At Amazon, Meta and Tesla, the lack of FX hedging might raise eyebrows, but isn’t necessarily a losing technique
The so-called magnificent seven – the seven largest US tech companies that famously make up more than a third of the S&P 500 by market cap – are among the world’s largest firms. They also have some of the greatest geographical distributions – in some cases operating in over 100 countries.
Yet filings for these tech giants show that three of them – Amazon, Meta and Tesla – choose not to hedge their day-to-day foreign exchange exposures. They reveal no holdings of offsetting FX derivatives
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