Big Tech stocks rebound 8% since late June, outpacing broader markets while semiconductor shares decline sharply.
The Roundhill Magnificent Seven ETF (MAGS) has risen 8% since late June, contrasting with a 12% drop in the PHLX Semiconductor Index (^SOX). The S&P 500, excluding the Magnificent Seven, remains flat over the same period.
This reversal follows a $2.7 trillion wipeout in megacap AI stocks in late June, which had raised doubts about their market leadership. The rebound extends beyond the Magnificent Seven, with gains in cybersecurity, biotech, and tech disruptors.
Apple (AAPL) leads the rally, up 13% since late June after retesting support near $275. The stock is now within 1% of its all-time high, signaling renewed investor confidence in Big Tech.