The David Lin Report · Monday, July 13, 2026
Contrary to expectations, Sam Rahman points out that semiconductor stocks, not the 'Mag 7' (Mac 7), have been the primary outperformers in the tech sector year-to-date, driven by AI data center build-outs. However, he notes that these semiconductor companies are dependent on the 'Mag 7' as major customers, raising questions about the sustainability of this trend.
“You know, actually, ironically, the Mac 7 has been, you know, year to date being the losers within tech? Uh, the winners by by long stretch have been semiconductor stocks, memory stocks, you know, like key critical components of the build out of data centers.”
“So, you know, if you look at the Mac 7 stocks, there's probably, there probably aren't many that are actually up year to date. Most of them are down.”
“But the semi stocks are now dependent on the Mac 7, uh, because they're the biggest customers in many cases.”