The rotation out of Big Tech has become evident, with the standout "Magnificent Seven" (AAPL, TSLA, GOOG, GOOGL, AMZN, META, MSFT, NVDA) names no longer being the market (^GSPC,^IXIC,^DJI) forerunners they once were. Roundhill Investments CEO Dave Mazza joins Morning Brief to discuss the dynamics of the Magnificent Seven. Mazza notes that the Magnificent Seven's market leadership "hit an abrupt stop" in mid-July, fueled by the unwinding of the yen carry trade. While Meta has been the only name to somewhat recover, Mazza believes "it's too early to give up" on the Magnificent Seven. "While we don't expect them to continue to see just outsized performance, it's tough to see the market continue to grind higher without their participation. I think a broadening is good, but I actually want these leaders to be able to participate at the same time," he explains. Regarding the Magnificent Seven as a whole, Mazza explains they were given that name because they were all performing at the same rate and outperforming the rest of the markets with a strong lead. However, as that trend has begun to waver, Mazza identifies Tesla as the most concerning among the names.
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