Twelve Nasdaq 100 stocks have more than doubled in 2026, and none belong to the Magnificent Seven. SanDisk leads the pack with a 411% gain, followed by Micron (+207%) and Intel (+175%), while the Magnificent Seven have significantly lagged the market, with Tesla down 27%. This rotation reflects a massive capital shift from large tech platforms toward companies building physical AI infrastructure, particularly semiconductor and memory suppliers. Strategists at Morgan Stanley, Goldman Sachs and JPMorgan have recently suggested that the underperformance of the Magnificent Seven has gone too far.
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