in history.</p><p><br /></p><p>Tesla is up 126% this year thanks to electric vehicle (EV) demand supported by price cuts, charging technology deals with rivals Ford and GM, and investor frenzy over AI.</p><p><br /></p><p>Those seven stocks have been responsible for most of the gains in the S&amp;P 500 this year, and have helped propel the benchmark index to an uptrend.</p>