One tech giant outdid its Mag 7 cohort this week, with analysts rushing to hike their price targets

Core Viewpoint - The earnings reports from the Magnificent Seven tech companies highlighted Amazon's significant performance, particularly in its cloud unit, which experienced the strongest growth rate in nearly three years, leading to a notable increase in its stock price [1] Group 1: Company Performance - Amazon's shares rose nearly nine percent over the week, outperforming other major tech companies [1] - The cloud unit's growth was a key driver of Amazon's stock performance, attracting positive attention from investors [1] - Analysts have increased price targets for Amazon, with 80 out of 93 analysts rating it a buy and an average price target of US$288, while shares were trading around US$245 [1] Group 2: Market Context - The Magnificent Seven, including Tesla and Nvidia, represent over one third of the S&P 500's market capitalization [1] - Despite the strong performance of tech stocks, the overall S&P 500 index has remained stagnant at the same level as six weeks ago when excluding the tech sector, indicating a bifurcation in the bull market [1]