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CNBC AI · 2026/7/31 15:13:09

This week's earnings scrambled everything we knew about investing in the 'Magnificent Seven'
AI 中文解读
“七巨头”神话破了!本周财报季彻底打乱了AI投资的旧剧本。过去买科技龙头就等于买AI,如今这七家公司不再是铁板一块,反而集体跑输大盘——标普500今年涨了9%,它们却跌了1%。更戏剧性的是,基建、能源和芯片公司这群“幕后英雄”抢走了AI交易的风头,资管巨头Vanguard还专门点名了45家新玩家。
通俗点说:以前大家觉得AI只有那七家巨头说了算,闭眼买它们就行。现在局面变了,七巨头内部有的赚翻有的掉队,连带着拖累了整个组合。反而那些给AI铺路搭桥的——造数据中心的、供电的、做芯片的,成了资本新宠。
对普通人来说,最直接的影响就是别再把“买科技股”和“买AI”画等号了。如果你投了相关基金或ETF,持仓里可能已经悄悄混入了这些新面孔。更重要的是,这提醒大家:AI赚钱的逻辑正从“卖软件的”转向“干实活的”,以后看新闻别光盯着大厂,那些不起眼的基础设施公司或许才是真正的风向标。
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Pro AnalysisThis week's earnings scrambled everything we knew about investing in the 'Magnificent Seven'Published Fri, Jul 31 202611:13 AM EDTTobias BurnsWATCH LIVEThe "Magnificent Seven" is no longer a monolith. The high-flying tech stocks that congealed into a single investment thesis representing the first phase of the artificial intelligence trade are differentiating in a major way. More tellingly, the group is now underperforming the market as a whole. In 2026, the S & P 500 is up about 9%, while the group is down 1% in that time, according to an analysis this week from asset manager Vanguard. Meanwhile, a more diverse group of infrastructure builders, energy companies and chipmakers has stolen the thunder of the AI trade in the past few months. The Vanguard analysis identified 45 companies within a broader "AI complex" that has doubled in value since the beginning of the year. Notably, that excludes Alphabet, Amazon, Meta Platforms, Microsoft and Oracle. "Investors are rotating away from large-cap tech and into companies that produce the physical components and infrastructure that are in high demand," Shaan Raithatha, an economist with Vanguard, wrote to clients this week. Like "FAANG" before it — the acronym used for Facebook, Amazon, Apple, Netflix and Google — the Mag 7 may be disintegrating as a concept, and fissures are appearing between companies even as some of their business models are converging through so many circular supply chain investments. Four hyperscalers at the heart of the group – Microsoft , Meta , Alphabet and Amazon – are all developing their own AI hardware while investing in or potentially partnering with AI software makers. While their capital investments have been driving the AI boom in the stock market as a whole, investors are making increasin
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