President Donald Trump praised four big tech giants that have market caps greater than $1 trillion, calling them the trillion-dollar MAGA club.
"We have four trillion-dollar companies," the president said during a ceremony for the signing of the Supporting Veterans in STEM Careers Act. "One is Microsoft (NASDAQ: MSFT), one is Apple (NASDAQ: AAPL), one is Google (NASDAQ: GOOGL), one is Amazon (NASDAQ: AMZN). So you have Amazon, Google, Apple, and Microsoft. And so you have an M, you have an A, you have a G and you have an A. You have 'MAGA.' "
Trump delighted in the fact the four companies could be arranged to form MAGA, a term that originated as Trump's well-known campaign slogan of " Make America Great Again." He even created a sign spelling out MAGA using the four company names under the heading "Trillion $ Club."
The four companies have moved to the top of the stock market this year, accounting for more than 65% of the S&P 500 index. They have added $520 billion in market cap this year alone.
Shares all four companies hit all new highs this wee and Trump noted Tuesday's market records - which continued Wednesday with new highs for the Dow Jones Industrial Average (NYSE: DIA) and the S&P 500 (NYSE: SPY).
Trump has claimed the stock market performance to be one of his greatest achievements during his presidency and mentioned his achievement in his annual State of the Union address earlier this month.
The relationship between the Trump administration and big tech companies has not always been on equal terms. Trump has targeted Amazon saying Amazon takes advantage of the U.S. Postal system. Amazon has accused Trump of interfering in a $10 billion Joint Enterprise Defense Infrastructure cloud contract that was awarded to Microsoft ahead of Amazon. Trump has accused Google of unfair censorship. Google has been a frequent target in Trump's internet outburst accusing it of "anti-conservative bias."