New Delhi, July 8 -- For years, the Magnificent Seven tech giants commanded investors' attention, dominating the S&P 500 Index and shaping market movements. Those days are over.

While the technology-heavy Nasdaq 100 Index is up 16% in 2026 and the S&P 500 has climbed 10%, an index of the Mag 7 has gained just 1.7%.

The artificial intelligence investment theme that propelled tech behemoths-Nvidia, Alphabet, Apple, Microsoft, Amazon, Meta and Tesla-to market leadership is far from over, but investor preferences are shifting. For example, chipmakers such as Micron Technology and Sandisk have emerged as top performers, while the Magnificent Seven are hardly getting investors' attention.

To get a sense of how quickly this has turned, consid...