The Magnificent 7 Just Became 10. Here Is What Changed.
After the pandemic, seven stocks came to define the US market: MSFT, META, AAPL, AMZN, GOOG, NVDA, TSLA. Named after a 1960s Hollywood western where a cowboy’s flying dagger moves faster than a pistol, the Magnificent 7 occupied over 50% of the NASDAQ 100 and led the world.
On May 20, 2026, Tuttle Capital filed to launch a Magnificent 10 ETF. Three stocks are added: AMD, AVGO, and PLTR. The ticker is not yet confirmed.
The bull market that created these names started during the Orionid Meteor Shower of October 2022. At that time NVDA ranked fifth in the group and traded at $12.09. Today it is the largest company in the world by market capitalisation at $5.412 trillion.
NVDA Earnings: 85% Revenue Growth, a New $200 Billion Market
NVDA’s Q1 FY2027 results, covering the quarter ending April 26, showed revenue up 85% year-over-year and 20% quarter-over-quarter. The company stated in its earnings call that revenue visibility from its standalone Arm-based Vera CPUs has already reached $20 billion for this year. The total addressable market for Vera is estimated at $200 billion.
NVDA is now selling on good news. This has been the pattern since the Harvest Moon of November 2025. The sowing period began in October 2022. Investors who held through three years are now in the harvest phase. That is normal market behaviour at the top of a cycle, not a reversal signal.
The Global Top 20: Who Is In, Who Is Out
The world’s 10,838 listed companies have a combined market cap of $146.889 trillion. The top 20 are almost entirely American. The exceptions: TSMC from Taiwan at rank 6 ($2.082T), Saudi Aramco at rank 8 ($1.798T), Samsung at rank 11 ($1.307T), and SK Hynix at rank 14 ($915.85B).
India and China have no companies in the top 20. The NASDAQ Golden Dragon China Index returned -0.95% over the past year while US markets returned over 20%. The data makes the case clearly. Forget the Golden Dragon Index. Concentrate on the top 10 of today and the top 20 for tomorrow’s stars.
One notable absence from both the Magnificent 7 and Magnificent 10: TSMC. It is the sixth largest company in the world, the sole manufacturer of the most advanced chips on the planet, and yet it does not appear in either list. Some analysts say TSM will be the next NVDA. Others say AMD or AVGO will take that role. The question is worth asking before buying the Magnificent 10 as a basket.
SPCX: The Name the Magnificent 10 Is Missing
SpaceX has filed for an IPO aiming to raise up to $75 billion, which would make it the largest IPO in history. The listing is scheduled for June 12 on NASDAQ under ticker SPCX.
When someone asks whether the Magnificent 10 is worth buying, Daniel Yue’s answer is a question: why is SPCX not in it? The space economy is now the primary narrative replacing Iran and Ukraine. The market has moved on from geopolitics and is focused on NVDA, AMZN, TSLA, and SPCX. Peace talks, oil prices, and Hormuz are secondary factors. The IPO of SPCX is above all of them.
What Investors Should Do Now
- Magnificent 10 is not the complete picture — TSM at $2.082T is the sixth largest company in the world and is absent from both Mag 7 and Mag 10; any basket that omits it and SPCX is already incomplete
- NVDA harvest phase — selling on good news is normal after a three-year sowing cycle; it does not signal a top, but do not chase; wait for pullback levels to re-enter
- SPCX June 12 — largest IPO in history targeting $75B raise; space industry stocks will be the dominant narrative of June; ARKX remains the basket play for those avoiding single-stock IPO risk
- Top 10 for today, Top 20 for tomorrow — NVDA, AAPL, GOOG, MSFT, AMZN are today; TSM, AVGO, MU, SK Hynix, and SPCX post-IPO are where tomorrow’s names are forming
- Defensive position at record highs — QQQ, VOO, and DIA in a 3:2:1 ratio; index rebalancing removes the losers automatically; you do not need to pick when the index does it for you
Note: US markets are closed Monday May 26 for Memorial Day. US Stock Express resumes Tuesday May 27.
Key Takeaway: NVDA grew revenue 85% and now commands a $5.4 trillion market cap, Tuttle Capital filed for a Magnificent 10 ETF adding AMD, AVGO, and PLTR, but the real question is why TSM and SPCX are not in it: focus on the top 10 by market cap today and the top 20 for tomorrow.
Related reading: NVDA Analysis · Space Economy · PLTR Revolution · AVGO Analysis · Various ETFs
Read previous US Stock Express editions here.
About the Author
Daniel Yue has been an active investor since 1980, with experience spanning stocks, currencies, futures, metals, and bonds. A scholar of the Chicago School of Economics, he holds a Certificate with Distinction from Cambridge University and a degree in International Trading from National Taiwan University. He served as Chief Analyst for over 30 years and Chief Mentor at Sincere Finance. In 2017, he received an award from the University of Arizona for financial internship leadership.
The analysis and opinions expressed in this article are for educational purposes only and do not constitute financial advice. Investing involves risk. Please consult a qualified financial advisor before making investment decisions.
About the Author
Daniel Yue has been an active investor since 1980, with experience spanning stocks, currencies, futures, metals, and bonds. A scholar of the Chicago School of Economics, he holds a Certificate with Distinction from Cambridge University and a degree in International Trading from National Taiwan University. He served as Chief Analyst for over 30 years and Chief Mentor at Sincere Finance. In 2017, he received an award from the University of Arizona for financial internship leadership.
The analysis and opinions expressed in this article are for educational purposes only and do not constitute financial advice. Investing involves risk. Please consult a qualified financial advisor before making investment decisions.