The time has come for the Magnificent 7 to show if they are still worthy of the title in the first earnings season under Trump 2.0.

Electric vehicle maker Tesla (TSLA) first quarter earnings missed estimates, with revenue of $19.34bn (£14.51bn) compared to expectations of $21.43bn, according to Bloomberg consensus. Adjusted earnings per share of $0.27 also came below estimates of $0.44.

Google's parent company, Alphabet (GOOGL, GOOG), reported strong fiscal Q1 earnings, beating expectations. It also announced a 5% dividend increase and $70bn in stock buybacks.

For Q1, Alphabet reported earnings per share (EPS) of $2.81 on revenue of $90.2 billion. Analysts were expecting EPS of $2.01 on revenue of $89.1bn, according to Bloomberg consensus estimates.

Read more: What to expect from Mag 7 company earnings in light of Trump tariff turmoil

The Mag 7 — also comprised of Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Meta (META) and Amazon (AMZN) — are all in the red year-to-date.

In January, Chinese start-up Deepseek released a lower-cost artificial intelligence (AI) model, rattled investors in the Mag 7, and prompted concerns over the level of spending by major tech companies on AI.

High expectations going into the first earnings season 2025 also saw share price falls after this group of companies reported in January and February.

Since then, broader market volatility on the back of US president Donald Trump's fast-moving tariff agenda has weighed on the Mag 7, amid concerns that this will tip the US into recession.

AJ Bell's (AJB.L) investment experts Russ Mould, Danni Hewson and Dan Coatsworth said in previously that the Mag 7 have lost nearly $4tn (£3tn) of stock market capitalisation between them since their aggregate valuation hit $18.4tn on 24 December, which represents a drop of one-fifth.

Read more: Trending tickers: Alphabet, Intel, Meta, Novo Nordisk and WPP

"That still means their combined worth is 5% above where it was a year ago, so it is too early to talk about a real loss of faith in them — even if gold is up by a third in the past 12 months, to hint at some kind of change in the market’s mood," they said.

"Any shift in sentiment toward this septet could have wide-ranging implications, though, given how they still represent almost one third of the total stock market valuation of the S&P 500 (^GSPC) index."

As Big Tech reports earnings, we asked Yahoo Finance readers earlier this week if the Mag 7 was still worth the hype. We received 342 votes, with 45% of respondents saying Mag 7 stocks are still worth it, 39% saying they were not, and 16% undecided on the matter at the time of writing.