Chris Grisanti notes that the Magnificent Seven tech stocks are beginning to separate as their collective market dominance wanes.
Chris Grisanti, chief market strategist at MAI Capital Management, observed that the Magnificent Seven tech giants are no longer moving in lockstep as they once did. While the group collectively earned a 698% return between 2015 and 2024, their performance has recently become pedestrian. In the first half of 2026, the group declined by 1% while the S&P 500 rose by 9%. Currently, Nvidia is the only member of the group beating the market significantly. Analysts suggest the term 'Magnificent Seven' may now be a rearview mirror concept because the stocks are becoming increasingly scattered. Investors are also beginning to question the massive AI investments made by the firms, which have spent over $700 billion this year on infrastructure. Furthermore, market concentration is a concern, as the seven stocks now represent 34% of the S&P 500, making the market top-heavy and less diversified than it was in 2015.