According to Tony Pasquariello, head of hedge fund business at Goldman Sachs, the performance of metal and mining stocks makes the seven major high-market-cap U.S. tech giants look like U.S. Treasuries. Stocks linked to metals such as gold, copper, and rare earths exhibit much greater earnings volatility compared to the "more stable" and historically strong performance of these seven tech giants. Given that U.S. Treasuries are known for their low volatility, Pasquariello suggests that these tech giants may be better suited as a hedge against the severe fluctuations and speculative characteristics of the metal and mining sectors witnessed in recent years. Rare earths have been a focal point in U.S.-China trade disputes. Gold, known as a safe-haven asset, has frequently hit historical highs this year, with prices surpassing $4,300 per ounce for the first time this week, while silver also reached historic highs, trading at $54 per ounce. The Roundhill Magnificent Seven ETF (MAGS.US) has risen 17% year-to-date, and NVIDIA (NVDA.US) has achieved a market capitalization of $4.3 trillion. Other stocks have begun to rebound following a poor performance earlier this year, thanks to the emergence of the AI frenzy. In contrast, the SPDR S&P Metals and Mining ETF has surged nearly 88% during the same period. Pasquariello remarked, “This remains one of the most vibrant market environments I have ever seen—over the past few weeks, the market has shown both positive and negative tail behaviors.”