The “Magnificent Seven” stocks may no longer remain dominant in the market, according to a recent report by Bloomberg. “Magnificient Seven” refers to the seven most influential, high performing tech companies with influential stocks. These companies are Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla.
This group has powered more than half of the S&P 500 Index’s 70%-plus rise since the start of 2023. However, other companies like Palantir, Broadcom, and Oracle are emerging as new winners.
“Just because the Mag Seven won past tech cycles like mobile, the internet and e-commerce, that doesn’t mean they’ll win here,” said Chris Smith, who oversees $2.4 billion as the portfolio manager of Artisan Partners’ Antero Peak Group. “The next winners will be the ones that address large and unconstrained markets through AI, becoming bigger companies in the future than the Mag Seven are today.”
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Oracle’s stock has jumped more than 75% this year on cloud growth, while Palantir is the Nasdaq 100’s top performer, more than doubling in 2025. Fidelity’s Jurrien Timmer noted that as AI evolves, new winners are likely to take the spotlight, even if the old guard continues to do well.
This doesn’t mean the original seven are going away. The Mag Seven accounts for almost 35% of the S&P 500, and its earnings are expected to climb more than 15% in 2026 on the back of 13% revenue growth, according to Bloomberg Intelligence. The rest of the S&P 500 without the Mag Seven is expected to report a 13% increase in earnings and a 5.5% rise in revenue next year. However, there is divergence within the group’s stock market performance, with Nvidia, Alphabet, Meta and Microsoft being relatively well-positioned, while Apple, Amazon and Tesla lag behind.
“It is hard to see the current Mag Seven as the best representation of AI,” Smith said.
Wall Street has since been proposing alternatives to the “Magnificent Seven” moniker. Some have proposed “Fab Four,” referring to Nvidia, Microsoft, Meta and Amazon. Jonathan Golub, chief equity strategist at Seaport Research, proposes removing Tesla to create the “Big Six.”
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Others like Ben Reitzes of Melius Research prefer an “Elite 8” of the Mag Seven plus chipmaker Broadcom, which is now the seventh-largest company in the U.S. by market capitalization.
“We do need to expand the conversation beyond just the Mag Seven,” said Nick Schommer, a portfolio manager. “Oracle is definitely a part of it now, and so is Broadcom.”
Wall Street experts have named a number of companies for next generation leadership, including TSMC, Oracle, and Broadcom. Palantir is also considered one of the few AI software winners, at a time when leaders like Salesforce and Adobe feel like they’ve been left behind.
Meanwhile Apple and Tesla are companies frequently mentioned during discussions of stocks that are no longer “magnificent.” However, both still have a number of people betting on it in the stock market, hoping they’ll perform well when the time comes.