Forge insights

Public U.S. equity markets have continued to march higher so far in 2025, seemingly shrugging off macro uncertainty and a potentially slowing economy. The so-called “Magnificent 7” stocks — including Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla — have continued to propel the S&P 500 to new heights. Tech companies, driven by massive spending on AI tools and infrastructure, continue to generate strong returns despite potential softness in other areas of the economy. Based on the success of three more tech companies (Broadcom, Oracle, and Netflix), the Magnificent 7 has recently expanded to become the “Ten Titans.”