The US Magnificent 7 Stocks are Losing Wall Street Interest
Monthly mentions of the Magnificent Seven (Mag 7) in Bloomberg Terminal news stories have fallen roughly 70% from their Q1 2024 peak.
This points to a notable shift in investor attention away from the megacap technology group.
Magnificent 7 Mentions Fall to Lowest Level Since Late 2023
The Kobeissi Letter highlighted the decline in a post on X. The mentions have fallen to roughly 1,400, bringing the figure to its lowest level since the fourth quarter of 2023.
The decline marks a sharp reversal from early 2024, when the group became one of the dominant themes in financial markets. Monthly mentions peaked at roughly 4,300 in Q1 2024, meaning the current level represents a decline of about two-thirds from that high.
The Kobeissi Letter compared the trend with earlier Wall Street groupings, including FANG and FAANG. Mentions of those terms peaked at nearly 2,800 in the fourth quarter of 2018, then plunged by about 82% to roughly 500 by early 2020.
The “Magnificent 7” label emerged in 2023 to describe Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, and Tesla.
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Mag 7 Loses Ground as AI Trade Broadens
The decline in Mag 7 mentions comes as the group loses some market dominance in 2026. Investors are increasingly favoring companies tied directly to heavy AI infrastructure spending.
The shift is also visible in the relationships between the seven stocks. Amazon, Nvidia, Meta, Apple, Microsoft, Tesla, and Alphabet are no longer moving in tandem as closely as they once did.
This signals a growing divergence in how investors are valuing the companies. Their average three-month pairwise correlation has fallen to 0.27, from 0.78 in mid-2025.
The changing dynamics have prompted some Wall Street strategists to question whether the Mag 7 remains the best way to capture the broader AI theme.
Citigroup strategists have argued that the popular Magnificent Seven label is no longer relevant for assessing how to position for the US AI trade.
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