Roundhill Magnificent Seven ETF nears first record close since October
Updated
Updated · MarketWatch · May 8
Roundhill Magnificent Seven ETF nears first record close since October
13 articles · Updated · MarketWatch · May 8
The fund rose 1.2% to $69.74, putting it above its previous record close of $69.06 set on 29 October.
Friday's move was driven by gains in Tesla, up 3.9%, Nvidia, up 2.1%, and Apple, up 2%.
The advance extends an AI-led rebound that has helped the wider market recover from its first-quarter selloff, after the Magnificent Seven added about $3tn in value earlier this week.
As AI spending soars towards $8 trillion, is the market creating real value or just inflating the next dot-com bubble?
The AI boom is creating trillions in value, so why is it leading to a 'big freeze' in hiring for young workers?
With the Iran war disrupting global oil, can the Magnificent Seven's AI-fueled rally defy growing economic instability?
Magnificent Seven Surge $3 Trillion to $23 Trillion Market Cap Amid AI-Driven Earnings Boom
Overview
In early 2026, the Magnificent Seven tech giants surged by $3 trillion in market value, reaching $23 trillion and making up over one-third of the S&P 500. This surge was driven by strong Q1 earnings and product innovations, especially in AI, which shifted investor sentiment and fueled a broader $6 trillion market rally in April. However, this rapid growth pushed valuations to historically high levels, raising concerns about the sustainability of returns amid massive AI investments nearing $700 billion annually. Rising competition and doubts about AI's profitability are prompting investors to seek diversification and shift capital toward more stable, AI-resistant assets.