Good morning. Unhedged spent a good chunk of last week trying to make sense of two newly listed companies: Reddit and Trump Media & Technology Group. On Monday, both sold off hard. TMTG shares lost more than 20 per cent after reporting 2023 revenues of $4mn, less than half what the average Chick-fil-A franchise makes. Email us: robert.armstrong@ft.com and ethan.wu@ft.com
Apple the formerly magnificent
Only five of the Magnificent 7 tech stocks are performing magnificently in 2024. Amazon, Alphabet, Meta, Microsoft and Nvidia are all beating the market to a greater (Nvidia) or a lesser (Alphabet) degree. But Apple has performed very badly (down 8 per cent to the market’s 11 per cent gain) and Tesla horrendously (down 30 per cent):
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