For about three years, the Magnificent Seven was Wall Street’s shortcut for everything that was working in markets.
Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGGL), Amazon (AMZN), Meta (META), and Tesla (TSLA)
You owned them, you owned the AI boom. The trade was simple, and it paid off well for a long time. Citi just called time on it.
Scott Chronert, the bank’s head of US equity strategy, said the Mag 7 is “dead as a construct for assessing large-cap growth dynamics, and it has been for some time.” He added: “It is time to refocus away from the term Mag 7,” Bloomberg reported. The bank’s replacement framework is already outperforming, Business Insider reported. Why Citi says the Magnificent Seven no longer maps the stock market The performance gap makes the case on its own.