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The "Magnificent Seven" stocks have dominated the market in 2023, and that's affected index returns that are weighted toward bigger companies. So what drove these massive tech stocks higher?

In this video, Travis Hoium covers the cause of the Magnificent Seven's outperformance, and it starts with artificial intelligence.

*Stock prices used were end-of-day prices of Dec. 22, 2023. The video was published on Dec. 27, 2023.

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Travis Hoium has positions in Alphabet and Apple. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

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Why Are the "Magnificent Seven" So Magnificent? Hint: Artificial Intelligence - The Motley Fool