Magnificent 7 Killers: 3 Growth Stocks Ready to Become Wall Street’s New Darlings

Stocks to buy

Identifying the next growth stocks to challenge Magnificent 7 is a noteworthy endeavor. The Magnificent 7 refers to Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Tesla (NASDAQ:TSLA), Meta (NASDAQ:META) and Nvidia (NASDAQ:NVDA) have dominated the technology sector for years.

These mega-cap companies have delivered extraordinary returns, shaping the market and our daily lives. However, as with all empires, some continue to rise and others fall causing a shift in dominance. While these growth stocks listed above aren’t necessarily losing their mojo, a few could be replaced with Wall Street’s next generation of favorites.

Now, let’s discover the top growth stocks to challenge Magnificent 7 in 2024!

Broadcom (AVGO)

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Broadcom (NASDAQ:AVGO) is undoubtedly one of the top prospects to become a Magnificent 7 killer over the next decade. The company is at the forefront of the AI revolution, set to deliver superior returns and capital to shareholders.

Broadcom is a titan in the semiconductor industry, with diverse product offerings serving the data center, network, broadband, wireless and industrial markets. They power everything from smartphones to IoT devices. With the growing demand for connectivity and cloud offerings, Broadcom stands tall as a major beneficiary. However, investors are most excited about the company’s AI tailwinds, which are set to accelerate revenue, EPS and FCF from operations. Its customer silicon chip for AI workloads continues to see unprecedented demand, as hyperscalers ramp up its product offerings. Additionally, Broadcom’s acquisition of VMware in 2023 further solidifies its position in the enterprise software market. That makes Broadcom one of the best growth stocks to challenge Magnificent 7 stocks for years to come.

Netflix (NFLX)

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Netflix (NASDAQ:NFLX) continues to showcase its ability to weather storms and emerge as a leading contender for the top growth stocks to challenge the Magnificent 7. The company underwent major restructuring in 2023, and its new business model and cost-cutting efforts have proven material.

Netflix took serious measures to improve many aspects of their business. Firstly, the company cut costs by $300 million in 2023. Secondly, it finally started to crack down on password sharing, which had been a huge crutch to the business. Moreover, its new ad plan membership was a genius move, boosting its global subscribers while allowing the company to appeal to a wider audience. In FY23, Netflix saw record revenue, earnings and FCF. Net earnings increased 21% YOY to $12.03 per share, with FCF up 328% to a record $6.92 billion. The company is not shying away from the competition in streaming, aiming to unlock new revenue growth opportunities in live gaming and sports-adjacent programming. Netflix’s new strategy is working, and investors should not ignore its margin expansion capabilities.

Adobe (ADBE)

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Adobe (NASDAQ:ADBE) is one of the best sleeper AI stocks with incredible long-term potential. Its expansive suite of creative software, including Photoshop, Illustrator and Acrobat, is leading the generative AI boom. 

Adobe’s tools are indispensable for graphic designers, photographers, videographers and creative professionals. Its transition to a subscription-based model has proven invaluable, ensuring recurring revenue streams while building a loyal customer base. However, the major catalyst for growth is Adobe Sensei GenAI, a co-pilot software to accelerate productivity and design all in one suite. It is well-equipped with market automation, analytics, testing and other AI intelligence to drive outcomes for its customers. The platform continues to gain traction, and its FY23 results only showcased a sliver of its potential. With the profitability and cash flows to drive long-term growth, Adobe remains one of the top growth stocks to challenge Magnificent 7.

On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Terel Miles is a contributing writer at, with more than seven years of experience investing in the financial markets.

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