Less than two years ago, several leaders from the Magnificent Seven tech companies lined up behind President Donald Trump at his inauguration. On Wednesday, after a Democratic rout in the midterm elections made Trump a lame duck, the Mag Seven were still managing to have a terrific day.
Nvidia, Apple, Meta Platforms, Amazon.com, Tesla, Alphabet, and Microsoft were on track to add $594 billion in market capitalization on Wednesday, according to Dow Jones Market Data. That would mark the group's tenth-largest one-day valuation gain.
All told, the Roundhill Magnificent Seven exchange-traded fund rose 3.2%. It had underperformed the market in 2026 entering Wednesday, climbing 4% on the year compared to the S&P 500's 12% gain.
The election results eliminate plenty of political uncertainty for companies of all sizes and sectors, to be sure. The broad-based Russell 3000 rose 1.8% on the day.
Voters have soured on data centers at the same time investors are questioning whether the Mag Seven's hyperscalers are investing too much money in the facilities. Democrats won governorships in major data-center states, including Texas, Georgia, and Ohio, raising the chances of a slowdown.
Tesla, whose CEO Elon Musk spent almost half a billion backing Republicans in the midterms, was one of the two laggards in the group. Nvidia, which fell 1.6% on Wednesday, was the other. The chip maker supplies data centers with chips rather than building them.
Meanwhile, Apple, which has drawn criticism at times for punting on the artificial-intelligence investment race, surged 6.5%. The stock has become something of an anti-AI play, particularly since it faces a shortage of memory components due to the data-center boom.
Apple and Nvidia have been jockeying for position as the world's most valuable public company, and it looks like Apple will overtake the chip maker on Wednesday and climb back above a $5 trillion valuation.
Comments