By Shashwat Chauhan
June 13 (Reuters) - ***** eX roared into markets this past week with a valuation of more than $2 trillion, surpassing two members of Wall Street's "Magnificent Seven" and raising a key question: Does the Mag 7 name still fit? And if not, what should replace it?
The IPO, the biggest in U.S. history, vaulted ***** eX's value above two Mag 7 members: CEO Elon Musk's other company, Tesla, and Meta Platforms. With trillion-dollar contenders such as OpenAI and Anthropic waiting in the IPO wings, the club may soon need a name change, ***** ysts said.
With ***** eX's arrival, "it becomes very hard to keep using Mag 7 as the clean shorthand for market leadership because one of the most important companies in the world would immediately be outside the label," said Shay Boloor, chief market strategist at Futurum Equities.
These groupings are not formal market categories, but shorthand labels coined by strategists, investors and the media to capture the hottest big stocks at a given moment. Such monikers have a long history, ranging from the "Nifty 50" of the 1960s and 1970s to the "Four Horsemen" of the late 1990s dot-com boom.
June 13 (Reuters) - ***** eX roared into markets this past week with a valuation of more than $2 trillion, surpassing two members of Wall Street's "Magnificent Seven" and raising a key question: Does the Mag 7 name still fit? And if not, what should replace it?
The IPO, the biggest in U.S. history, vaulted ***** eX's value above two Mag 7 members: CEO Elon Musk's other company, Tesla, and Meta Platforms. With trillion-dollar contenders such as OpenAI and Anthropic waiting in the IPO wings, the club may soon need a name change, ***** ysts said.
With ***** eX's arrival, "it becomes very hard to keep using Mag 7 as the clean shorthand for market leadership because one of the most important companies in the world would immediately be outside the label," said Shay Boloor, chief market strategist at Futurum Equities.
These groupings are not formal market categories, but shorthand labels coined by strategists, investors and the media to capture the hottest big stocks at a given moment. Such monikers have a long history, ranging from the "Nifty 50" of the 1960s and 1970s to the "Four Horsemen" of the late 1990s dot-com boom.
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