Monthly Report, July 2026

Mag 7, not so magnificent anymore…

• From FAANG to Mag 7.
• From an “asset-light” to an “asset-heavy” model.
• Even Nvidia is seeing doubts about its growth mount.

What consequences can we expect for the markets?

With a combined market capitalisation of more than 21,000 billion dollars, the Mag 7’s cumulative performance of -2.1% in 2026 clearly weighed on the flagship U.S. S&P 500 index and the global stock index, despite the major surge in the semiconductor sector.

– by Kim Muller, CIO (Switzerland)

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