Nasdaq's 'Magnificent Seven' Stocks Still Dominate Index Despite Rebalancing Efforts
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The "Magnificent Seven" stocks (GOOGL, AAPL, AMZN, META, MSFT, NVDA, TSLA) account for around half the weighting of the Nasdaq index.
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These 7 megacap stocks have disproportional influence on the Nasdaq due to market-cap weighting.
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Nasdaq rebalanced in July to reduce their weighting from over 50% to nearly 50%.
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As of Nov 3, AAPL, MSFT and GOOGL have the highest weightings of 10-11% each.
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The Magnificent Seven weightings fluctuate with market caps but remain highly concentrated in the Nasdaq 100.