美元越弱，Mag 7财报就越好

Core Viewpoint - The weakening of the US dollar is expected to provide significant benefits to US stocks, particularly the Magnificent Seven (Mag 7) technology companies, as it enhances their international revenue potential [1][2]. Group 1: Dollar Weakness Impact - The US dollar has depreciated by 7% this year and is projected to weaken an additional 4% by year-end [1]. - A 10% decline in the dollar is estimated to boost the earnings per share of the S&P 500 index by approximately 2-3% [1]. - Historical data indicates that similar currency dynamics contributed to unexpected earnings growth for US stocks during 2017-2018 [1]. Group 2: Sector and Company Exposure - The depreciation of the dollar particularly benefits export-oriented companies, helping to offset rising domestic costs [1]. - Approximately 28% of the S&P 500 index's revenue comes from international markets, meaning a weaker dollar can directly translate into higher dollar-denominated overseas revenue [1]. - The technology sector is the only segment of the S&P 500 where over half of the revenue comes from outside the US, providing it with a unique advantage in a weakening dollar environment [1]. Group 3: Magnificent Seven (Mag 7) Advantage - The Mag 7 companies have the highest exposure to international revenue, with an average of nearly 50% of their income coming from overseas, significantly above the index median of 28% [1]. - This high international revenue exposure is expected to enhance the relative performance of the Mag 7, especially during earnings season, potentially increasing their valuations and attracting more capital inflows [2].