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Mid-September Snapshot: Apple, Meta and Alphabet Lead a Split-Screen Mag7 as Nvidia and Tesla Lag

A week and a half into September, the Magnificent Seven are trading in two distinct clusters: Apple, Meta and Alphabet are all pushing toward multi-week or post-settlement highs, while Nvidia and Tesla remain under pressure from, respectively, AI-slowdown headlines and the ongoing NHTSA Cybercab probe.

Meta has been the standout since its youth-safety settlement, with shares holding above $620 as investors reward the removal of open-ended legal exposure, and Alphabet has extended its rebound on strong early reception for the newest Gemini 3.8 Flash model release.

Microsoft and Amazon sit in the middle of the pack, each up modestly on the week as broader AI-infrastructure jitters ease from their early-September lows, though both remain sensitive to any fresh capex or antitrust headlines given how much of this year's Mag7 story has been written by spending guidance and regulatory actions.

The dispersion underscores a theme that's persisted through 2026: with the S&P 500 up roughly 13% year to date, stock-picking within the group — not simply holding all seven together — has increasingly been the difference between beating and trailing the index.

Options markets are pricing continued volatility into month-end, with Nvidia's neutral-to-bearish positioning contrasting sharply against increasingly bullish flow in Apple and Meta — a split that traders are watching for signs of whether it's rotation within the group or an early tell on the broader AI trade.

Sources: CNBC, Yahoo Finance

For information only; not investment advice. The publisher may hold positions in the securities discussed.

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Fundamentals

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Three ways into the Mag7 story: how the group moves together, how each company stacks up on its own, and the AI trade concentrated in one stock. Want to test your own numbers? Head to the Tools & Calculators page.

Chapter 01 · Together

The Mag7, as a Whole

Seven stocks that increasingly move as one. Here's today's group performance against the market, every company's key numbers side by side, how much of the economy they represent, and the decades of history that got the market here.

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Mag7 Index vs. S&P 500 (SPY)

Day change from the same quote feed as the ticker bar. Shown only when every Mag7 price and SPY have a quote.
How this index is weighted

Weights are approximate market-cap shares (see "Mag7 in the World" below), applied to each company's day change from the quote feed. The S&P 500 figure is the day change of SPY, an ETF that tracks the index; it can differ slightly from the index itself. When the market is closed the figures are the last session's, and when any quote is missing no comparison is shown. Not a trading signal.

Every Company, One Glance

Click any row to jump to that company's full deep dive in Chapter 02. Prices update live; trailing P/E as of ; latest-quarter revenue, growth and highlights are site-maintained figures as of ; forward P/E is an analyst estimate as of .

Mag7 in the World

How seven companies stack up against the entire market — and the global economy.

~$24.7T
Combined market cap, Oct 8 2026 close — up from $12.3T at end of 2023
~35%
Share of the S&P 500's total market cap as of early October 2026, historically high concentration
7 of 7
Members now worth over $1 trillion each — a club that didn't exist a decade ago
$5.58T
Nvidia's market cap after the Oct 8 chip selloff — it came within about 2% of $6 trillion at its Oct 6 record, a level no company has reached

Mag7 Share of the S&P 500

The rest of the index — 493 other companies — makes up the remainder.

2026 YTD: Mag7 vs. the Broader Market

Roundhill Magnificent Seven ETF (MAGS) vs. the S&P 500.

Sources: MacroMicro, Forbes, InvestSnips, Benzinga, Mellon Investments, Apollo Academy. Figures are approximate and move daily — treat as a directional reference, not a live feed.

Current Ranking by Market Cap

Nvidia has overtaken the group — from under 1% of the Mag7's combined value in 2015 to its single largest member today. Rankings shift daily; treat order as directional.

Show four decades of market leadership: from IBM to the Magnificent Seven

The names at the top of the market have rotated roughly once a generation — each era's leaders unseated by a shift in technology, and often knocked down further by a crisis nobody saw coming.

Chapter 02 · Individually

Company by Company

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Trailing P/E Comparison

Five companies with a disclosed trailing P/E this cycle. NVDA and TSLA omitted (forward-only / not disclosed). Same figures as the snapshot table, as of .

Latest Quarter Revenue Growth, YoY

Total company revenue growth for the most recent reported quarter.
Chapter 03 · The AI Trade, Concentrated

The Nvidia Premium Factor

Nvidia has become the market's proxy for the entire AI trade — its market-cap trajectory and the health of the supply chain beneath it now move sentiment for the whole sector. Part individual-company story, part referendum on the group.

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Nvidia's share of the Mag7's combined market cap today
~450x
Approximate market-cap growth since Nvidia's 1999 IPO
~13x
Approximate market-cap growth since ChatGPT's Nov 2022 launch
92%
Share of Nvidia's own revenue now from Data Center alone

Market Cap Over Time: Nvidia vs. Apple vs. Microsoft

Approximate figures at key checkpoints — illustrative of the trend, not exact historical closes.

Nvidia P/E vs. Mag7 Peers

Despite the run-up, Nvidia's multiple is mid-pack — its premium is in growth, not valuation. NVDA shown on a forward P/E basis; others trailing twelve months. Same figures as the snapshot table: trailing P/Es as of , NVDA forward P/E (analyst estimate) as of ; other figures as of .

The AI Hardware Supply Chain Beneath Nvidia

Every link below is a potential bottleneck — a shortage or slowdown at any single stage can ripple straight through to Nvidia's ability to ship chips.

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Chapter 04 · Chart Library

The Mag7 Chart Library

A library of charts that answer the questions investors keep asking: how concentrated is the market, how expensive is Big Tech, is the AI spend paying off, is the rest of the index catching up — and what are rates, inflation and the calendar doing to all of it? Headline charts are free; the deeper Mag7-specific analysis is Pro.

Charts are educational and directional, not investment advice. Live data is pulled automatically from FRED and Alpaca. Site data comes from this site's own figures and changes only when we refresh them. Estimate charts use approximate figures we review after each earnings season — each chart shows its "last reviewed" date and flags itself when an update is pending. Company-reported figures come from company filings. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. Past performance does not predict future results.

Chapter 05 · From the Filings

Reported Fundamentals

How the seven companies compare on what they have actually reported to the SEC: growth, margins, earnings and cash flow, with the filing behind every figure and a note on how fresh the data is. Ratios are calculated by MAG7 Stocks from reported figures and are labelled as such.

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Implied price
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Implied valuation change, all seven

Higher-multiple stocks move more for the same change in rates.

Simplified Gordon-growth illustration: price change ≈ 1 ÷ (1 + P/E × yield move × pass-through) − 1, holding each company's earnings and long-run growth constant. P/E figures come from the Analysis page (Nvidia uses forward P/E; Tesla uses a rough 90x estimate because its trailing multiple isn't meaningful). Market caps are static figures as of the Oct 8, 2026 close, not live prices. Real stocks respond to rates through earnings, sentiment and positioning too, so treat this as a thought experiment, not a forecast or investment advice.

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Beyond the Hype

AI Analysis

Every AI angle on the Mag7 in one place — infrastructure spending, models, chips, regulation and robotics — pulled together and categorized from across this site.

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FY2026

Reflects each company's own latest earnings-call guidance where disclosed. Updates whenever new guidance is issued — currently as of Meta's Q3 2026 report (Oct 21) and the others' Q2/fiscal Q4 2026 reports. Ranges are plotted at their midpoint.

All four figures are the company's own guidance as reported. Microsoft's is for calendar 2026 (its fiscal year ends in June) and includes finance leases, as CFO Amy Hood stated it on the July 29 call; Meta's includes principal payments on finance leases. Definitions differ slightly between companies, so compare them as approximate. Morgan Stanley now projects these four hyperscalers' combined capex jumping a further ~57% in 2027 versus 2026, funded partly through a wave of new AI-infrastructure debt issuance.

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Beyond the Seven

Mag 8–15: the next mega-caps

The next tier of mega-cap names analysts increasingly mention in the same breath as the Magnificent Seven — chipmakers, cloud challengers and one bank and one drugmaker among them.

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