Despite a beat down to end last week, the Nasdaq is still up a stunning 32% so far in 2023, while the S&P 500 is 16.4% higher year to date. While both are strong moves higher after a dismal 2022, the reality is the Magnificent 7 (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla), which make up 28% of the S&P 500, have accounted for almost 65% of the yearly returns for 2023.
Savvy investors who bought these stocks as they were getting hammered late in 2022 have done outstanding, but it is likely time to take profit and look for some new ideas. Aggressive growth tech investors looking to stay in the technology game need only to look at some of the Magnificent 7’s brethren for top ideas for the rest of 2023.
We screened our 24/7 Wall St. technology research universe and found five top sector leaders that have taken a beating recently for a variety of reasons but still hold huge upside for patient investors.
This post originally appeared at 24/7 Wall St.