The performance of some members of the Magnificent 7 has fallen apart. And several companies have climbed the list of those controlling market movements. The Mag 7, as it is sometimes called, includes Apple (NASDAQ: AAPL | AAPL Price Prediction), Microsoft, Amazon (NASDAQ: AMZN), Alphabet, Meta Platforms (NASDAQ: META), Tesla, and Nvidia (NASDAQ: NVDA). Given their weight in the S&P 500, Tesla and Meta should no longer be on the list.
This analysis leaves five on the new list.
There are “rules” about SpaceX’s presence in the index world. However, with a market cap of $2.7 billion, it is larger than Amazon’s; it belongs among the Magnificent 15. That brings the new tidal to six.
Where is Taiwan Semiconductor, the company ranked seventh by market cap and a major player in the modern chip industry? With it on, the new index totals seven
Where is Broadcom, with its stock up 50% in the last year? It ranks 8th among all companies by market cap. It is another heavyweight in the chip universe. Its AI is used in data centers, the car industry, and cloud computing. That brings our list to eight.
Where is Samsung, the formerly old-world, South Korean giant? It has large AI revenue from building DRAM, NAND flash, and High-Bandwidth Memory. And it is the 12th-largest company in the world by market cap. That brings the list to nine.
AMD is often considered the only viable competitor to Nvidia. It ranks 19th in market cap. That brings the list to 10.
Oracle may not belong because its stock has taken such a beating. And, there is worry about its AI spending. However, it remains at the heart of the AI infrastructure and data center sector. It brings the list to 11. (Although it is probably the weakest company on the new list.)
Where is ASML, a critical company in the chain of major manufacturers in the AI infrastructure world? It has the 20th-largest market cap in the world. That brings the list to 12.
Where is Micron, which is the 14th most valuable company in the world? It is a major player in computer memory, data storage, and random access memory. Its stock is up over 700% in the last year. That brings the list to 13.
Where is Intel, left for dead not long ago? Its stock is up 464% in the last year. The dominant company in PC chips. It has morphed into a foundry company and is likely to sell chips to Apple. That brings the list to 14.
Finally, the long-dead router company Cisco drives much of the structure of many AI data centers. It recently said its AI data center target has moved up to $9 billion. That is 15
Together, these approaches account for 25% of the S&P 500’s weight.
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