CNBC’s Jim Cramer has made the argument that one of the seven popular names included in the so-called “Magnificent Seven” — a group of mega-cap tech stocks — should be removed from the index.
What To Know: Cramer was credited with coming up with the “FAANG” acronym that was long used to describe a handful of the most dominant public mega-cap tech companies.
As Microsoft Corp (NASDAQ:MSFT) shares surged last year, driven by the artificial intelligence (AI) boom, investors and analysts began testing several other acronyms that would better represent the biggest mega-cap players before the “Magnificent Seven” name ultimately stuck.
The group of tech juggernauts that have historically outperformed broader markets currently includes Apple Inc (NASDAQ:AAPL), Microsoft, Alphabet Inc (NASDAQ:GOOG), Amazon Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), NVIDIA Corp (NASDAQ:NVDA) and Tesla Inc (NASDAQ: