Post by @himysyed
This analyst's report from Apollo about AI uses the term "S&P 493" to refer to the "S&P 500 minus the Mag 7" - because if you take out the AI companies, the S&P 500 is tanking. https://www.apollo.com/wealth/insights-news/insights/daily-spark/no-signs-of-ai-payoff-outside-the-tech-sector
@pluralistic@mamot.fr This had me wondering the origin of "Mag 7" / Magnificent Seven...
From wikipedia ( https://en.wikipedia.org/wiki/Big_Tech#Magnificent_Seven ) :
"The nickname Magnificent Seven was coined in May 2023 by Bank of America analyst Michael Hartnett as a reference to the 1960 film of the same name, and popularized by Jim Cramer on Mad Money."
The 1960 film :
@himysyed @pluralistic
In days of old, there were the Seven Sisters, the seven large oil companies that made up the Consortium for Iran:
Anglo-Persian Oil Company (now BP)
Shell plc
Standard Oil of California (now Chevron)
Gulf Oil
Texaco
Jersey Standard (now Exxon)
Standard Oil of New York (also now Exxon)
@RealGene@hachyderm.io @pluralistic@mamot.fr Data is the New Oil;
GPU Data Centres are the New Refineries.
Smartphone is the New Cigarette;
Notification is the New Nicotine.