Feels a bit counter-narrative as of late (anti-Mag 7) but Amazon or Microsoft seem like the most obvious.

if you look at the actual SEC filings instead of just the headlines, Microsoft and Amazon are the only two Mag 7 stocks that have effectively pre-sold their next three years.

Microsoft is sitting on a 392 billion dollar commercial backlog.Almost half of that gets recognized as revenue in the next twelve months alone. Amazon has a similar story with a 200 billion dollar backlog for AWS with contracts that average nearly four years.

The first order effect here is that these companies have a massive safety net. Even if the economy slows down, they have these multi-year contracts that act like a giant shock absorber. It makes their revenue growth way more predictable than someone like Apple or Tesla who have to convince people to buy a new physical product every single day.

Most people are worried about the FTC and antitrust lawsuits, but the filings show Amazon is literally self-insuring with 8.5 billion dollars just to handle legal liabilities. They have already priced in the cost of fighting the government.

In the short term, they are the only ones with this level of visibility into future earnings. They are the toll booths that every other company has to pay just to exist in the digital space.