“As their share price patterns diverge, selectivity among the US mega-caps is paramount. The Magnificent Seven (Mag Seven) stocks are no longer trading like a homogenous group. Performance patterns have shifted amid closer scrutiny of their capital-spending strategies and exposure to global supply chains. From Apple to NVIDIA, the Mag Seven stocks generally moved in near lockstep during 2023 and 2024, handily outperforming the S&P 500. This was driven largely by their dominance in innovation and growth, given their leading role in the artificial intelligence (AI) revolution. But in 2025, we’ve seen a wide dispersion in year-to-date stock performance. “
Morten W. Langer
