Good morning from the Financial Times. Today is Friday, January 2nd. I'm Sonia Hudson, and this is your FT News Briefing.

This whole week, we've been looking back at 2025 and trying to predict what'll happen in 26.

It's our last show in this series, and this time we are talking all about tech stocks.

This time last year, the Magnificent Seven were flying high. These are tech stocks like Amazon and

Apple, and they basically propped up the entire U.S. market. The question on everyone's mind was,

will their moment in the sun come to an end? F.T. Column 2.S. market. The question on everyone's mind was, will their moment in the sun come to an end?

F.T. columnist Jillian Tet had an answer to that in the FTs forecasting the world in 2025 list of

predictions. She said, they're not going to fall, but they won't ride a lot higher either. What actually happened?

Well, it was a bit of a mixed bag.

Gillian is here to tell us more and make a prediction for 2026.

Hi, Jillian.

Hi, good to talk to you.

Good to have you.

So when we say Magnificent Seven, we're talking about Al alphabet, Amazon, Apple, meta, Microsoft,

Nvidia, and Tesla. Why did you make that prediction about a year ago?

Well, the primary reason I made that prediction last year was because the level of market

concentration around the Magnificent 7 in terms of how much they represent of the overall

equity indices had reached such extreme levels from a historical perspective that simple historical

pattern making would suggest that almost inevitably that was going to reverse. And on top of

that, it seemed to me that there was an awful lot of hype and over-excitement about the degree to which some of the tangible fruits of the AI revolution would actually come in to boost these magnificent seven's earnings.

Yes, the technology is potentially revolutionary. Yes, it's

probably going to have a very big impact on the economy going forward. But how quickly it's

...