Tesla Tumbles 26% as Magnificent Seven Tech Giants Eye Strong Earnings Despite Growth Concerns
• Tesla shares have tumbled over 26% in 2024 after reporting weak Q4 results and slower growth forecasts • The "Magnificent Seven" tech giants excluding Tesla are expected to report strong 53.7% earnings growth in Q4 • The Magnificent Seven drove 62% of the S&P 500's gains in 2023, so their earnings reports will be closely watched • Investors crowded into mega-cap tech stocks amid excitement over AI, but growth may be harder to repeat in 2024 • The Magnificent Seven's huge size and AI involvement may allow them to extend market dominance even if rates stay high