The Magnificent 7 stocks have been the predominant focus of the investing community for more than two years. The top performing theme has been around artificial intelligence, but many other themes like the cloud have attracted so much investor money that they are also hard to ignore.

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It turns out that 2025 isn’t looking too great for the Mag7. In fact only one of the key stocks is actually showing positive performance year-to-date. The S&P 500 is up 1.4% YTD and the NASDAQ-100 is up 0.4%. Meta Platforms Inc. (NASDAQ: META) is the sole gainer so far for the year with a 12.3% gain.

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The rest of the Mag7 stocks are negative, indicating that the S&P 500 and the other 97 stocks in the NASDAQ-100 are finally showing a broadening out after the market was just too concentrated for two years. The Invesco S&P 500 Equal Weight ETF (NYSEArca: RSP) is up by 2.8%, proving that the other 497 stocks in the S&P 500 are finally getting their attention.

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Here is the YTD performance of the remaining former market leaders so far in 2025 (source Finviz). A special note is also showing how far down each stock is from their respective 52-week high (% from high):