Tesla Struggles Lead to Potential Removal from Top Tech Stocks List, Oracle Seen as Replacement
• Tesla's stock has declined 31% year-to-date in 2024 due to slowing EV sales growth and price cuts impacting earnings • Tesla could be removed from the "Magnificent Seven" group of top tech stocks due to its struggles • Oracle would be a good replacement for Tesla in the Magnificent Seven due to its surging Oracle Cloud Infrastructure business • Oracle's Gen2 Cloud is becoming a preferred platform for AI developers and demand is outpacing supply • Oracle trades at a much lower P/E ratio than Tesla while earnings and revenue growth accelerate, making it a potentially better stock pick