Magnificent Seven ETF Sets Record as Meta Leads Tech Rally

A fund tracking the Magnificent Seven hit a new intraday high on Monday as investors returned to major technology shares. The Roundhill Magnificent Seven ETF (MAGS) rose 3.56% to close at $72.97, after reaching $73.18.

That record applies to the basket, not necessarily to each of its seven stocks. Meta Platforms was the standout: its shares jumped about 11% after its Muse AI assistant topped Apple’s U.S. App Store charts.

The broader rally lifted the Nasdaq Composite 2.3% to 27,122.09, a record close. The S&P 500 gained 1.5%, ending within 0.4% of its own record, according to the Associated Press.

Lower oil prices and Treasury yields helped ease pressure on stocks. The 10-year Treasury yield fell to 4.95% from 5.01% on Friday, while Brent crude retreated from recent gains.

The move followed a turbulent stretch for technology shares, as investors questioned whether heavy spending on artificial intelligence would produce enough returns. Monday’s gains suggest those concerns eased, but one strong session does not settle the debate.

Meta’s app-store ranking offered a fresh sign of consumer interest in its AI push. Downloads and chart position do not yet show whether Muse can hold users or generate meaningful revenue.

The next test is whether the rally spreads beyond a few high-profile names and whether companies can show business results to support their AI ambitions. Tesla remains a key outlier in the group, while investors will also watch for signs that enthusiasm is reaching Apple and Nvidia.