The post 2 Magnificent Seven stocks with ‘strong buy’ ratings for July 2024 appeared on BitcoinEthereumNews.com.

The “Magnificent Seven,” a group of leading mega-cap tech giants, have become key drivers of major stock market indexes such as the S&P 500 and Nasdaq 100.  This cohort, identified in 2023 for their stellar market performance, comprises of Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), Nvidia (NASDAQ: NVDA), Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Meta (NASDAQ: META), and Tesla (NASDAQ: TSLA) These companies are not only renowned for their solid operations and historical stock performance but are also strategically positioned to leverage advancements in artificial intelligence (AI) and other cutting-edge technologies Their collective influence is substantial, representing a significant portion of the S&P 500 and Nasdaq 100, thus playing a crucial role in the movement of these indexes.  The cumulative market capitalization of these stocks was $16 trillion as of June 26, 2024. Despite some concerns about overvaluation, certain stocks in this group still present solid investment opportunities. This prompted Finbold to look into the fundamentals and analyst ratings of Magnificent Seven stocks to determine which stocks show potential buy opportunities. Amazon (AMZN) Amazon continues to be a compelling stock for both investors and traders due to its robust financial performance, strategic investments, and market leadership. In Q1 2024, Amazon reported a remarkable 216% year-over-year increase in earnings per share (EPS) to $0.98, with sales growing by 13% to $143.3 billion. Amazon Web Services (AWS), a critical profit driver, saw a 17% revenue increase to $25 billion. Amazon’s strategic investments in AI and cloud services further bolster its growth prospects. The company’s $4 billion investment in AI startup Anthropic and the development of generative AI services through AWS position it at the forefront of technological innovation.  Additionally, Amazon recently joined the exclusive club of U.S. companies with a market value exceeding $2 trillion, underscoring its market dominance and investor confidence. The…

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Filed under: News - @ June 29, 2024 2:06 pm