The “Magnificent Seven” tech stocks rose to fame with Apple (AAPL) on top. But Nvidia (NVDA) quickly catapulted from challenger to leader.
At the S&P 500’s (^GSPC) Oct. 12, 2022, bear market low, Apple accounted for nearly 30% of the group’s market value. Nvidia was less than 4%.
Today, the picture has flipped. Nvidia now makes up about 23% of the Magnificent Seven’s market value, while Apple has fallen below 18%.
That shift helps explain how the Magnificent Seven became Wall Street shorthand for market leadership in 2023. Apple was still the biggest company in the group when the label caught fire, but Nvidia was the stock changing the market’s imagination.
Apple did not fall apart. It added roughly $1.8 trillion in market value during the bull market.
Nvidia simply grew much faster.
Apple even led the first major Magnificent Seven surge in market-cap dollars, adding roughly $1 trillion from late December 2022 into July 2023. But Nvidia led the group in percentage returns over that stretch — a sign that the AI handoff was already underway.
After that, Nvidia increasingly became the group’s main source of upside. Apple, meanwhile, was the biggest drag in two of the Magnificent Seven’s major pullbacks, including the slide from July 2023 into October 2023 and the larger drawdown from late 2024 into April 2025.
Over this bull market, Nvidia has added nearly $5 trillion, powered by the artificial intelligence boom and investor demand for the chips that power generative AI.
The reshuffling inside the group carries more weight now that the Magnificent Seven has become an even larger piece of the broader stock market. The group now accounts for roughly 35% of the S&P 500’s market value, up from about 24% at the start of the bull market.
The old megacap trade was a mix of the iPhone, e-commerce, digital ads, and the cloud. The new Magnificent Seven trade runs on AI writ large and the computing power behind it.
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.
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