Tesla Dropped From Mag Seven as Fund Manager Picks a New Tech King
T. Rowe Price's David Giroux is reshuffling the Magnificent Seven, replacing Tesla with a tech giant he sees as better positioned.
Tesla just got voted off the island. T. Rowe Price fund manager David Giroux has stripped Tesla of its Magnificent Seven status and handed the seat to another tech giant — a bold call that signals a major shift in how serious money is thinking about the market's elite club.
Giroux isn't panicking about Big Tech broadly. He's made it clear he doesn't see a bubble forming in the sector, which is a meaningful data point when half the Street is warning about frothy valuations. His view: the top tech names still have legs, but not every name wearing the Magnificent Seven jersey deserves to be there.
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What makes this more than just a headline grab is where Giroux says the real opportunity lives right now. He's pointing traders toward healthcare and utilities — two sectors that couldn't be further from the AI hype cycle. That's a contrarian tilt worth paying attention to, especially from a manager running serious institutional capital at one of the most respected shops in the business.
The Magnificent Seven framing has driven enormous index flows and retail enthusiasm since it became Wall Street shorthand. Swapping out a member isn't just semantic — it shapes how portfolio managers allocate, how ETF narratives get written, and where momentum money flows next. If Giroux's replacement pick catches on, expect the market to reprice accordingly.
Whether you follow the trade or fade it, this is the kind of institutional signal that moves positioning. Watch the healthcare and utilities space for follow-through, and don't sleep on which tech name Giroux just crowned. Continue reading at MarketWatch.com
