Mag 7 so far this year: $AAPL +25% $NVDA +21% $META +12% $GOOGL +10% $AMZN +9.8% $MSFT +2.5% $TSLA -17% Apple has done the best, most likely because of its lack of exposure to capex. Nvidia is second best due to unbelievable levels of growth, probably deserves Apple’s multiple. Meta has just taken the lead ahead of Google and Amazon. It was lagging behind all year. Google went flat after the $85B equity raise. Amazon just hasn’t been able to move after its last earnings pump. Microsoft is flat but +40% from the lows when it was effectively in a bear market for most of the year with IGV and SaaS. Tesla is the only one negative YTD and is probably going to need to show earnings growth accelerate again before the street easily gives it the $450 range that it kept it at until Q2’s numbers. In 2023, the Mag 7 were holding up the S&P 500. In 2026, names like $MU $AMD $SNDK $INTC and other semis are the reason for the S&P’s move this year and are all up 2-5x on the year. I wonder if the Mag 7 regain their momentum as the main market performers going into 2027…