Wall Street is buzzing with excitement over new nicknames coined for a fresh wave of market leaders, marking a departure from the well-known “Magnificent Seven.” Traders, strategists, and Exchange Traded Fund (ETF) issuers are quickly coining terms like MANGOS, FAB 10, and the AI Big 10 from Bank of America. Although the names vary, the underlying trend remains consistent—these labels emerge when a select group of stocks becomes too influential to overlook.
Initially, the “Magnificent Seven” captured the essence of the AI-driven megacap stock surge during the bull market, propelling stocks to new heights. However, by the close of 2023, market momentum had expanded beyond this original group, and by 2024, even the composition of the Magnificent Seven began to shift.
This alteration is reflected in stock performance. Over the past year, Alphabet has more than doubled in value, while both Meta and Microsoft have seen their shares decline by double digits. This changing landscape is prompting the creation of new monikers.
The FAB 10 aims to refresh the famed Magnificent Seven by incorporating additional heavyweights such as SpaceX, OpenAI, and Anthropic. This shift has been highlighted by Vanda Research, which indicated that SpaceX’s impending IPO signals a growing investor interest in this new grouping.
On the other hand, the MANGOS moniker emphasizes emerging AI frontiers and SpaceX, featuring a lineup that includes Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX. Simultaneously, BofA’s AI Big 10 widens the focus to public companies by including Broadcom, AMD, and Micron.
Historically, Wall Street has a rich tradition of assigning catchy names to its star stocks. The Nifty Fifty referenced the blue-chip stocks of the 1960s and 1970s that investors believed would yield eternal growth. Similarly, the Four Horsemen highlighted late-1990s infrastructure within the dot-com boom, while FANG and FAANG represented the internet era in the 2010s. Internationally, terms like BAT and GRANOLAS have emerged to describe China’s internet giants and Europe’s prominent growth stocks, respectively.
However, these catchy names often have fleeting lifespans, sometimes vanishing before investors can even master the pronunciation. The current wave of nicknames suggests a burgeoning AI trade that extends far beyond the limitations of the Magnificent Seven, encompassing sectors like semiconductors, space exploration, infrastructure, and private-market companies poised for IPO.
Ultimately, the most enduring names will likely be those that resonate with market performance rather than cleverness. As investor sentiment evolves, so too will the shorthand used to describe the market’s next potential leaders.
