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Move over 'Magnificent 7,' the 'Fantastic 5' may offer higher earnings and return potential

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Thornburg International Growth Fund Class R4,Alphabet Inc,Amazon.Com Inc

Thornburg Investment Management touted a group of European stocks, dubbed the 'Fantastic Five,' boasting potential earnings growth greater than the 'Mag 7.'

Looking for a less risky way to find growth stocks amid all the artificial intelligence hype? The answer may lie overseas. Nicholas Anderson, a portfolio manager and managing director at Thornburg Investment Management, outlined a group of European stocks with the potential for faster earnings growth than that offered by the tech-focused " Magnificent 7 " stocks that have dominated the domestic market in the U.S.

, Anderson said, naming them as his favorites in the group. Europe's largest software company, Germany's SAP , is also fueling the group's earnings as it works to migrate customers to more profitable cloud subscriptions. Novo has a "first-mover advantage" in the market for GLP-1 diabetes and obesity drugs, Anderson said. Novo manufactures weight loss drug Wegovy and diabetes drug Ozempic, which have seen rampant demand.

said on Monday that it opened a test laboratory with Belgium chip research firm Imec for its High NA EUV lithography equipment, a first-of-its-kind $380 million system that can produce chips at nodes even smaller than two nanometers . One nanometer equals one billionth of a meter.

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