With hardly anyone noticing, a tech titan you’ve probably never heard of has booted Tesla out of the heavily hyped Magnificent Seven. Can it stay there?
The overlooked Magnificent Seventh is Broadcom, a tech company that produces both hardware and software. It's well-known in the infotech world but unfamiliar beyond it. The Magnificent Seven, conceived as a group of stocks in early 2023, are the most valuable U.S. tech companies by market capitalization. In descending order they include Apple (recent market cap: $3.4 trillion), Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla (recent market cap: $768 billion). Yet Broadcom’s market cap slipped past Tesla’s last spring and has stayed ahead of the EV maker for most of the year. Its market cap is currently around $803 billion.
