- Amazon, Meta and Nvidia have seen earnings estimates raised
- Selloff from soaring interest rates hasn’t spared Big Tech
The central argument for buying shares in highly valued Big Tech companies this year — unmatched prowess in generating earnings — is starting to look prescient.
The profit machines at the likes of Amazon.com Inc. and Meta Platforms Inc. are humming, with each seeing analyst projections for 2024 earnings per share rise by more than 10% in the past three months, according to estimates compiled by Bloomberg. Alphabet Inc.’s estimates have risen 8%, while Nvidia Corp.’s have soared 69%.
Big Tech Profits Are Humming While Stocks Slide