The Magnificent 7 Weekly Report: One Earnings Giant, Six Complicated Stories
The Magnificent 7 ended last week collectively down 12% from their all-time highs, even as the broader S&P 500 sits about 7% off its peak. That gap is notable: the cohort that led the bull market higher is now dragging harder than the index on the way down. But inside that number, the stories diverge sharply.
Nvidia just reported one of the best quarters in semiconductor history. Meta signed a $27 billion AI deal. And Tesla caught its first break in Europe in months. Meanwhile, Microsoft is under pressure, Amazon is absorbing war-related cloud disruptions, and Apple is drifting on firmware updates while the market waits for WWDC. Here is where each name stands heading into the back half of March.
The Scoreboard
| Stock | YTD | Past Month | Key Catalyst This Week |
|---|
| NVDA | -5.8% | -8.3% | Q4 FY2026 earnings blowout; $68.1B revenue, +73% YoY |
| META | Positive | Mixed | $27B Nebius GPU deal; Arm CPU partnership |
| MSFT | -20.8% | -5.4% | BofA Buy reinstated at $500 target; Azure AI focus |
| AMZN | Near flat | +3.2% | AWS Iran disruptions; Amazon Leo vs. Starlink |
| TSLA | -14.2% | -4.2% | Europe registrations +29%; Cybertruck IIHS Top Safety Pick+ |
| AAPL | Mixed | Flat | Apple Business goes free; iOS 27 AI push teased |
| GOOGL | Mixed | Mixed | Antitrust lawsuit vs. news publishers dismissed |
Nvidia: The Earnings That Changed the Conversation
Nvidia reported Q4 fiscal 2026 revenue of $68.13 billion, a 73.2% increase year-over-year, with earnings per share of $1.62 coming in ahead of estimates. Q1 FY2027 guidance came in at $78 billion, implying another sequential jump. CEO Jensen Huang now sees the AI chip revenue opportunity hitting at least $1 trillion by 2027.
Despite the numbers, the stock closed at $175.81 on Tuesday, about 17% below its 2025 high of $212. That disconnect reflects a broader market dynamic: investors have been pricing in a slowdown that the actual results keep refusing to deliver. The GTC conference introduced Nemotron 3 agentic AI models, and the company donated a GPU resource allocation driver to Kubernetes, deepening its infrastructure lock-in. For long-term holders, the question is no longer whether the fundamentals are there. It is whether the market will re-rate before or after more quarters like this one.
Meta: $27 Billion and a Custom Chip Strategy
Meta signed a $27 billion capacity agreement with Nebius Group for Nvidia Vera Rubin GPUs and additional clusters, one of the largest single AI infrastructure commitments by any tech company this quarter. Separately, the company announced a partnership with Arm to co-develop custom CPUs built specifically for data center AI workloads, reducing its dependency on third-party silicon over time.
The stock faces two competing narratives. Bears point to elevated capex that keeps compressing near-term free cash flow. Bulls argue that every dollar spent on infrastructure is a moat being built against competitors who cannot match the spend. The New Mexico child exploitation lawsuit adds a headline risk that has nothing to do with the AI story but could weigh on sentiment if the verdict goes badly.
Microsoft and the Azure Premium
Microsoft is down 20.75% year-to-date, the worst performance in the group, but Bank of America reinstated a Buy rating this week with a $500 price target, a 30% premium to where the stock was trading around $373. The thesis: Azure's AI adoption curve is still early, and Copilot monetization has not fully shown up in the numbers yet. The company also scooped up a large Texas data center that Oracle and OpenAI had walked away from, a reminder that hyperscaler infrastructure competition is still accelerating even as the stocks consolidate.
Amazon, Tesla, Apple, and Google: Brief Takes
Amazon Web Services absorbed drone-related disruptions to its Middle East facilities tied to the Iran war, which briefly pushed the stock to a 2026 low near $208. It recovered to $210 on Tuesday on broader market relief, and the company is moving aggressively to challenge Starlink in space-based broadband with its Amazon Leo constellation. Tesla posted a 1.3% gain on Tuesday and finally saw European registrations turn positive, up 29% in February year-over-year, though BYD still outsold it in the region. The Cybertruck earned an IIHS Top Safety Pick+ designation, a credibility win for a vehicle that has had a rocky start. Apple is in a news vacuum, teasing iOS 27 AI features expected at WWDC in June while releasing minor firmware updates. Google had a quiet week beyond a dismissed antitrust suit brought by news publishers.
Bottom Line
The Magnificent 7 are not moving as a group right now. Nvidia is delivering the numbers that justify its valuation. Meta is betting $27 billion at a time. Microsoft is absorbing a painful re-rating before what BofA thinks is a major Azure inflection. Amazon and Tesla are fighting through noise that obscures solid underlying businesses. Apple and Google are marking time.
As a basket, the group is down roughly 12% from its high. As individual stories, the range of outcomes from here looks wider than it has in years.