Open AI

Published on
16/06/2026 – 13:52 GMT+2

Wall Street’s most famous market label may be outdated.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.

Published on
15/06/2026 – 12:06 GMT+2

OpenAI is facing a fresh regulatory challenge after a group of state attorneys general demanded a wide range of documents about how ChatGPT protects the people who use it, a move that arrives at a delicate moment for the company as it lays the groundwork for a potential public listing.

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The investigation, which arrived just days after OpenAI filed confidential paperwork for an IPO, threatens to complicate a listing that some analysts expect will value the ChatGPT maker at roughly $1 trillion (€861bn).

According to The Wall Street Journal, which first reported the matter, OpenAI received the subpoena on Friday from a group of states, with the inquiry led by New York’s attorney general.

Officials are requesting material covering the company’s advertising practices, how it keeps people using its service, its handling of consumer and health data, and its policies towards minors and older adults.

OpenAI said it would engage with the offices behind the request and stressed that protections are already built into its product.

A spokesperson stated that the company takes the concerns raised by the attorneys general “seriously” and works to bring the benefits of the technology to people responsibly. However, the firm has not confirmed which other US states are taking part.

Mounting legal pressure

The subpoena adds to a growing list of legal headaches.

Last Thursday, a Canadian woman sued OpenAI, blaming ChatGPT for her daughter’s suicide. Earlier in June, Florida Attorney General James Uthmeier filed suit against the company and CEO Sam Altman after two shootings in which the alleged attackers reportedly used the chatbot to plan their crimes.

OpenAI responded that its models repeatedly urged the individuals to seek help from mental health professionals and that it cooperated with the police in both cases.

These are not the first courtroom tests of the year for OpenAI.

In May, a federal jury in Oakland, California took less than two hours to reject Elon Musk’s lawsuit accusing Altman of abandoning the firm’s nonprofit roots, finding he had filed too late. Musk, who called the ruling a “calendar technicality”, said he would appeal.

The clampdown also extends across the industry.

European regulators have opened investigations into Musk’s rival chatbot Grok over antisemitic and sexualised content, including deepfake images.

Anthropic, also preparing an IPO, was told by the Trump administration to restrict two of its models abroad on national security grounds, illustrating how AI governance has become an increasingly fraught political battleground.

Additional sources • AP