Magnificent Seven S&P 500 Weight Falls to 35.7% After Amazon, Big Tech Earnings
Amazon.com shares dipped after its latest earnings miss, contributing to the Magnificent Seven’s S&P 500 market-cap share falling to 35.7% from 36.9% at the start of 2026. Microsoft, Tesla, Alphabet and Amazon all declined post-reports while Meta Platforms was the only major member to gain significantly.
1. Market-Cap Share Shift
At the start of 2026, the Magnificent Seven—Microsoft, Tesla, Amazon.com, Nvidia, Alphabet, Apple and Meta Platforms—represented 36.9% of the S&P 500’s total market capitalization. Following mixed earnings reports, that combined weight has only inched down to 35.7% as of Thursday’s close.
2. Amazon and Peer Earnings
Amazon.com, Microsoft, Tesla and Alphabet all saw share price declines immediately after releasing quarterly results, with Amazon.com underperforming consensus revenue forecasts. Apple managed a modest 0.5% gain, while Meta Platforms was the sole major gainer among the group.
3. Big Tech Spending Outlook
Hyperscaler capital expenditures by the ‘Big Four’—including Meta Platforms—are forecast to total roughly $650 billion this year, raising investor concerns over ROI but bolstering vendor revenues. Nvidia’s upcoming Feb. 25 report will be a key indicator of AI-related spending trends among the group.