President Donald Trump gave a shout-out to a group of four big tech giants that have market caps larger than $1 trillion, calling them MAGA.
Trump said four tech giants Microsoft, Apple, Alphabet's Google, and Amazon are part of a trillion dollar club — MAGA. The term originated as Trump's campaign slogan — Make America Great Again — and is widely used by the president and his supporters.
According to a press pool report, Trump said: "For 144 days, we set a record stock market. It means 401Ks, it means jobs. Four trillion dollar companies: Apple, Amazon, Google, Microsoft. You have MAGA. The trillion dollar club."
The name MAGA has also been used on Wall Street for the group of stocks that have led the market higher. They collectively have added $520 billion in market cap this year alone.
Trump has often taken credit for the stock market's gains. The stock market is currently experiencing its longest bull market ever, beginning in 2009 under former President Barack Obama and continuing under Trump.
The Trump administration has had a sometimes tense relationship with some big tech companies. His comments came just hours after the Federal Trade Commission announced it will examine prior acquisitions by all four companies. The FTC is also investigating Facebook.
The FTC will require the companies to provide information on acquisitions not previously reported to the antitrust agencies under the Hart-Scott-Rodino Act and consummated from the beginning of 2010 through the end of 2019.
Two members of the MAGA stock group are also part of FANG, a term used widely on Wall Street to describe tech stocks Facebook, Amazon, Netflix and Google, whose parent's name is Alphabet.
Amazon, Alphabet and Microsoft all hit new highs Tuesday.