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Headline : Forget Apple and Tesla: Maybe the Magnificent Seven tech stocks should be the Fabulous Five

Read more from the original article on here at qz.com.




Tags : #forget #apple #tesla #maybe #magnificent #seven #tech #stocks #should #fabulous #five


No. of Paragraph 9

The so-called “Magnificent Seven” stocks had a good run.

But Apple and Tesla’s continued misfortunes mean they’ve underperformed their Big Tech rivals. Mike O’Rourke, an analyst at Jones Trading who claims he coined the moniker representing Google, Meta, Nvidia, Amazon, Amazon, Apple, and Tesla said at the end of February that the cohort of tech brands is no more, even as others continue to affectionately use the “Mag Seven” tagline.

Apple and Tesla shares are down year-to-date, while the four others continue to show gains. Tesla is the worst performer of the group, showing both a 30% year-to-date stock decline and a year-over-year slump of 7%.

In fact, Tesla is the worst-performing stock in the S&P 500 as the company faces slowing EV demand and rising competition in China. Meanwhile, Apple is still up year-over-year (9%), despite the fact that it’s down in 2024 so far. The Tim Cook-helmed company is dealing with blowback from regulators both at home and abroad over its anti-competitive practices.

Read more from the original article on here at qz.com.


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