If you're wondering why the stock market is back at all-time highs, there's one simple explanation: The "Magnificent Seven."

This is the group of the seven most valuable tech stocks that include , Apple, Nvidia (NASDAQ: NVDA), Alphabet, Amazon, Meta Platforms, and Tesla.

These stocks delivered monster returns last year, and many of them are off to strong starts in 2024, capitalizing on the AI boom and the recovery coming out of the 2022 bear market. Today, Microsoft is the most valuable Magnificent Seven stock and the most valuable company in the world. However, I think we could see a passing of the torch this year. The company that is set to take Microsoft's place? AI superstar Nvidia, which is already dominating the AI chip market and the stock market narrative.

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Source Fool.com