We are through first quarter earnings, and, with few exceptions, the news has been positively received. Apple ended the earnings parade last Thursday, with much relief that iPhone sales volumes were stronger than expected (we thought that would be the case given the end of year overhang we saw in our Apple tracking Briefs).

Last week, the Fab Five gained $34 billion with gains from Apple, Microsoft and Amazon offsetting losses from Google and Meta. No gain or loss were meaningful. The Telco Top Five lost $16 billion last week with each stock showing modest losses. T-Mobile remains the most valuable telecom company, with Comcast a mere $3 billion behind. On a YTD basis, the Fab Five gained $1.94 trillion in 2023 while the Telco Top Five has gained $13 billion.

We have updated the attached spreadsheet with share figures and confirmed equity market capitalizations against Yahoo! Finance and Bloomberg. Also, we have updated the net debt figures for each of the Fab Five. Bottom line: No material changes. We will have a full update in next week’s Brief.

Have a terrific weekend!