What is Mag7?
Mag7
Mag7 (or ‘Mag 7’) refers to a group of seven large technology companies, often associated with massive capital expenditure and market influence. The main thread tracks their spending, performance, and expected earnings growth.
How it developed
- Jun 2026 - Rajiv Jain noted that the cumulative capex of all Mag7 companies in their history was $1.5 trillion, but they are now discussing $3 trillion in just three years.
- Jun 2026 - Jack Farley stated that the only way to stop Mag7 hyperscale or share price underperformance is by curtailing their ‘drunken spending.’
- Jun 2026 - Jack Farley observed that memory is up 3x over the last few months while Mag7 is down year to date.
- Jul 2026 - Ben Carlson said that in 2027, analysts are expecting 19% growth for the Mag7 and 15% for the other 493, which would be a wonderful development.
In the evidence
Every line below is attributed to a named speaker.
Rajiv Jain on the scale of Mag7 planned capex relative to their entire corporate history.
“The cumulative capex of all these mag companies in their history is $1.5 think about it now they're talking about 3 trillion in just 3 years.”Rajiv Jain · 8 Jun 2026
Mag7 cumulative capex across their entire history totals $1.5 trillion, yet they plan to spend $3 trillion in just the next three years.
“The cumulative capex of all these mag companies in their history is $1.5 think about it now they're talking about 3 trillion in just 3 years.”Rajiv Jain · 8 Jun 2026
Analysts project Mag7 earnings growth of 19% and S&P 493 growth of 15% in 2027, narrowing the performance gap between the two cohorts.
“In 2027, analysts are expecting 19% growth for the Max 7 and 15% for the 493, which would be a wonderful development.”Ben Carlson · 1 Jul 2026
Jack Farley on MAG7 hyperscaler capex: the only way to stop share price underperformance is to cut the spending the market is punishing you for.
“The only way you stop the mag seven hypers scale or share price underperformance is by curtailing the thing the market is punishing you for which is your drunken spending.”Jack Farley · 12 Jun 2026
Memory stocks rose approximately 3x over a few months in 2026 while MAG7 stocks were down year-to-date.
“Memory is up 3x over the last few months while Mac 7 is down year to Google.”Jack Farley · 12 Jun 2026