The 'Magnificent 7' term needs to be retired after Q1 earnings: Goldman Sachs

Goldman Sachs has observed a significant shift among the top technology companies, often dubbed the "Magnificent 7," following their first-quarter results.

Meta Platforms, Alphabet, and Amazon outperformed expectations with sales growth of 27%, 15%, and 13% respectively, leading to year-to-date share price increases of 34%, 25%, and 21%. These gains reflect a stronger market performance for these companies relative to some of their peers. The report added that wide dispersion in performance highlights the diverse challenges and opportunities faced by these industry leaders.

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