Mag 7 starting to underperform [pdf]

A new Apollo report says the mighty “Mag 7” — the seven giant tech companies that have been dragging the stock market upward — are starting to wobble. The basic claim: their profits are no longer racing ahead of the other 493 companies in the S&P 500, their cash is being eaten up by huge spending, and investors may be shifting toward boring-but-steady companies that actually throw off lots of cash. In plain English: the market’s favorite overachievers may not be carrying the whole party anymore.

But in the comments, people were way more entertained by the report’s weak spots than its warning. One reader absolutely torched the data, saying the authors “know nothing” about how modern AI services are actually used, and mocked a chart for treating public token usage like it explains the whole industry. Another commenter went full accountant-mode, accusing Apollo of muddying the waters by changing which companies appeared from one slide to the next. Ouch.

Still, not everyone was clutching pearls. Some commenters basically said, good. A market that depends less on seven giant companies is healthier and less fragile, they argued. Another brought receipts from history: hot stocks often cool off hard. And then came the doom-posting, with one blunt take saying this isn’t just underperformance — it’s the start of a market correction. So yes, the report dropped a sober finance warning, but the crowd turned it into a mix of fact-checking, “I told you so,” and elite-level Wall Street side-eye.