The top tech stocks, known as the Magnificent Seven - Amazon (AMZN), Apple (AAPL), Alphabet (GOOG,GOOGL), NVIDIA (NVDA), Meta (META), Microsoft (MSFT), and Tesla (TSLA) have all reported their latest quarterly results. Following the reports, analysts revised their earnings estimates for upcoming quarters.

Yahoo Finance Markets Reporter Josh Schafer explains how the Wall Street's views on the Magnificent Seven may be evolving.

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Editor's note: This article was written by Nicholas Jacobino

Video Transcript

BRAD SMITH: All Magnificent Seven companies have reported their fourth quarter results. The majority seeing upward estimates revision-- estimate revisions rather an average of over 7% for the quarter. That's according to Datatrek

Now, let's bring in "Yahoo Finance's" Josh Schafer for more details on this. Hey, Josh.

JOSH SCHAFER: Yeah, Brad. Datatrek did a great job breaking this down in their evening note last night. And I want to zoom out a little bit here and take a look at some of the other earnings revisions they had.

So we had earnings from all of the Magnificent Seven companies. And then, of course, the big question is, well, what do analysts think are now going to happen for the current quarter for the next year? And maybe even out into 2025? That's what gets priced into these stocks.

So if you take a look here, this is what's changed in earnings estimates over the last 30 days. So this is not expectations for next year, necessarily, directly, it is what has changed in the last 30 days.

You see, really, I think the takeaway here, Seana, you're looking at it. There's only three companies that really saw big changes. And that to me is one of the prevailing takeaways here. NVIDIA Amazon, Meta, the big three winners of this earnings season.

You can see Alphabet actually had its estimates up a little bit. But we were talking about this off air and discussing what do we learn from this. And I think it's the three companies there. And then if you look at year-to-date performance in these stocks, you probably have to give Microsoft a little bit of credit.

Microsoft is up about 8%. So a little bit over the market. So maybe we'll call it 3 and 1/2. But to me, the prevailing takeaway that we've seen in earnings projections, movements is maybe we're not talking about the Magnificent Seven.

Maybe, it's the Fantastic Four or the 3 and 1/2. I don't know. But it seems like we're no longer in this seven tech stock phase. And it's certainly narrowed.