Magnificent Seven Hit All Time High

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  • The Magnificent Seven rallied to all-time highs after Meta’s Muse AI agent topped App Store downloads and drove the stock 11% higher.

  • Alphabet’s Gemini secured a spot powering AI in the new iPhone while Nvidia dominates chip supply across the entire AI industry.

  • Tesla remains the group’s outlier as investors wait for Musk’s robotics and AI vision to replace fading EV momentum.

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Meta (NASDAQ: META) was so far behind in the AI game that investors viewed it as a second-tier stock. Tesla (NASDAQ: TSLA) collapsed amid concerns that US EV sales had dropped and would not recover. Apple (NASDAQ: AAPL) had no standout product. Microsoft (NASDAQ: MSFT) lost ground to OpenAI after a failed partnership. The Magnificent Seven, which had driven one of the largest rallies in stock market history, no longer mattered. In early March, a proxy for the group, which is the Roundhill Magnificent Seven ETF, was in shambles. At the start of 2026, the group accounted for almost 40% of the S&P 500’s market cap.

Meta staged a huge rally as its Muse AI agent topped the App Store downloads list. The personal agent is just what consumers need. It is a new and well-accepted product in the race with leaders like OpenAI. News of its success drove Meta 11% higher.

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Apple’s new iPhone release was not a home run, but the products, including the foldable iPhone Duo, were well received. It reminded investors that Apple still controls the consumer electronics world. AI may be important, but so are the smartphones people buy it on.

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Not every stock in the group has rallied. People still worry that Tesla is not just an EV company. Elon Musk says robotics and AI will drive it to remarkable revenue. In decades, he has argued, there will be hundreds of millions of robots, made for factories and to be personal assistants to humans.

Microsoft and Amazon have made tepid, but largely successful cases that their massive cloud businesses will be a route to their versions of AI. Alphabet has made an even better case with the success of its Gemini product, which has gotten wide adoption and will power the AI core of the new iPhone. And Google’s search product remains successful, just as Amazon’s e-commerce business does.

Nvidia (NASDAQ: NVDA), the market-cap leader, is the arms merchant to almost the entire AI industry. It continues to swap cash for ownership in companies that then use that money to buy its chips. Critics have questioned the arrangement, but it works.

The Wall Street Journal said it best: “Surging tech shares lifted the Nasdaq composite to a record close, and left AI-safety fears in the dust.”

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