Memory stocks are in a bear market. But the Magnificent Seven are back on offense — leading the market higher once again.
Since the late-June turn in growth stocks, the Roundhill Magnificent Seven ETF (MAGS) is up 8%, while the S&P 500 minus the Mag Seven — tracked by the Defiance Large Cap ex-Mag 7 ETF (XMAG) — is basically flat. Meanwhile, the PHLX Semiconductor Index (^SOX) is down 12%.
The chart below, built using Yahoo Finance's AlphaSpace, shows that same split over the past five trading days, with megacaps gaining ground while semiconductors break down.
That is a sharp reversal from late June, when the market's biggest AI stocks had just absorbed a $2.7 trillion wipeout and investors were questioning whether megacap leadership had finally cracked.
Instead, Big Tech is back in charge — and the rebound is not limited to seven stocks.
Since the late-June turn in growth stocks, the Roundhill Magnificent Seven ETF (MAGS) is up 8%, while the S&P 500 minus the Mag Seven — tracked by the Defiance Large Cap ex-Mag 7 ETF (XMAG) — is basically flat. Meanwhile, the PHLX Semiconductor Index (^SOX) is down 12%.
The chart below, built using Yahoo Finance's AlphaSpace, shows that same split over the past five trading days, with megacaps gaining ground while semiconductors break down.
That is a sharp reversal from late June, when the market's biggest AI stocks had just absorbed a $2.7 trillion wipeout and investors were questioning whether megacap leadership had finally cracked.
Instead, Big Tech is back in charge — and the rebound is not limited to seven stocks.
1 month ago
