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Why Does Washington Want to Destroy America’s ‘Magnificent 7’? for 12/12/2023

Nothing exemplifies America’s tech industry dominance in the global economy more than the meteoric rise of what is now being called the “Magnificent Seven” stocks — Amazon, Apple, Google, Meta, Microsoft, Nvidia and Tesla. These companies single-handedly account for nearly all the gains in the stock market this year. They — which is to say we as American shareholders who own them — have a net worth of nearly $10 trillion.

Think about it. None of these gazelles are Japanese, German or Chinese. All seven are American companies. They are globally dominant. They are innovators nearly unrivaled in human history. Amazingly, you would think their best years are behind them, like an aging baseball player. No. They are getting stronger, not weaker.

As a consequence, they are keeping the 401(k) and retirement plans owned by more than 100 million Americans in the green.

Updated: Tue Dec 12, 2023

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