Why the rout for big tech companies may just be getting started

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If you combine market caps of Microsoft, Apple, Nvidia, Tesla and Amazon and compare that with their aggregate free cash flow, you get a forward earnings multiple that’s down from 70 times at the start of 2022, the Felder Report blog’s Jesse Felder said.

Late Wednesday was another cold, wet blanket for investors as Facebook parent Meta Platforms added its own ugly results to a gloomy pile of tech earnings. Margin pressure and weak ad demand may bode poorly for two more big names coming after Thursday’s closing bell.

The Felder Report blog’s Jesse Felder, says if you combine market caps of Microsoft MSFT, -7.72%, Apple AAPL, -1.96%, Nvidia NVDA, -2.75%, Tesla TSLA, +1.00% and Amazon.com AMZN, -4.10% and compare that with their aggregate free cashflow, you get a forward earnings multiple of plus 50 times. But that’s down from 70 times at the start of 2022.

Felder warned in April that given the pandemic and ensuing stimulus, it’s possible there was a “significant pulling forward of demand for Big Tech products and services that will now leave a vacuum of demand for a prolonged period of time.” The buzz Meta shares META, -5.59% are down nearly 20% in premarket after the Facebook parent’s earnings earnings and revenue fell short of hopes, as it aped Alphabet GOOGL, -9.14% and Snap’s SNAP, -0.21% digital ad gloom. And Wall Street downgrades are trickling in.

And after the close, in addition to Apple and Amazon.com, Intel INTC, -0.73% and a few others will report.

 

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