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Thursday, February 22nd, 2024

Magnificent 7 profits now exceed almost every country in the world. Should we be worried?

Author:     Elliot Smith
Source:     CNBC
Publication Date:     February 19, 2024
 Link: Magnificent 7 profits now exceed almost every country in the world. Should we be worried?
Stephan:  

Yet another report describes how a tiny group of oligarchs increased their control over the American economy. Seven tech companies alone, as this report describes,  would by themselves be the second largest stock market in the world. The wealth of the individuals who control these companies is only possible because of what the Republicans have done to rig the tax structure to favor the rich.

  • The so-called “Magnificent 7” U.S. tech behemoths encompass Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla.
  • In a research note Tuesday, Deutsche Bank analysts highlighted that the Magnificent 7′s combined market cap alone would make it the second-largest country stock exchange in the world.
  • However, this level of concentration has led some analysts to voice concerns over related risks in the U.S. and global stock markets.

The so-called “Magnificent 7” now wields greater financial might than almost every other major country in the world, according to new Deutsche Bank research.

The meteoric rise in the profits and market capitalizations of the Magnificent 7 U.S. tech behemoths — Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla — outstrip those of all listed companies in almost every G20 country, the bank said in a research note Tuesday. Of the non-U.S. G20 countries, only China and Japan (and the latter, only just) have greater profits when their listed companies are combined.

Deutsche Bank analysts highlighted that the Magnificent 7′s combined market cap alone would make it the second-largest country stock exchange in the world, double that of Japan in fourth. Microsoft and Apple, individually, have similar market caps to all combined listed companies in each of France, Saudi Arabia […]

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