Will MANGO Inherit Magnificent 7’s Market Dominance?
Will MANGO Inherit Magnificent 7’s Market Dominance?
Publish Date: 2026-03-15 00:01:00
Source Domain: www.thedailyupside.com
Talking Heads. One Direction. Destiny’s Child. Even the greatest groups break up, and the same’s true on Wall Street. The Magnificent 7 (Alphabet, Nvidia, Microsoft, Meta, Apple, Amazon and Tesla) just don’t seem to have the stage presence they used to. While Nvidia and Alphabet outperformed the S&P 500 last year, the other five stocks dragged the index down.
Artificial intelligence, meanwhile, has thrown a spotlight on the companies at the forefront of the new tech. Nvidia has gone from being the smallest part of the Mag 7 to by far the largest, while Google has gained attention for its DeepMind division. Private companies, notably OpenAI and Anthropic, are taking up more air in the room as they rack up massive investment rounds and their chatbot products become everyone’s therapist and personal email writer.
The Mag 7 isn’t going anywhere overnight, or maybe ever, but a new batch of companies is dominating the popular narrative.
Mag 7 to Lag 7
The term Magnificent 7 came into vogue in 2023, coined by Bank of America strategist Michael Hartnett and based on the eponymous western movie. The group of companies has grown to make up a massive share of the S&P 500 over the past decade, with their percentage of the index’s market value rising from about 13% in 2016 to 33% earlier this month.
Don’t let the growth fool you, though:
- The Mag 7’s share of the S&P 500 has receded from last year’s level as of this month and is increasingly dominated by companies within it that have adapted to the AI era. Nvidia now makes up more than a fifth of the Mag 7’s total market share. The chipmaker, which has shifted its focus in recent years from gaming to AI, is almost worth more than the three least valuable members of the group (Amazon, Meta and Tesla) combined.
- Like Nvidia, Microsoft stands taller in the group compared with peers, Moses Singer partner Rob Rosenberg told The Daily Upside. While Nvidia has its chips, Microsoft…
