CNBC personality Jim Cramer is credited with coming up with the popular FANG acronym to describe megacap tech growth stocks Facebook, Amazon, Netflix Inc. (ticker: NFLX) and Google back in 2013. Cramer expanded FANG to FAANG in 2017 when he added Apple to the mix. However, while all the original FAANG stocks continue to perform well, several other high-profile, technology-centric stocks have emerged in recent years to lead the market to new highs.

In 2023, Bank of America analyst Michael Hartnett began using the phrase the "Magnificent 7" to describe these stocks, borrowing from the 1960's ensemble Western movie of the same name. In addition to these stocks being some of the most valuable companies in the entire stock market, they are all focused largely on secular technology growth trends such as artificial intelligence, cloud computing, online gaming, and cutting-edge hardware and software.

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FAANG may no longer cut it when it comes to capturing some of the largest, most influential tech companies in the market. MAMA ANT may be the new acronym taking Wall Street by storm. Here's an overview of what every investor should know about the Magnificent 7:

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