Chip Stocks Take Lead From Magnificent Seven as S&P 500 Eyes 8,000

Apple, Microsoft, Nvidia and the other “Magnificent Seven” stocks have accounted for about one-third of the S&P 500’s weighting in recent years and powered the AI-driven rally. Capital is now shifting toward the chip supply chain, indicating broader market gains and shaping investors’ assessment of AI capital spending and bubble risks. Bloomberg data showed the S&P 500 gained 9.3% in the first half of 2026, while the Magnificent Seven were nearly flat.

Financial markets commentary account The Kobeissi Letter said on July 6, 2026, that the S&P 500 could climb to 8,000. Several Magnificent Seven stocks have fallen more than 20% from recent highs, yet the index remains about 1% below its record high. Eight of its 10 best-performing constituents this year are chip stocks. The post had received more than 73,000 views at the time of reporting but gave no specific estimate of the capital involved or a target date.