Why Nvidia is the most magnificent of the ‘Magnificent Seven’

Last year, the Magnificent Seven soared. This year, a single stock—Nvidia—now accounts for a huge portion of the stock market gains.

These days, we hear a lot less about the Magnificent Seven tech companies and their eight stocks than we heard last year after Michael Hartnett, the chief investment strategist at BofA Securities, tossed out “Magnificent Seven” as a throwaway line. Hartnett is a fan of the 1960 Western by the same name that stars Steve McQueen and Yul Brynner that features a lot of action. It’s a gunslinging version of Wall Street, so to speak.