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RIP, Magnificent 7

Nearly everything that made the Magnificent 7 magnificent has disappeared.

3/17/25 2:18PM

I have lived through FANG, BAT, GRANOLAS, FAAMG, and enough others to know that the age of the Magnificent 7 is over.

Whatever we’re going through in markets — whether it’s a repair from healthy correction or a dead-cat bounce before the start of something worse — I’m fairly confident that coming out the other side of this, we won’t be talking about Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and Tesla as some kind of collective.

Nvidia’s blockbuster earnings report in May 2023 didn’t just mark the unofficial kickoff for the AI stock market boom. Judging by references in news articles, this was also the time “Magnificent 7” began to live rent-free in investors’ heads.

Now, nearly everything that made the Magnificent 7 “magnificent” is fading. There were three components that underpinned the decision to group these stocks together:

They’re all megacap tech-adjacent stocks.
They were (mostly) growing earnings far faster than the S&P 500, and this was expected to continue.
They consistently outperformed the benchmark US stock index.

Well, No. 1 is still true, so there’s that.

But on the bottom line, there’s not across-the-board magnificence to speak of. For Tesla, there never was. Perhaps, to hearken back to the movie that bears the same name as this group of stocks, it’s the Josh Faraday of the bunch.

The premium earnings per share growth from most of these companies relative to the S&P 500 in 2024 is leading to some convergence in 2025, at best, and outright below-market earnings growth for others.

And the price performance that used to speak for itself now speaks volumes — in the other direction. On average, this is both the deepest decline for the cohort since it became popular as well as its largest underperformance versus the S&P 500.

Now only one member of the cohort — Meta — is outperforming the S&P 500 over the past three months, tying the lowest number since the end of May 2023.

The good news: there’s an infinite number of options to replace “Magnificent 7” in the market lexicon going forward.

Colleagues more creative than myself (like David Crowther, among many others) can now get to work dreaming up the next acronym that defines stock market dominance.

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S&P 500 goes nowhere, Nasdaq 100 hits another record, small-caps tumble

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Rocket lab soars to new record close amid rally for retail faves

Rocket Lab ripped by roughly 10% Friday to close at a new all-time high, riding an upturn of retail enthusiasm for a coterie of tech-themed favorites, even as the broader market was more or less flat on the day.

Goldman Sachs’ basket of “retail favorites” — its heaviest weights are Reddit, AppLovin, and Tempus AI — was the second-biggest gainer among the company’s flagship US equity baskets on Friday, rising about 1.6%. The S&P was almost dead flat.

It’s not Rocket Lab’s first retail rodeo, as the money-losing company has more than doubled this year and is up nearly 700% over the last 12 months.

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Six Flags pops after reiterating its guidance as theme park attendance rebounds

Six Flags shares rose more than 7% today after the company reported a rebound in attendance and early season pass sales heading into the fall. The nine-week period ended August 31 saw 17.8 million guests, up about 2% from the same stretch last year, with stronger momentum in the final four weeks.

More importantly, Six Flags reaffirmed its full-year adjusted EBITDA guidance of $860 million to $910 million, showing confidence that its cost and operations strategy can stay strong for the duration of the year. Riding that wave, Six Flags also said early 2026 season pass unit sales are pacing ahead of last year, and average season pass prices are up about 3%.

The good vibes come despite a drop in in-park per-capita spending, especially from admissions, where promotions and changes to attendance mix (which parks or days guests visit) have weighed. Earlier this week, the amusement giant signed a new agreement that extended its position as the exclusive amusement park partner for Peanuts™ in North America through 2030.

Despite the rally, Six Flags shares are down about 52% year to date.

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Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’s “big, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

RIP, Magnificent 7

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