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The bank forecasts that last quarter's profits of index components decreased in the absence of those six companies. The analysts also noted a drop in Tesla's profit from October to December.
Last year, the "Magnificent Seven" contributed 62% of the S&P 500's 26% annual gain.
The Financial Times reports that the price of Big Tech (technology companies) shares increased by 105% on average in 2023. The publication points out that a greater emphasis on generative artificial intelligence (AI) has improved their appeal to investors.
The market will also be closely monitoring who is more successful at monetizing AI throughout this reporting season.
Elon Musk, Tesla’s CEO, stated earlier in January that he was ready to grow the AI division of the company with just 25% of the voting shares.
source: cnbc.com
Last year, the "Magnificent Seven" contributed 62% of the S&P 500's 26% annual gain.
The Financial Times reports that the price of Big Tech (technology companies) shares increased by 105% on average in 2023. The publication points out that a greater emphasis on generative artificial intelligence (AI) has improved their appeal to investors.
The market will also be closely monitoring who is more successful at monetizing AI throughout this reporting season.
Elon Musk, Tesla’s CEO, stated earlier in January that he was ready to grow the AI division of the company with just 25% of the voting shares.
source: cnbc.com
