Magnificent 7 as Absolute Loss Leaders
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Magnificent & AI selling
The Magnificent 7 and AI Beneficiaries within the broader TMT universe have not had an easy time lately. Morgan Stanley Prime Brokerage desk reports:
"...the Magnificent 7 alone accounted for >60% of the total notional amount of what was sold over the past 3 trading sessions, causing net exposure to the group to fall to a near 2-year low." (MS PB)