From Investing.com: 2024-05-18 05:39:55

Goldman Sachs notes a shift among top tech companies like Apple, Amazon, Alphabet, Meta Platforms, Microsoft, NVIDIA, and Tesla with a collective 48% profit increase year-over-year. Sales are up 14% and margins expanded to 22.8%, but individual performance varies. Meta, Alphabet, and Amazon exceed expectations, while Apple and Tesla saw declines in sales impacting stock prices. Tesla drops to 12th largest stock.

Apple’s sales down 4% and Tesla’s dropped 9%, affecting stock prices negatively. Meta, Alphabet, and Amazon outperformed, leading to share price increases and stronger market performance. However, Apple and Tesla’s struggles have led to a decline in their stock prices.

Goldman Sachs analysts recommend retiring the term “Magnificent 7” due to the varied performance of top tech companies. Wide dispersion in sales highlights challenges and opportunities faced by industry leaders amidst differing economic conditions.

The upcoming NVIDIA results will provide further insight into the tech industry’s current landscape and performance trends. The diverse challenges and opportunities faced by top companies in the industry are coming into clearer focus, prompting a reevaluation of their overall performance and market position.

Read more at Investing.com: The ‘Magnificent 7’ term needs to be retired after Q1 earnings: Goldman Sachs By Investing.com