Previously dubbed FANGM, the magnificent seven technology stocks are Meta Platforms (META), Alphabet (GOOG), Nvidia (NVDA), Amazon (AMZN), Tesla (TSLA), Apple (AAPL), and Microsoft (MSFT). Netflix (NFLX) is arguably magnificent over Nvidia. But Nvidia reached $1.19 trillion in market capitalization, compared to Netflix’s $193.7B level.
So, who are the winners and losers?
Measured by weekly performance, Meta, up 10% after posting results, is a winner. It reported revenue growing by 11% Y/Y to $32 billion. Activity (by MAU, DAU) all rose in the 3%-7% range. Advertisers are pleased that ad impressions grew by 34% on its family of apps.
Amazon added 1.15% as shareholders await its report on August 3, 2023.
Apple continued up and now trades at a 33.3 times price-to-earnings ratio. Shareholders are unfazed by the bears who shun the $3.099 trillion market capitalization. The firm increased its market share in the slowing smartphone market.
Losers
None of the magnificent seven are “losers” in the long-term sense. Traders will care that for the week, they lost their appeal. Tesla warned that it may cut prices to sustain demand levels. It is also in talks to license its self-driving software to the competition.
Tesla does not have a full self-driving solution yet.
Microsoft lost 1.57% in the week after posting results. Markets had already expected a good report.