Broadcom's rise in 2024 is cause for the chipmaker to replace Tesla in the 'Magnificent Seven,' according to Interactive Brokers Chief Strategist Steve Sosnick.
Broadcom's rise in 2024 is cause for the chipmaker to replace Tesla in the "Magnificent Seven," according to Interactive Brokers Chief Strategist Steve Sosnick. "Broadcom captures the whole zeitgeist of the moment right now," Sosnick told CNBC's " Squawk on the Street " on Monday. "It's an AI stock much more so. Even though Tesla might be one in the future, Broadcom is one now." The chipmaker has surged nearly 62% in 2024.
mountain Broadcom and Tesla stock year to date Sosnick's comments come as Tesla struggles in 2024. Tesla is down nearly 27% year to date as sluggish electric vehicle adoption pressures sales. Legacy automakers have also trimmed plans to expand into the sector, as consumers are showing partiality toward hybrids over EVs. Sosnick said the stock market is being driven in part by "FOMO," or fear of missing out. "Broadcom is part of it and Tesla is not right now," he said.
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