The Magnificent Seven - minus Nvidia Corp. (NVDA  ), which is due to report earnings this week - delivered a stunning earnings beat in the first quarter of 2025, surpassing timid Street expectations and sending a clear message: the foundations of Big Tech's dominance remain firm.

The six tech giants that have reported so far delivered an average EPS growth of 28% year over year - nearly three times the 9% pace seen across the rest of the S&P 500.

They didn't just grow, they blew past expectations. Consensus estimates were exceeded by 16%, marking the most significant earnings surprise since the second quarter of 2021, when the group beat forecasts by 27%.

Big Tech Just Delivered Its Best Quarter In Four Years

Alphabet Inc. (GOOGL  ) (GOOG  ) and Amazon.com Inc. (AMZN  ) were standouts. Alphabet delivered 48.7% EPS growth and beat expectations by nearly 39%. Amazon posted a 62.2% earnings jump, crushing its EPS estimate by over 16%.

Meta Platforms Inc. (META  ) followed with 36.5% growth, while Microsoft Corp. (MSFT  ) delivered 17.7%. Apple Inc. (AAPL  ) showed more modest growth of 7.8% but still edged out its target.

The laggard was Tesla Inc. (TSLA  ) , whose EPS fell 40% year-over-year, missing the mark by over 34%.

MAGS ETF Rebounds, But Remains Underwater in 2025

The Roundhill Magnificent Seven ETF (MAGS  ), a tracker of these tech titans, has surged 34% from its April 7 lows, outpacing the SPDR S&P 500 ETF Trust's (SPY  ) 23% gain and Invesco QQQ Trust's (QQQ  ) 29% rally over the same period.

However, MAGS ETF remains 5% lower year-to-date. According to Dave Mazza, CEO at Roundhill Investments, this year's drawdown reflected "increasing skepticism around valuations, sector concentration, and the growing impact of global trade disruptions."

"These companies aren't speculative bets on future adoption," the expert noted. "They are the infrastructure of the real economy and, in some cases, staples within global consumers' lives."

Unlike previous cycles of concentrated market leadership, such as the Dot-Com boom, today's leaders are not speculative growth stories but entrenched players in AI, cloud and automation.

Mazza highlighted that institutional flows into MAGS "remain relatively resilient," indicating long-term conviction hasn't fully eroded.

All Eyes On Nvidia: The Final Piece Of The Puzzle

All eyes now turn to Nvidia, set to report earnings on May 28.

Analysts expect EPS of $0.88, up 43% from the same quarter last year. Revenue estimates stand at $43.2 billion, which would represent a staggering 66% year-over-year increase.

If those numbers hold, Nvidia could reinforce the Magnificent Seven's bullish narrative - and potentially lift the elite group of tech stocks into positive territory for the year.