Meta Platforms Dominates "Magnificent Seven" Stocks with Unprecedented 20-Day Winning Streak
Meta Platforms (META) continues to solidify its lead among the "Magnificent Seven" tech giants in 2023, extending its record-setting winning streak to 20 consecutive days. This unprecedented run marks the stock's longest period of consistent gains since former President Donald Trump's inauguration.
Year-to-date, Meta's meteoric rise has outpaced its peers by a significant margin, with a gain of 25.8%. Amazon (AMZN) follows as the second-best performer, rising 4.2% in the same period. In contrast, Tesla (TSLA) has lagged behind, declining 11.9%.
Meta's relentless ascent from its lows in late 2022 has resulted in an impressive surge of over 600%. Amidst the tech sector washout following the Federal Reserve's aggressive interest rate hikes, Meta's stock had plummeted by more than 70%.
Wall Street has lauded Meta's latest earnings report, particularly its ambitious investment plans in artificial intelligence (AI). The company's announcement of widespread layoffs has further fueled investor optimism that it will achieve efficiency gains to support its $65 billion AI investment.
"The integration of AI-enabled features is driving increased activity and ad engagement on Meta's platforms," said D.A. Davidson analyst Gil Luria. "Meta is poised to gain market share and lead in key categories."