What's the point of the Magnificent Seven?

Investors are questioning whether the grouping of blue-chip mega-cap tech stocks still makes sense following SpaceX's stellar trading debut. Over the past five sessions, the stock has jumped 37% from its initial offer price of $135.

That has given SpaceX a market capitalization of $2.45 trillion -- making it the U.S.'s sixth-most valuable company, worth more than electric-vehicle manufacturer Tesla and Facebook owner Meta Platforms as of Thursday's close.

Both stocks are part of the so-called Magnificent Seven, alongside chip designer Nvidia, Google parent Alphabet, iPhone maker Apple, IT company Microsoft, and online retailer AmazonAmazon.com(AMZN)$

But returns haven't been so magnificent in 2026. Microsoft has slumped 22% this year, dragged down by concerns about AI disruption, while Meta and Tesla are also trading in the red.

SpaceX isn't the only mega-cap stock that has made the Magnificent Seven grouping a little redundant.

Memory-chip maker Micron Technology has topped a trillion-dollar market cap in recent months, while Broadcom briefly notched a $2 trillion valuation. Both look much more likely to benefit from the AI investing craze than the likes of Apple or Tesla.

Some on Wall Street are even talking about a new grouping -- the 'MANGOS, ' referring to Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX. All are benefiting from the AI trade, although Anthropic and OpenAI haven't even publicly listed yet.

Hyped-up groupings come and go. During the 2010s, investors were obsessed with the FAANG stocks -- Facebook, Amazon, Apple, streaming platform Netflix, and Google.

The Magnificent Seven have dominated the market this decade, but SpaceX's ascendancy may mean it's time for investors to find a new cluster of stocks to get excited about.