Microsoft, Nvidia, Google, Amazon.com, and Meta Platforms have collectively surged by 45% and now comprise 25% of the S&P 500 equity cap, the brokerage said in a note after markets closed on Friday. The upgraded target reflects an upside of about 3.1% to the index's last close of 5,431.60. The brokerage expects roughly unchanged real yields by the year-end and strong earnings growth to support a 15x P/E for the equal-weight S&P 500 Index.
Google CEO Sundar Pichai testified briefly Friday at the federal financial conspiracy trial surrounding buzz-to-bust startup Ozy Media, countering founder Carlos Watson's alleged claims that the search giant once sought to buy Ozy. Google did consider hiring Watson for a high-level news executive job in 2021 and putting $25 million into Ozy in something of a tradeoff for luring him away, Pichai told jurors. “Mr. Watson was a critical part of Ozy Media, and we were considering making an investment in the company to make the transition easier," he explained.
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