The Magnificent 7 are no longer moving together
Five charts to start your day
For $10 a month, or $100 a year, you support a simple mission: spread great data visualisation wherever it comes from. You help fund the work of finding, sourcing and explaining the charts that deserve a wider audience. And you back a publication built on generosity, transparency and the belief that better understanding makes a better world.CHART 1 • The Magnificent 7 are no longer moving together
The Magnificent 7 are often talked about as a single trade. This chart shows how misleading that has become in 2025.
Performance has diverged sharply. Alphabet is up around 65%, Broadcom close to 50% and Nvidia roughly 35%, all comfortably ahead of the market. Microsoft and the S&P 500 sit in the middle, delivering solid but unremarkable gains. At the other end, Amazon, Meta and Apple are barely positive, lagging the benchmark despite their scale and influence.
This is not random. It reflects where the market now sees genuine earnings leverage. Nvidia and Broadcom sit closest to AI infrastructure spend, where demand is visible and margins are expanding. Alphabet is benefiting from a rebound in advertising and renewed confidence in its AI positioning. By contrast, consumer facing platforms are dealing with slower growth, tougher regulation and fewer obvious upside surprises. Scale is no longer enough on its own.
The deeper shift is that leadership within US tech is narrowing, not broadening. The index may still be dominated by big names, but returns are being driven by a much smaller subset tied directly to capital spending and compute intensity. The Magnificent 7 label survives, but the reality underneath it has fractured.
If even the biggest tech stocks are now separating into winners and laggards, how much longer does it make sense to treat them as a single story?
Source: Investing Visuals
We like to imagine revolutions. In practice, change is selective, uneven and often conservative. Capital, attention and trust flow to what already works, until something forces a break.
That creates a tension worth sitting with. Acceleration everywhere, but conviction only in narrow places. We move faster, yet we cling harder to what feels proven. Markets, technology and even culture are all wrestling with that contradiction at the same time.
I have four more charts that extend this idea and push it further, but they are for paid subscribers. Consider joining if you want the full edition and a deeper look at where leadership is truly concentrating.
