Apple helps ‘Magnificent 7’ shake off its bear market scare

The stock market’s biggest trade just woke back up.

Apple (AAPL) and the Roundhill Magnificent Seven ETF (MAGS) hit their first intraday all-time highs of 2026 on Thursday, putting megacap tech back at the center of the rally after months of frustration.

The chart tells the story.

After breaking out late last summer, MAGS ran up to its late-October peak. Then it spent about six months stuck below its highs and nearly crossed into bear market territory during the Iran war sell-off.

Now it’s back at records.

That flips the “Magnificent Seven” from drag to driver. The group had been weighing on the market for months. But megacap stocks began leading again off the March 30 lows as war headlines cooled and investors moved back into the AI trade, including the hyperscalers that dominate the Magnificent Seven.

The comeback has not been even.

Amazon (AMZN) was the first to reclaim a record close in April. Alphabet (GOOG, GOOGL) and Nvidia (NVDA) quickly followed, with Alphabet standing out as the clear trend bucker. It kept rallying through much of the broader Magnificent Seven stall and is now up far more than the group over the past year — over 140% versus 45%.

Apple gives the breakout more weight.

The stock had lagged other megacap winners for much of the bull market that began off the October 2022 lows. But its breakout helps make the Magnificent Seven move look less dependent on the other rebound leaders — Alphabet, Amazon, and Nvidia.

There are still holes, as Tesla (TSLA), Microsoft (MSFT), and Meta (META) have not hit records this year and remain well below their highs. Tesla is down over 15% from its record closing high, while Microsoft and Meta are both more than 20% below their peaks.

Record highs can bring momentum, but breakouts often get tested before they stick.

A market can push through a record, run above it, and then come back to see whether the old ceiling has become support. For bulls, that is now the line for MAGS: hold the breakout, and megacap tech stays in leadership mode.