Stock market shows signs investors are selling Big Tech to buy SpaceXpublished at 19:31 BST
Kali Hays
US technology reporter
Image source, ReutersThere are signs that stock market investors have been selling their shares of major tech companies like Amazon, Apple, Meta, Microsoft, and even Tesla, in order to buy shares of SpaceX.
Samuel Kerr, who leads equity capital markets research for Mergermarket, told the BBC there had been noticeable selling in large tech companies as SpaceX was marketing and pricing its IPO.
“That would indicate investors were selling out of liquid tech exposure, like the Mag 7 names, to make room for SpaceX,” Kerr said.
Financial analysts use the term “Magnificent 7” as a reference to Alphabet (owner of Google), Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, which make up most of the world’s most valuable companies.
On Friday, the price of shares for Tesla, Microsoft, Apple and Amazon had dipped down slightly, as shares of Meta, Alphabet and Nvidia remained relatively flat.
