(Bloomberg) -- Hedge funds continued to lean into the biggest technology companies leading the way in artificial intelligence as the hype propelled the US stock market higher in the first quarter of the year.Most Read from BloombergSlovak Premier Fighting for Life After Assassination AttemptS&P 500 Tops 5,300 in Record-Breaking Stock Rally: Markets WrapUS Inflation Ebbs for First Time in Six Months in Relief for FedChina Considers Government Buying of Unsold Homes to Save Property MarketFlood of
Dubbed the Magnificent Seven stocks, Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms and Tesla lived up to their name in 2023 with big gains. But the early part of the second quarter of 2024 showed a big divergence of returns.
Google took back the AI crown during its I/O developer conference, but its reign could be short-lived.