U.S. Alexandria Ocasio-Cortez (D-N.Y.) did not hold back in her criticism of Nvidia Corp. (NASDAQ:NVDA) or former CEO Jensen Huang when asked about the recent company scandal.
AOC on Nvidia
Ocasio-Cortez was recently asked by TMZ about the scandal in which Huang admitting to an affair with an alleged Chinese spy an a report that he also had an affair with an Nvidia employee.
She said she had problems with the potential national security risk and also the power that business CEOs have.
"When power in our economy, wealth concentrated so much that five guys in tuxedos control half our economy, all you need to do is compromise one of them to suffocate our entire economy," Ocasio-Cortez told TMZ.
TMZ’s Charlie Cotton asked if it is a matter of the CEOs keeping it in their pants.
"Why is it up to five guys to do that?” Ocasio-Cortez said. “Shouldn’t be up to five guys."
She said a lot of companies have too much power and need to be broken up.
"We need to check these guys power."
Asked about an investigation into Nvidia, Ocasio-Cortez said this is a national security breach that has to be investigated.
Cotton told Ocasio-Cortez that President Donald Trump referred to Huang as a "good guy."
"You can be a good guy and have compromised the entire United States chip supply and national security," she responded.
Magnificent Seven Concentration
It’s unclear which five people Ocasio-Cortez was referring to. Maybe she meant the CEOs of some of the Magnificent Seven stocks, or the heads of other companies.
The weighting of the five most valuable companies in the world and the Magnificent Seven stocks has grown to record highs in recent years, which backs what Ocasio-Cortez is saying about the power of those companies and CEOs.
Take the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500, for example. Here are the weightings of the top five companies as of Wednesday:
- Apple Inc (NASDAQ:AAPL): 7.89%
- Nvidia: 6.39%
- Microsoft Corporation (NASDAQ:MSFT): 5.89%
- Amazon.com Inc (NASDAQ:AMZN): 3.97%
- Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL): 2.62%, 2.10%, total 4.72%
Together these five most valuable companies in the world represent 28.86% of one of the largest and most recognizable ETFs in the world.
Add in the other two Magnificent Seven stocks Meta Platforms (NASDAQ:META) and Tesla Inc (NASDAQ:TSLA) and the weighting goes to 32.65% combined.
Things get even more heavily weighted for big tech in the Invesco QQQ Trust (NASDAQ:QQQ), which tracks the Nasdaq 100.
Here are the weightings of the top five most valuable companies in QQQ:
- Apple: 8.43%
- Nvidia: 6.80%
- Microsoft: 6.29%
- Amazon.com: 4.66%
- Alphabet: 2.80%, 2.61%
Combined, the five companies are 31.59% of the ETF. Add in Tesla (3.34%) and Meta (3.04%) and the weighting of the Magnificent Seven stocks is 37.97%.
Most investors have heard the jokes before about how Nvidia stock was holding up the market or the economy with record earnings and strength shown every quarter.
The Magnificent Seven stocks may have too much weighting in key indexes and those CEOs having too much power. Ocasio-Cortez’s comments could suggest that Congress will push for more tech breakups in 2027, which could be bad news for investors or good news in some cases given the sum-of-the-parts valuations.
Huang’s scandal has put technology stocks into heavy focus for some members of Congress.
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