Magnificent Seven Tech Stocks Lose Market Swagger

• The Magnificent Seven (Mag 7) tech stocks are underperforming the Nasdaq 100 and are seen as an 'afterthought' in the current AI trade.
• The AI trade's focus has shifted to memory and storage suppliers (e.g., Micron, SanDisk, Western Digital), which have experienced 'enormous gains' this year.
• Skepticism surrounds the Mag 7's aggressive AI spending, with concerns about cash flow, debt, and the timeline for returns on these investments.

The discussion highlights a significant shift in market leadership, with the 'Magnificent Seven' tech stocks becoming an 'afterthought' compared to AI suppliers. While the Mag 7 are underperforming, especially Microsoft, the focus of the AI trade has moved to memory and storage companies like Micron and SanDisk, which have seen enormous gains this year. Skepticism is growing around the Mag 7's aggressive AI spending and the timeline for returns.