| I'd say the most accurate casting would be: Companies have ideas. Companies have finite budget to pursue these ideas, and never enough to fully pursue all of them simultaneously. It's management's job to prioritize the order in which they're pursued, subject to available budget. In the last 5 years, leadership at the Mag 7 has been bad at this core responsibility. * Alphabet: failed to productize its AI research * Amazon: completely ignoring the erosion of customer trust in its core logistics business driver (warehouse retail) * Apple: Vision Pro and lack of product vision (outside of their microprocessor group) * Meta: VR. Enough said * Microsoft: Windows. Enough said * Nvidia: Granted, probably the one standout, but they did get the golden ticket to own a shovel factory during a gold rush * Tesla: Everything Objective check: Mag 7 ex Nvidia only outperformed the S&P 500 by +17% over the last 5 years, in contrast to prior periods (and much of that thanks to Alphabet boosting the average) |