Magnificent 7 profits now exceed almost every country in the world. Should we be worried?

February 20, 2024

Michael M. Santiago | Getty ImagesThe so-called "Magnificent 7" now wields greater financial might than almost every other major country in the world, according to new Deutsche Bank research. The meteoric rise in the profits and market capitalizations of the Magnificent 7 U.S. tech behemoths — Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla — outstrip those of all listed companies in almost every G20 country, the bank said in a research note Tuesday. Of the non-U.S. G20 countries, only China and Japan (and the latter, only just) have greater profits when their listed companies are combined. Deutsche Bank analysts highlighted that the Magnificent 7's combined market cap alone would make it the second-largest country stock exchange in the world, double that of Japan in fourth. However, this level of concentration has led some analysts to voice concerns over related risks in the U.S. and global stock market.