# Big Tech is dodging the chip stocks wipeout: AlphaCheck > Source: > Published: 2026-07-08 10:00:00+00:00 Memory stocks are in a [bear market](https://finance.yahoo.com/markets/article/micron-samsung-sk-hynix-just-dragged-memory-stocks-into-a-bear-market-154549356.html). But the Magnificent Seven are back on offense — leading the market higher once again. Since the late-June turn in growth stocks, the Roundhill Magnificent Seven ETF ([MAGS](https://finance.yahoo.com/quote/MAGS/)) is up 8%, while the S&P 500 minus the Mag Seven — tracked by the Defiance Large Cap ex-Mag 7 ETF ([XMAG](https://finance.yahoo.com/quote/XMAG/)) — is basically flat. Meanwhile, the PHLX Semiconductor Index ([^SOX](https://finance.yahoo.com/quote/%5ESOX/)) is down 12%. The chart below, built using Yahoo Finance's [AlphaSpace](https://alphaspace.finance.yahoo.com), shows that same split over the past five trading days, with megacaps gaining ground while semiconductors break down. This embedded content is not available in your region. That is a sharp reversal from late June, when the market's biggest AI stocks had just absorbed a [$2.7 trillion wipeout](https://finance.yahoo.com/markets/article/big-techs-27-trillion-ai-bill-comes-due-chart-of-the-day-100000100.html?utm_source=chatgpt.com) and investors were questioning whether megacap leadership had finally cracked. Instead, Big Tech is back in charge — and the rebound is not limited to seven stocks. [Cybersecurity stocks are back near records as software surges](https://finance.yahoo.com/markets/article/softwares-strongest-pocket-is-back-near-records-chart-of-the-day-165443761.html), while strength is also showing up in biotech, tech disruptors, China tech, crypto, and aerospace & defense. The market is treating the chip stock wipeout as damage to a crowded hardware trade, not a reason to dump every corner of the growth trade. Apple ([AAPL](https://finance.yahoo.com/quote/AAPL/)) is the standout. The stock is leading the Magnificent Seven higher — up 13% since the late-June turn — after a textbook retest of its old ceiling near $275, a former resistance level that has now turned into potential support. Apple is back within 1% of its all-time closing high. This embedded content is not available in your region. Even Nvidia ([NVDA](https://finance.yahoo.com/quote/NVDA/)) is outperforming the chip group. Of the 60 semiconductor stocks in the Yahoo Finance basket, it was one of only two names in the green, bouncing off its 200-day moving average — even as the SOX dropped more than 4%. The broader tape also looks better than the chip wreck suggests. The NYSE and S&P 500 [advance-decline lines](https://en.wikipedia.org/wiki/Advance%E2%80%93decline_line) — running totals of how many stocks are rising versus falling — are printing new highs. That helps resolve a [participation problem](https://finance.yahoo.com/news/the-stock-markets-big-breakout-still-needs-an-under-the-hood-check-chart-of-the-day-100030247.html) that had been hanging over the spring breakout, when the S&P 500 was making new highs before the average stock confirmed. The chip sell-off is real. But as long as megacaps keep leading, software keeps confirming, and breadth keeps making new highs, the wipeout still looks more like rotation than a full-market growth unwind. *Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at **@SPYJared** or email him at jaredblikre@yahooinc.com.* **Click here for in-depth analysis of the latest stock market news and events moving stock prices** **Read the latest financial and business news from Yahoo Finance**