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Magnificent 7: NVIDIA top, Tesla flop - quarterly analysis 2024
Find out which Magnificent 7 stocks impressed and which disappointed in the first quarter. NVIDIA at the top, Tesla at the bottom - an analysis.
Magnificent 7: NVIDIA top, Tesla flop - quarterly analysis 2024
The Magnificent 7 stocks, including Apple, NVIDIA, Alphabet, Meta, Amazon, Tesla and Microsoft, stood out for their remarkable performances on the US stock market last year. In the first quarter of 2024, most of these stocks posted positive performance, with NVIDIA leading the way with a price gain of 82.46 percent. The chip maker maintained its dominance in the AI sector and beat expectations with impressive quarterly results. The launch of the new Blackwell AI processor architecture received positive reception from analysts, who praised the potential to further widen the gap with competitors.
Meta, the company behind Facebook, also impressed investors in the first quarter with a share price increase of around 37.18 percent. The announcement of an initial dividend distribution and an increase in share buyback authorization strengthened investor confidence. However, Meta, along with Apple and Alphabet, found itself in the sights of the EU Commission, which is investigating possible violations of the Digital Markets Act (DMA), in particular Meta's handling of user data.
Other Magnificent 7 members such as Amazon, Microsoft and Alphabet also saw positive performance in the first quarter of 2024. Amazon beat market expectations with its quarterly results, but was hurt by regulatory hurdles to its iRobot acquisition. Microsoft posted a strong increase in sales and profits, but along with Amazon and Alphabet, it found itself under investigation by the US Federal Trade Commission (FTC) over their AI investments. Alphabet also struggled with negative headlines, including a botched launch of its Gemini image generator and disappointing quarterly results.
In contrast, Apple suffered setbacks in the first quarter of 2024, with its stock losing 10.93 percent in value. Apple faced antitrust lawsuits and a canceled electric car project, while iPhone sales fell in China. Tesla proved to be a flop stock over the same period, with shares falling 29.25 percent. Weak quarterly figures, production losses due to an arson attack and internal conflicts surrounding CEO Elon Musk contributed to Tesla's failures. Overall, NVIDIA was the top performer and Tesla was the biggest flop among the Magnificent 7 in the first quarter.