No one talks about FAANG anymore. Now, it’s time to retire Magnificent Seven as well, Citigroup argues

The Magnificent Seven, once the tech elite including Apple, Amazon, Google, Microsoft, Facebook (now Meta), Tesla, and Netflix, have been underperforming compared to the broader market this year, prompting Citigroup to suggest it's time to retire this grouping. Citi strategists argue the term no longer makes sense given the shifting dynamics in the tech sector. This shift underscores a broader trend where traditional tech giants are facing increased competition and changing market conditions, signaling a potential realignment in how investors view leading tech companies.