quick take
Comparing the performance of the ‘Magnificent 7’ tech stocks – Nvidia, Meta, Microsoft, Amazon, Google, Tesla, and Apple – to Bitcoin, we see that the coveted asset group is giving Bitcoin some serious competition. A one-year comparison revealed Bitcoin’s superior performance, recording a rise of 195% compared to Mag 7’s average rise of 101%. The two were fairly correlated, but Bitcoin’s surge since late February has led to a noticeable decoupling.
Over the past year, NVIDIA has established itself as the only technology stock in its industry to surpass Bitcoin’s performance, achieving an astonishing 277% gain.
Bitcoin, up 47% since the beginning of the year, will take second place behind Nvidia, which is up 84% since the beginning of the year. Three out of seven technology stocks are showing negative YTD returns. Tesla fell 29%, while Apple and Google fell 9% and 5%, respectively.
Bitcoin’s performance is almost double the Mag 7 average of 27%. This leads to speculation as to whether continued BTC growth could trigger a financial shift away from these tech stocks towards Bitcoin.
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