The so-called Magnificent Seven delivered event bigger profits than Wall Street hoped, but they’ve also given investors reasons to fret about growth.
Earnings for most of US big tech are out, and the group delivered even bigger profits than Wall Street anticipated. The bad news: the outlook for repeat performances in the fourth quarter has dimmed.From Apple’s muted holiday outlook to Google parent Alphabet’s lacklustre cloud computing sales results, a recurring theme for the cohort was caution. Meta warned that the year ahead was looking less predictable, while Tesla raised concerns that demand for electric cars was starting to weaken.
Tech stocks are now on shaky ground. The seven biggest tech stocks are down an average of about 9 per cent from 52-week highs. Apple alone has lost more than $US300 billion in market value.The sell-off has made valuations cheaper, but they are still pricey and with future expansion less certain, investors are baulking at paying up for the stocks.
“We are in a better seasonal period for the market, rates stabilising, mixed economic data and upbeat news on AI,” he said.
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