"They know all too well how Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla have delivered more than half of the S&P 500's gains in recent years, setting a high bar for everyone else to clear. But things change: One minute, Alphabet is behind the curve on AI and then Google's latest Gemini launch sparked a 'Code Red' from ChatGPT's Sam Altman."
"He believes 2026 will be a year of divergence within the Magnificent 7. "Two or three do real well, two or three do not do well at all and you have one or two in the middle," he told me. "If I were betting on momentum today, I would bet Google (Alphabet), Microsoft and Nvidia. By the way, Google would not have made that list a year ago.""
"I subsequently asked two dozen leaders at the Fortune Brainstorm AI conference and the Fortune CEO Initiative dinner in San Francisco for their views on the Mag 7. Alphabet was also the winner. The primary source of enthusiasm is Gemini 3, its latest AI model. Though as one CEO cautioned: "I'm more confident about the health of the business than the health of the stock.""
Business leaders foresee divergence among the Magnificent 7 in 2026, with two or three companies performing very well, two or three performing poorly, and one or two in the middle. Alphabet gained momentum after the Gemini 3 launch, prompting strong optimism from many executives. Microsoft and Nvidia are viewed as close contenders due to Microsoft's enterprise reach and Nvidia's leadership in AI hardware. Several executives cautioned that company business health may not translate directly into stock performance. Microsoft's Copilot execution challenges were noted alongside praise for its enterprise relationships.
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