For more than two years, conversations about the biggest, most important technology companies have revolved around the same seven stocks. Now, some on Wall Street are making the case that Broadcom Inc. should be part of that discussion.

Relentless spending on artificial intelligence computing gear has juiced the chipmaker’s revenue and profits, driving a more than 340% rally since the start of 2023 and vaulting it into an elite cohort of stocks with a market value of at least $1 trillion. Meanwhile, Tesla Inc. — one of the original so-called Magnificent Seven stocks — has tumbled 22% this year as Chief Executive Officer Elon Musk’s foray into US politics sparked a backlash against the electric vehicle maker.

Broadcom, on the other hand, is expected to see its sales jump 22% in fiscal 2025 and 21% in fiscal 2026, according to analyst estimates compiled by Bloomberg. That growth is second only to Nvidia Corp. in the Magnificent Seven, which includes Amazon.com Inc., Microsoft Corp., Meta Platforms Inc. and Alphabet Inc. Tesla’s revenue, by contrast, is expected to shrink 1% this year.

“Broadcom would be a fair substitute for Tesla,” according to Michael O’Rourke, chief market strategist at Jonestrading, who was among the first to use the Magnificent Seven moniker in early 2023. “Simultaneously we have witnessed Broadcom’s business grow with the AI space while Tesla’s core business has been challenged.”

The Magnificent Seven caught on as the group powered the S&P 500 higher beginning at the start of 2023. The gains were fueled by the companies’ dominant market positions that generated strong revenue and profit growth.

However, the stocks have diverged in recent months amid uncertainty brought by US President Donald Trump’s tariff policies and other individual concerns. Four of the seven names are down year to date, with Apple the biggest laggard as investors worry about its AI strategy and exposure to China.

Broadcom boasts a wide range of businesses, from wifi and bluetooth chips used in iPhones to server virtualization and cybersecurity software following a string of acquisitions orchestrated by Chief Executive Officer Hock Tan over almost two decades. However, it’s Broadcom’s custom chip design and networking semiconductor businesses that are driving its revenue growth and making the company a big beneficiary of AI spending.

Its shares have seen a modest 8% rise in 2025 — after doubling in each of the prior two years — giving it a market capitalization of $1.2 trillion and making the company the seventh most valuable in the S&P 500 Index, topping Tesla and Berkshire Hathaway Inc.

“Based on future business prospects, based on operating results recently, expectations going forward and returns in the stock over the last couple of years, you could definitely make the case that Broadcom belongs in that group,” said Michael Cuggino, president and portfolio manager of Permanent Portfolio Family of Funds, which holds Broadcom.

Of course, that growth comes at a steep cost. Broadcom shares trade at about 33 times forward earnings, a premium to the broader market and most of the Magnificent Seven companies. That may explain why the stock has been under pressure since the company’s earnings report earlier this month in which results failed to impress investors after a more than 75% gain from an April low.

To be sure, like its predecessor Faang, the Magnificent Seven is simply a catchy way of referring to a group of stocks that are part of a trend. In that spirit, some argue Tesla should still be a part of the conversation.

“If the purpose of looking at the Magnificent Seven is to focus on the companies that are creating significant structural change via AI, then you wouldn’t kick out Tesla because they’re right in the middle of that as well, especially in terms of robotics,” said Mark Werner, a portfolio manager at Laffer Tengler Investments Inc., which holds both stocks. “Why can’t we just make it the Magnificent Eight?”