Ed Yardeni, president of Yardeni Research, believes the era of unchecked dominance for the ‘Magnificent 7’ tech stocks is waning, arguing that the artificial intelligence (AI) boom is poised to benefit the broader range of companies he calls the “Impressive 493.”

The End Of Tech Kingdoms

Speaking to CNBC, Yardeni compared the previous tech landscape to a “Game of Thrones” scenario, describing the tech giants as “seven independent kingdoms” that prospered behind unique business moats.

However, the rapid rise of generative AI has broken down those barriers, forcing these deeply entrenched companies into direct competition with one another. This intensified rivalry, Yardeni argues, “is going to start to narrow some of their profit margins.”

Here’s how Magnificent 7 stocks have performed in 2025.

Stocks

YTD Performance

One Year Performance

Nvidia Corp. (NASDAQ:NVDA)

36.80%

34.94%

Apple Inc. (NASDAQ:AAPL)

11.69%

5.48%

Microsoft Corp. (NASDAQ:MSFT)

16.31%

10.82%

Amazon.com Inc. (NASDAQ:AMZN)

5.41%

1.35%

Alphabet Inc. Class A (NASDAQ:GOOGL)

65.95%

60.29%

Alphabet Inc. Class C (NASDAQ:GOOG)

65.60%

59.78%

Meta Platforms Inc. (NASDAQ:META)

10.96%

9.41%

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