Wall Street’s most famous market label may be outdated.
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The ‘Magnificent 7’ or ‘Mag 7’ defined the first phase of the AI rally, as it included Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta and Tesla, but a fresh grouping is now circulating among investors keen to capture its next leg.
In the wake of SpaceX’s blockbuster listing, analysts are looking to add Elon Musk’s company, as well as OpenAI and Anthropic, which are expected to IPO later this year, to a new market label.
Coined by the British financial firm Vanda Research, the ‘FAB 10’ stands for Frontier AI & Big Tech 10, and takes the original seven companies from ‘Mag 7’ together with the three new market darlings.
According to Vanda, last Friday’s SpaceX IPO offered the clearest signal yet that attention is widening beyond the ‘Magnificent 7’.
After Monday’s close above $192 per share, Elon Musk’s space and AI firm is now the sixth most valuable company in the world by market capitalisation.
What the new label captures
The term ‘Magnificent 7’ was coined in late 2023 by Michael Hartnett, who wanted a single term for the megacap stocks powering the market to records.
Their combined value now sits at roughly $22.6 trillion (€19.5tn), with Nvidia alone worth more than $5 trillion (€4.33tn) as the most valuable company in the world by market capitalisation.
The three newcomers represent a different flavour of the same AI boom.
SpaceX brings aerospace and satellite connectivity through its Starlink unit, while OpenAI and Anthropic are among the leading developers of frontier AI models.
According to Vanda, the ten companies collectively map the direction of the AI and technology sectors over the coming decade.
However, a wrinkle in the label is that two of the additions are not yet listed.
OpenAI and Anthropic remain private, though both have filed to approach public markets this year, potentially at valuations surpassing $1 trillion (€861bn) and making the ‘FAB 10’ as much a shorthand as a tradable basket.
The ‘FAB 10’ is also not the only contender.
Bank of America has floated an ‘AI Big 10’ that instead adds the chipmakers Broadcom, Advanced Micro Devices (AMD) and Micron, reflecting the semiconductor rally.
Others have suggested smaller clusters, such as the rival ‘MANGOS’ label, which has surfaced and includes Meta, Anthropic, Nvidia, Google (Alphabet), OpenAI and SpaceX.
Strategists caution that none of the names signals the demise of the ‘Magnificent 7’, which still accounts for roughly a third of the S&P 500 index. Investors are not abandoning the originals but simply broadening the definition of who leads the AI era.
As Vanda frames it, the next decade’s winners may simply need a bigger tent.
Taylor Tinsley has pitched 203 innings and accounted for 30 of UCLA’s 50 wins this season.
As one of three star veterans on a team featuring younger and less experienced talent, Tinsley has embraced a heavy workload and the inevitable miscues that can go along with it.
She opened NCAA tournament play surrendering 10 runs and relied on her teammates to rally for a walk-off win, but Tinsley rebounded with grace while earning back-to-back victories that propelled UCLA to a regional win.
Tinsley is quick to deflect praise to her teammates, especially record-setting hitters Megan Grant and Jordan Woolery.
UCLA coach Kelly Inouye-Perez struggled to contain her emotions when asked about the influence Tinsley had on the program after Sunday’s win, so Grant filled in.
“Everything Taylor said about us as a team, we try to reciprocate it back to her,” Grant said. “We know what she is doing for us. She is sacrificing everything for this team, and especially on offense, we try to give back as much as possible.”
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Tinsley, who has led the Bruins in ERA for three consecutive seasons, earned back-to-back All-Big Ten honors and helped lead UCLA to the Women’s College World Series last season.
She has spent four years at UCLA competing alongside hyper-competitive, intense athletes such as Maya Brady, niece of NFL legend Tom Brady, and more light-hearted players, including Woolery and Grant, who bring joy and laughter to their work. All her teammates, of course, expect to win.
“This year, our team is fun and relaxed; we like to be goofy, ” Tinsley said.
Tinsley credits the team for her success on the mound. She said one of her proudest moments was watching Grant and Woolery break UCLA and NCAA hitting records. Taylor, Grant and Woolery were selected in the Athletes Unlimited Softball League draft.
Before they turn pro, the seniors are trying to win a national championship.
“I definitely think we’ve left our mark on this program in general,” Tinsley said. “We entered as freshmen with a legendary senior class. We had Megan Framo, Aaliyah Jordan, and I even got to play with Maya Brady for two years, so I learned a lot from them.”
The alumni, some of whom attended the Bruins’ NCAA regional-clinching win over South Carolina on Sunday, still have an influence on her today.
Inouye-Perez said Tinsley has put the program on her back since her sophomore year. She inspires her teammates, including freshman pitcher Natalie Cable.
The pitchers are still learning, but their coach is pleased with their commitment to improving and learning from Tinsley.
“I am very fortunate that they have a positive attitude and work hard every day and are ready to do whatever they can to help the team,” Inouye-Perez said of the pitching rotation.
After Friday’s walk-off win over California Baptist, Inouye-Perez trusted Tinsley to shake off one very bad inning to pitch on Saturday and Sunday against South Carolina and she delivered.
Now the Bruins will host Central Florida, which upset regional host Florida State, for a super regional series starting Friday with a ticket to the Women’s College World Series on the line.
Tinsley said her training prepared her to let go of Friday’s game and play her best the rest of the weekend.
“It comes with pitching. Just taking one pitch at a time,” Tinsley said. “We are focused on where our feet are and not worried about the past or future.”
Baseball wraps up record-setting regular season
The No. 1 UCLA baseball team earned a 6-1 win over Washington on Saturday during the Bruins’ regular-season finale at Husky Ballpark, sealing a 2-1 series victory.
UCLA (48-6, 28-2 Big Ten) set a school record for regular-season wins, surpassing the 2019 team’s 47 victories.
The Bruins won every regular-season series and were the only team in the country to win at least two of three games every weekend. UCLA also set a school record for most conference wins.
Top MLB draft prospect Roch Cholowsky led UCLA with 21 home runs, while Will Gasparino smashed 19 and Mulivai Levu added 16. Roman Martin, meanwhile, led the Bruins with a .340 batting average.
Logan Reddemann (8-0), Michael Barnett (6-0) and Wylan Moss (5-1) pitched the most innings and contributed heavily to UCLA’s success.
The Bruins clinched the Big Ten tournament No. 1 seed and will open play Friday in Omaha, Neb.
Rice and Jaquez are thriving in WNBA
The Tempo’s Kiki Rice drives past the Sparks’ Kelsey Plum at Crypto.com Arena on Sunday.
(Harry How / Getty Images)
All six of UCLA’s WNBA draft picks made opening day rosters and they’ve all earned game minutes.
Chicago Sky’s Gabriela Jaquez and Toronto Tempo’s Kiki Rice are off to the hottest starts.
Jaquez, however, had the bigger game Sunday. She is the only former Bruin to start every contest for her WNBA team so far this season. She had 20 points, eight rebounds, one assist and one steal in 32 minutes during the Sky’s (3-1) 86-71 road win over the potent Minnesota Lynx (2-2).
“Her teammates love her, the coaching staff loves her,” Marsh said of Jaquez. “It’s very hard for me to take her off the court, even when she’s gasping for air. She just finds ways to be effective on both ends of the floor.”
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