The Nasdaq is reaching new all-time highs and Wall Street is celebrating an almost broad-based rally. Beneath the surface, however, the picture is different, because some members of the Magnificent Seven are missing from the advance and the group is no longer moving in the same direction. Some are surging, while others are falling sharply, with the technology boost taking place at alternating times. In addition, Nvidia is still being awaited, as it will report its quarterly results only at the end of August.

Wall Street at Record Highs, but the Magnificent Seven Are No Longer Moving Together

The clearest signal comes from comparing two indexes built around the same seven companies. The Bloomberg Magnificent 7 equal-weighted index assigns the same value to each stock. This equal-weighted index is up just +4.47% since the beginning of 2026, as shown in the accompanying chart. It is worth noting that during last April’s decline, it also reached a low of -16%.

The Nasdaq, which instead weights companies by market capitalization, is up +17.96% over the same period. The gap exceeds 13 percentage points and is the result of the performance of the individual stocks.

Inside the Magnificent Seven: Who Is Surging and Who Is Sinking

Returns since the beginning of 2026, as of yesterday’s close, show who is surging and who is sinking. Amazon leads with a gain of +19.92%, followed by Alphabet at +18.19%. Apple and Nvidia remain in positive territory, at +13.64% and +11.64%, respectively. On the other side, Microsoft is up just +1.74%, thanks to last week’s rally following its earnings report, which saw MSFT stock rise 21% in three days.

Meta remains in the red, down -11.28%, while Tesla has plunged -28.49% since the beginning of the year. In the Nasdaq, weighted by market capitalization, Nvidia alone accounts for around 8% and Apple for 7.5%, and the two of them, together with Amazon and Alphabet, are pushing the index to record highs. On an equal-weighted basis, by contrast, Tesla and Meta’s plunges carry as much weight as those four gains, as seen above in the performance of the Bloomberg Mag 7, which is up a meager +4.47%.

The Weight of the Seven and the Nvidia Unknown

The Magnificent Seven account for around 34% of the S&P 500 and approximately 38% of the Nasdaq 100 on their own. Such concentration is historically very high for just seven names out of hundreds. No other group of stocks affects the indexes so directly. When the group rises in unison, it easily pulls the indexes higher. The reverse is that a collective weakening would drag the same indexes down with equal force. This mechanism is keeping the Nasdaq at record highs today, despite the struggling tail end of the group.

As of today, six of the Mag 7 have already published their second-quarter results, between July 22 and 30. The quarterly reports showed growing revenue, but also record spending on artificial intelligence. This often triggered nervous reactions despite the good figures.

Nvidia Still Faces the Quarterly Earnings Test

Now only Nvidia has yet to report, which it will do on August 26 after the market closes. The company has the largest weighting, accounting for around 8% of the Nasdaq 100 and 7.5% of the S&P 500, so its verdict matters more than any other. In the Bloomberg equal-weighted index, by contrast, Nvidia carries the same weight as every other member—approximately one-seventh.

Strong quarterly results could provide a further boost to the entire sector. Wall Street is celebrating today, but the decisive test for the Magnificent Seven will not arrive until the end of the month.