Citi Strategists Declare 'Magnificent Seven' Label Obsolete for Navigating the AI Trade

Citigroup strategists have pronounced the "Magnificent Seven" framing dead, arguing the once-dominant shorthand is "no longer relevant" for deciding how to play the U.S. artificial intelligence trade. In a note reported on July 20, the bank's team, led by U.S. equity and ETF strategy head Scott Chronert, wrote that "the Mag 7 is dead as a construct for assessing large-cap growth dynamics," urging investors to look instead at a broader set of stocks now driving S&P 500 earnings and price gains.