In recent comments to CNBC, Jim Cramer declared that Tesla no longer meets the criteria of being part of the 'Magnificent Seven' tech stocks, citing the fallout from Trump's tariffs. The Mag 7 group, which includes major players like Apple and Nvidia, is losing its significance due to recent economic challenges. Despite concerns, analysts argue that Tesla's U.S.-based production could mitigate some tariff impacts, yet Cramer feels there is nothing 'magnificent' left about Tesla or Nvidia as viable tech stocks.
I would not jump back into the Magnificent 7 because, as of tonight, there is no 'Mag 7' anymore. I came up with that name, and I'm scrapping it right now - no moniker fits the two or three that remain viable.
Tesla (is) a relative beneficiary given [its] 100% U.S. production footprint, substantial U.S. sourcing, and with Model Y competing in a midsize crossover segment where close to ~50% of vehicles could be subject to tariffs.
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