A large share of those gains came from the "Magnificent Seven" stocks, some of the world's largest tech and artificial intelligence companies. These mega-cap companies have market caps ranging from $1.

There is little question Nvidia (NASDAQ:NVDA) has been the most consequential stock over the last two years. It has sometimes carried the entire market higher on its back. As one of the Magnificent 7 stocks that was largely responsible for the S&P 500's gains in 2023 and still responsible for much of the popular index's performance this year,

With the arrival of artificial intelligence (AI) and the inclination toward digital and online services picking up, shares of magnificent 7 stocks popped up for most of the year. Their weightage in the S&P 500 more than doubled from a decade ago,