How Big Tech stocks from Asia and Europe are performing vs. Mag 7 this year

Big Tech stocks from China and elsewhere in Asia, including Taiwan Semiconductor (TSM) and Tencent (OTCPK:TCEHY), have been collectively climbing during 2024, but the Magnificent 7’s gains were running ahead of the group.

And two of three in the small stack of Big Tech stocks from Europe were losing ground, with the figures being rounded up by DataTrek Research.

The mighty Magnificent 7 that make up about a third of the S&P 500’s (SP500)(SPY)(VOO) weight were this year up by nearly 50%, on average, fronted by Nvidia (NVDA). The group, however, was knocked back during Thursday’s session after quarterly updates from Microsoft (MSFT) and Meta (META) failed to impress investors.

For Big Tech, “we continue to prefer the American names over their Chinese, non-China Asia, and European counterparts. Only they have the scale and scope to maximize the opportunities inherent in disruptive technology,” Jessica Rabe, co-founder of DataTrek, said in a note late Wednesday.

DataTrek’s work showed Chinese tech heavyweights up 42.8% on average YTD, Asia ex-China up 33.7%, and U.S. Mag 7 higher by 48.4%. Europe’s average was 7.5%, but SAP (SAP) was the only advancer, as ASML (ASML) and Infineon (OTCQX:IFNNY) were in the red.

“Europe’s dearth of disruptive Tech companies isn’t changing anytime soon, and emerging markets’ high exposure to China Tech has proven to be an unreliable source of long-term value creation,” Rabe said.

But Mag 7’s average was on course to cool this year from 2023, when the basket posted an average 111.3% advance.

Here’s how regional major tech stocks were faring in 2024 as of Wednesday’s data from DataTrek. Prices returns listed reflected local currencies unless noted otherwise:

• U.S.
• Apple (NASDAQ:AAPL) – YTD gain: +19.5%
• Microsoft (NASDAQ:MSFT) – YTD gain: +15%
• Alphabet (NASDAQ:GOOG) – YTD gain: +25%
• Nvidia (NASDAQ:NVDA) – YTD gain: +181.4%
• Tesla (TSLA) – YTD gain: +3.7%
• Meta (META) – YTD gain: +67.2%
• Average: 48.4%
• China
• Tencent (Hong Kong listing) – YTD gain: +40%
• Alibaba (BABA) – YTD gain: +27.3%
• Meituan (Hong Kong listing) – YTD gain: +125.5%
• JD.com (JD) – YTD gain: +38.6%
• PDD (Pinduoduo, U.S. listing) – YTD loss: -17.4%
• Average: 42.8%
• Non-China Asia
• Taiwan Semi (TSM) – YTD gain: +87%
• Samsung (Seoul listing) – YTD loss: -24.7%
• Infosys (Bombay listing) – YTD gain: +16.8%
• Hynix (Seoul listing) – YTD gain: +37.8%
• Hon Hai (Foxconn, Taiwan listing) – YTD gain: +51.8%
• Average: 33.7%
• Europe
• ASML (ASML) – YTD loss: –9.7%
• SAP (SAP) – YTD gain: +53.5%
• Infineon (German listing) – YTD loss: -21.3%
• Average: 7.5%