Wall Street loves a new nickname for its favorite trade.
After years of “Magnificent Seven” dominance, traders, strategists, and ETF issuers are racing to package the next group of market leaders into a new shorthand — from MANGOS and FAB 10 to BofA’s AI Big 10.
The names are different, but the impulse is old. These labels tend to appear when a small group of stocks gets too big, too dominant, or too important to ignore.
The Magnificent Seven label captured the AI-led megacap trade early in the bull market, when those seven stocks were powering the market higher. But by late 2023, the rally was no longer just about seven stocks, and by 2024, the group itself was already changing.
The split is visible in the tape. Over the past year, Alphabet (GOOGL, GOOG) has more than doubled, while Meta (META) and Microsoft (MSFT) are both down double digits.
That is where the new nicknames come in.
The FAB 10, which adds SpaceX (SPCX), OpenAI (OPAI.PVT), and Anthropic (ANTH.PVT) to the old Magnificent Seven, has become one of the latest attempts to stretch the market’s old shorthand.
“If the last few years were dominated by the Magnificent Seven, SpaceX’s IPO was perhaps the clearest sign yet that investors are starting to focus” on the FAB 10, Vanda Research said in a recent note.
MANGOS leans harder into frontier AI and SpaceX — Meta, Anthropic, Nvidia (NVDA), Google, OpenAI, and SpaceX. Meanwhile, BofA’s AI Big 10 keeps the focus on public markets by adding Broadcom (AVGO), AMD (AMD), and Micron (MU) to the Magnificent Seven.
Wall Street has a long tradition of naming its darlings.
The Nifty Fifty captured the blue-chip growth stocks of the 1960s and 1970s — companies investors believed they could buy once and hold forever. The Four Horsemen carried the late-1990s dot-com infrastructure trade. Then, in the 2010s, FANG and FAANG gave the internet-platform era its shorthand.
