Democrats may be hurting themselves politically by targeting tech companies helping the stock market soar

Since Bill Clinton strategist James Carville pronounced, “It’s the economy, stupid,” to explain how Democrats would take advantage of a recession in the 1992 election, the existing economic condition of the country has been considered pivotal in predicting an incumbent win versus a change of administration or flipping the majority party in Congress.

That puts Democrats in a tough spot this election year, as the so-called Magnificent Seven tech firms drive gains in the economy and simultaneously remain a political target for many on the Left.

The Magnificent Seven include Apple, Microsoft, Alphabet (Google’s parent company), Amazon, artificial intelligence leader Nvidia, Tesla, and Meta (formerly Facebook). In 2023, their combined stock added more than $5 trillion to the S&P 500. They add up to 28% of the S&P 500’s performance and 39% of the Nasdaq 100’s performance.

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