Tech
Bitcoin’s 195% gain overshadows the tech sector’s “magnificent 7.”
Quick take
Comparison of the performance of the “Magnificent 7” technology stocks:Nvidia, Meta, Microsoft, Amazon, Google, Tesla, and Apple—to Bitcoin shows that the coveted asset group is seeing significant competition from Bitcoin. A one-year comparison reveals Bitcoin’s superior performance, recording a 195% increase compared to the 101% average increase on May 7. Although the two were quite correlated, The surge in Bitcoin since the end of February it has led to a notable decoupling.
During the last year, Nvidia it is the only technology stock among its competitors to have outperformed Bitcoin, achieving a notable increase of 277%.
Chart comparing the performance of BTCUSD and the Magnificent 7 from March 2023 to March 2024 (Source: Trading View)
Bitcoin, up 47% year to date (YTD), would be second only to Nvidia, which is up 84% year to date. Three of the seven tech stocks are showing negative year-to-date returns: Tesla is down 29%, while Apple and Google are down 9% and 5%, respectively.
Bitcoin’s performance nearly doubles the May 7 average of 27%. This leads to speculation that sustained BTC growth could trigger a financial shift from these tech stocks to Bitcoin.
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