Magnificent Seven market cap now exceeds every country except the US; concentrated capex becomes systemic risk

Concentrated power in seven megacap tech stocks—worth more than the GDP of all nations except the US—means their collective capital spending has become a macro risk. At roughly $580 billion in annual capex, about 30% of the S&P 500 total comes from these names and SpaceX. A synchronized pullback in AI spending could slow US and global growth.