美科技七巨头或已过时，2025多数跑输大盘，主导地位动摇

Core Insights - Many investors have adopted a strategy of heavily investing in large U.S. tech stocks to outperform the market, which has been effective for a long time but failed last year [1] - Since the Federal Reserve began raising interest rates in 2022, the "Magnificent 7" tech giants have mostly underperformed the S&P 500 index for the first time [1] - Although the Bloomberg Tech Giants Index rose by 25% in 2025, outperforming the S&P 500's 16% increase, this was primarily driven by significant gains from Google and Nvidia [1] Company Performance - The "Magnificent 7" includes Tesla, Nvidia, Microsoft, Amazon, Apple, Alphabet, and Meta [1] - In 2025, Google and Nvidia saw stock price increases of 66% and 39%, respectively, both surpassing the S&P 500's 17.7% gain [1] - The remaining five companies in the "Magnificent 7" underperformed compared to the S&P 500 index [1]