The Mag 7 Doesn't Exist Anymore: Pick The Winners, Sell The Losers

The Mag 7 have fractured into distinct stories, no longer moving as a single trade but diverging across strategy, funding, and earnings quality. The capex boom has entered a new phase, where the question is no longer who spends the most, but who actually earns a return on that spending. Stock picking has become essential again, as the market begins to reward genuine conversion and punish companies relying on debt, paper gains, or slowing margins.