One thing already seems certain about 2024: AI is going to need to start showing the money. The Nasdaq Composite jumped 43% for the year—its second-best annual performance in 15 years. The megacap tech companies known as the Magnificent Seven averaged a loss of nearly 2% for the day, equating to a loss of more than $238 billion in combined market value. Last year also saw many tech companies undergo significant layoffs and other restructuring moves as business slowed. Microsoft shares jumped 57%—their best annual performance since 1999—to a record.

Source: Wall Street Journal January 03, 2024 15:54 UTC