Nvidia Leads Magnificent Seven Comeback

The Roundhill Magnificent Seven ETF rose nearly 3% to $70.63, closing in on its all-time high of $70.94, as Nvidia’s results and deal activity drew investor attention. The fund holds Nvidia, Apple, Meta Platforms, Amazon, Alphabet, Microsoft and Tesla.

Nvidia reported stronger-than-expected earnings, projected more than 70% revenue growth for the fiscal year ending January 2028 and announced an agreement to acquire Hugging Face, an open-source AI developer platform. The company’s outlook followed recent demand for AI data-center components.

Portfolio manager Joe Tigay wrote, “There is still no end in sight to the AI infrastructure build-out.” That view reflects expectations among some market participants that spending on AI infrastructure will continue to support hardware demand.

Jeff Pollard, vice president and principal analyst at Forrester, wrote that the Hugging Face deal could give Nvidia greater visibility into the open-source software layer many AI developers use, helping the company link its chips to widely used models and tools.

The recent gains mark a shift after much of 2026 favored smaller semiconductor names. Investors earlier pushed the iShares Semiconductor ETF sharply higher, leaving several smaller chipmakers as top performers for part of the year. Over the past three months, Nvidia shares rose about 7% while the semiconductor ETF declined roughly 18% in the same period; the semiconductor ETF remains up about 67% year to date.

Nvidia and Apple are trading within roughly 3% of their record highs. Alphabet, Meta and Tesla remain more than 10% below their peaks. Television host Jim Cramer urged investors to reconsider the Magnificent Seven, saying, “We’re witnessing the revenge of the Magnificent Seven and most people don’t even seem to know it. I think it’s time to buy.” He also noted Nvidia’s price-to-earnings ratio sits near 17 times expected earnings for the next 12 months and questioned why the multiple is not higher given the company’s growth.

Analysts expect tighter integration between Nvidia’s hardware and open-source software to make it easier for enterprises to deploy AI workloads on Nvidia platforms. That integration could create revenue opportunities beyond GPU sales if enterprises adopt bundled hardware-plus-software solutions.

Other members of the Magnificent Seven showed mixed moves on the rally. Meta rose about 7% over five trading sessions, and some analysts view recent legal developments and new consumer AI features as potential upside factors. The Roundhill ETF’s near-record level reflects renewed investor interest in the largest U.S. technology companies after a period when smaller semiconductor firms led market gains.