智通财经网·2026-01-07 12:57Core Viewpoint - The AI concept stocks have dominated the U.S. stock market over the past three years, leading to a cumulative increase of 78%, but investor enthusiasm is waning as concerns grow about the sustainability of this growth and the potential for a market shift away from the "Magnificent Seven" stocks [1] Group 1: Market Trends - A market style shift has begun, with the "Magnificent Seven" index down 2% since October 29, while the remaining 493 stocks in the S&P 500 have risen by 1.8% [2] - Funds are moving from high-growth stocks to more defensive and reasonably valued sectors, as evidenced by the Defiance Large Cap Ex Magnificent Seven ETF, which saw a threefold increase in net inflows in December compared to November [2] Group 2: Future Outlook - The performance of the remaining 493 S&P 500 stocks is expected to be "remarkable" in 2025, with high profit margins maintained despite economic challenges [5] - If economic conditions improve, cyclical and growth-oriented sectors may also benefit, providing opportunities for investors looking to move away from tech giants [5] - Historical examples suggest that once the dominance of the "Magnificent Seven" ends, the overall market may experience volatility [6] Group 3: Investment Sentiment - There is a growing sentiment of "AI fatigue," with warnings from various analysts about the potential end of the tech giants' dominance [7] - Goldman Sachs predicts that the contribution of the "Magnificent Seven" to S&P 500 earnings growth will decline from 50% in 2025 to 46% in 2026, while the growth rate for the remaining stocks is expected to rise from 7% to 9% [7] - Value investors are finding the remaining 493 stocks attractive due to significant valuation disparities and favorable macroeconomic conditions [7]