ASX tech stocks have delivered impressive capital growth, with the S&P/ASX 200 Information Technology Index (ASX: XIJ) up 57.8% in the year to date (YTD).
By comparison, the benchmark S&P/ASX 200 Index (ASX: XJO) is up 10.4% (excluding dividends).
Technology is on track to be the best-performing sector among the ASX's 11 market sectors this year.
While that's impressive enough, did you know that some ASX tech stocks are outperforming the US Magnificent Seven?
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ASX tech stocks vs. Magnificent 7
When people think of the Magnificent Seven, they think about 'high tech'. These companies are either technology enterprises themselves or use advanced technology to produce their products and services.
Over the past few years, the Magnificent Seven has dominated headlines around the world due to these companies' phenomenal earnings growth and share price gains.
In 2024 alone, JP Morgan strategist Ian Hui estimates the Magnificent Seven will achieve a collective 36.2% earnings growth compared to 3.1% for the rest of the S&P 500 Index (SP: INX).
That's incredible growth for companies that are already mature and very well-established.
And look what's happened to the Magnificent Seven's share prices in the year to date (YTD).
- Nvidia Corp (NASDAQ: NVDA) shares are up 201.1%
- Meta Platforms Inc (NASDAQ: META) shares are up 75.8%
- Tesla Inc (NASDAQ: TSLA) shares have lifted 48.7%
- Amazon.com, Inc. (NASDAQ: AMZN) shares are up 47.1%
- Apple Inc (NASDAQ: AAPL) shares are up 30.9%
- Alphabet Inc Class A (NASDAQ: GOOGL) shares have risen 25%
- Alphabet Inc Class C (NASDAQ: GOOG) shares are up 24.9%
- Microsoft Corp (NASDAQ: MSFT) shares are up 19.4%
Investors in these US stocks are likely thrilled with another year of very strong growth.
But did you know that some of our home-grown ASX tech stocks are holding their own against these global giants, at least in terms of share price growth this year?
Top stocks for share price growth in 2024
One of the top-performing ASX tech stocks of 2024 is social networking company Life360 Inc (ASX: 360).
Life360 shares are up 249.9% YTD and traded for $26.18 per share on Friday. This share price growth is stronger than that of the top performer within the Magnificent Seven over the same time period.
Also outperforming the Magnificent Seven in 2024 is Nuix Limited (ASX: NXL) shares. The Nuix share price has risen by 245.6% YTD. Nuix shares are $6.67 apiece at the time of writing.
Here are some other ASX tech stocks recording excellent share price growth in the YTD:
