Apple, Amazon, Nvidia, Tesla... The Magnificent Seven are holding their own, but they're no longer in charge: who's leading the S&P 500?

The "Magnificent Seven" no longer reign alone. It only took five months for the market to knock them off their pedestal. Apple has fallen 18.6% so far this year. Tesla has plunged 27.4%. Alphabet, 3.3%. And although Meta and Nvidia have staged strong rebounds from their yearly lows (28.3% and 34% respectively), their crown no longer shines as brightly.

The ETF (exchange-traded fund) that brings them together, Roundhill Magnificent Seven, has risen 18% since April. But that's no longer enough. The market has broadened its focus. And now it's applauding others. Because in this volatile 2025, the leaders aren't the stars of artificial intelligence (AI) . They're less high-profile names, but with consistent and resounding results.

Energy, defense, healthcare, transportation, fertilizers… Welcome to the new S&P 500. More tangible, more diverse, less algorithm-driven, and more cash-flow-driven.

NRG Energy

At the top of the ranking, NRG Energy has become an unexpected star. Its 71% rise is not only explained by the acquisition of an energy portfolio from LS Power for $12.1 billion. Its quarterly revenue grew 16%, doubling earnings per share expectations. Furthermore, its ambition is leading it to integrate energy solutions for AI data centers, positioning itself as a utility of the digital future.

Palantir

Palantir Technologies, up 68%, has gone from promise to certainty. Its 55% revenue growth in the United States , improved annual guidance, and record highs position it as one of the protagonists of this market turnaround. In the midst of an era of geopolitical tensions, its "strategic AI" software that simulates conflicts in the South China Sea seems like something out of a science fiction novel, but it's a real competitive advantage.

Howmet Aerospace

Defense is also gaining ground in this new market. Howmet Aerospace will add 46% in 2025 thanks to the boom in military demand. The company manufactures key parts for fighter jets, rockets, and turbines, including components for the F-35 and NASA's future lunar rocket. Its profits and upward outlook consolidate it as an industrial leader with global reach.

Uber

It's not all about hardware or defense. Uber Technologies has surprised everyone with a 45% appreciation. It has finally found stable profitability in transportation, delivery, and logistics, and has won over investor Bill Ackman, who invested $2.2 billion. The mobility company is now a consolidated logistics force .

Super Micro Computer

With a 42% increase, Super Micro Computer represents the physical muscle of the AI ​​revolution. Its servers are the physical support for intelligent processing, fueled by strategic agreements like the one signed with DataVolt. Its machines operate in facilities as sensitive as the Pentagon and OpenAI. They literally power the future.

Mosaic

And in an unexpected twist, Mosaic has exploded with a 42% rise. In a context of agricultural inflation and tensions over the global food supply , its role is futuristic. Its new automated plant in Brazil will operate without human personnel, managed entirely by algorithms. Fertilizers are also priced in the digital age.

Philip Morris International

The famous tobacco company completes this new podium of seven companies. With a 40% increase, the tobacco company demonstrates that innovation can emerge even from the most traditional sectors. Its flagship product, ZYN, has boosted sales in the United States by 53%. Its success has been so great that the company is considering spinning off this non-combustible business in 2026. Tobacco, yes, but reinvented.

Are the “Magnificent Seven” over?

Not even close. The story isn't over for these titans. The powerful technical rally from April's lows shows they're still relevant, and that investors haven't completely given up on them. Microsoft is a rock with a 3.5% annual gain and a solid position on its moving averages. Meta and Nvidia have given clear technical signs of a reversal. And the P/E (expected price-to-earnings ratio) of the Magnificent Seven ETF has dropped from 30 to 23, suggesting there's room for further gains.

Furthermore, Barclays and Janus Henderson agree that large technology companies exceeded earnings expectations in the first quarter by 8%. Forecasts through 2027 continue to favor cyclical sectors over defensive ones. The story isn't over; it's just changing shape.

That's why many analysts are urging a cool head. It's not about choosing between old idols or new winners, but rather understanding the cycle. As Jeremiah Buckley of Janus Henderson points out, "Earnings trends show resilience in technology while defensive sectors barely grow."

But even if they regain ground, absolute leadership is no longer guaranteed. The market has broadened its focus. Portfolios no longer revolve exclusively around seven names. The appetite for other growth stories, in sectors such as energy, infrastructure services, cybersecurity, and mobility, is stronger than in previous years.