Over the last year, a big contributor to the momentum in the market has been hype around artificial intelligence (AI). The overall bullish outlook on the technology seems to have carried over into 2024. This week, the S 500 closed at an all-time high level of 4,868.55.

Some of the biggest contributors to the market over the last 12 months are the "Magnificent Seven" stocks -- a moniker used to describe the largest technology enterprises by market cap. As of the time of this article, five of the Magnificent Seven stocks boast market capitalizations of over $1 trillion -- Apple, Microsoft, Alphabet, Amazon, and Nvidia. However, with a market cap of $980 billion, Meta Platforms (NASDAQ: META) could very well be the next to join and firmly remain in the exclusive club.

In 2023, Meta stock returned 194% -- handily outperforming the broader markets. With such outsize returns and the overall market soaring to new highs, is it time to book some gains in Meta stock?

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Source Fool.com