The Magnificent Seven had a good run, but the reign of the high-flying tech titans is over, Citi says.

The Mag Seven crushed the market in the years since the AI boom kicked off at the end of 2022, but their fortunes as a group have reversed. The Roundhill Magnificent Seven ETF is up 1% this year, lagging the 9% gain in the S&P 500.

Investors have punished some names in the Mag Seven more than others, partly due to wariness about valuations, concerns about capex, and an uncertain outlook for software as AI tools proliferate. Microsoft, the group’s worst performer so far in 2026, is down 17%, with its latest leg lower triggered by fears over heavy AI capex.

“In our view, the Mag 7 is dead as a…