Is Market Leadership Shifting?

For two years, the “Magnificent Seven”—Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla—were unstoppable, surging 156.1% and driving the S&P 500 up 53.2%. But 2025 is telling a different story.

While the S&P 500 is up 1.4% so far this year, it’s not Big Tech leading the charge. Instead, it’s the broader “S&P 493” keeping the index afloat, signaling a potential rotation in market leadership.

This raises key questions: Are we witnessing the beginning of a broader market resurgence? Is investor focus shifting away from the biggest names?

Now is the time to challenge assumptions and reassess positioning.