Tech stocks, like much of the U.S. stock market, have charged higher in the week since Donald Trump secured a second term in the White House, boosted by expectations for business-friendly tax policies and gentler regulation.
The Roundhill Magnificant Seven ETF (MAGS)—which tracks the stocks of artificial intelligence (AI) heavyweights Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META), and Tesla (TSLA)—has climbed nearly 7% since Election Day. Tesla stock, up more than 25% in the last week, has had an outsized impact on those gains. Still, most of the group has outperformed the broader market, with the equal-weight S&P 500 up less than 3% over the same period.
AI was hardly a blip on Wall Street’s radar last time Donald Trump was president. His incoming administration could have a long-lasting impact on how the nascent technology is developed and who benefits.
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