The era of the ‘magnificent seven’ has come to an end – the inventor of the term

The analyst who coined the name "magnificent seven" to describe the seven leading IT giants - Mike O'Rourke - said that their era has come to an end, reports Business Insider. Despite the fact that last April the shares of this group (Apple, Amazon, Nvidia, Microsoft, Tesla and Meta) and showed an amazing increase of 88%, their dominance over the market has weakened, the expert points out.

In January, Hartnett, who serves as chief market strategist at Jones Trading, drew attention to the group's weakening performance - it accounted for 45% of the S&P 500's growth, much more modest than before. Its very existence is now moot, the expert believes, as its members have stopped moving in the same direction. For example, Nvidia and Meta* showed strong positive dynamics this year - in one session their shares jumped by 16% and 20% respectively, while Tesla securities, on the contrary, fell by 22% as demand for electric cars became more uncertain.