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The Mag Seven Itch

The market is notching record highs for the so-called Magnificent Seven—or should that be Mag 10?—but a subterranean counternarrative is forming as once-secure food and consumer staples crater, and cracks emerge in the $3 trillion private-credit boom.

Jim Chanos
"I’m worried when the basics of investing get turned on their head, to the tune of hundreds of billions of dollars," says Jim Chanos. "Be careful when something is too good to be true." Photo: Misha Friedman/Bloomberg/Getty Images
William D. Cohan
November 2, 2025

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Is it the best or the worst of times in the financial markets? That is the question. In the last days of October, the Dow Jones Industrial Average, S&P 500, and Nasdaq all reached their all-time highs. The Dow is up 12 percent this year; the S&P 500 is up 17 percent; the Nasdaq is up 23 percent this year and 117 percent in five years. Can you catch your breath? And most of the stocks in the so-called Magnificent Seven—Apple, Microsoft, Nvidia, Alphabet, Meta, Tesla, and Amazon—are at or near their all-time highs, too.