Good morning, investors. SpaceX is set to IPO at the end of the week, and last night news broke that OpenAI also confidentially filed for its IPO likely later this year.

I’ll be discussing all this on Yahoo Finance live at 9 AM in New York — hope to see you there!

Now let’s unpack the Lag 7.

The most popular stocks in the market have lagged everything else to start the year and it isn’t close.

The S&P 493 has gained more than 10% in 2026, almost exactly double the returns of the Magnificent 7.

The most popular tech segment of the last three years also lags the S&P 500, which means the mega-caps are now more of a drag on the index rather than a catalyst.

The data does not tell a top-heavy story.

In fact, this is what broadening looks like.

Indeed, the equal-weight S&P 500 has kept up with the market cap-weighted version this year, which only happens when returns are shared across the market rather than concentrated in a handful of names.

Intriguing, too, is that the rotation is also wider than most investors realize.

Energy leads every sector this year with roughly a 30% return, followed closely by technology at 28%.

Financials, communication services and consumer discretionary are lagging, each sitting in the red.

Technology ranking second even as the Magnificent 7 underperforms underscores how the drag stems from just a few names, rather than the entire industry.

Microsoft has fallen 13%, Meta 10%, and Tesla 6.7%, enough to hold back the group even as Alphabet, Nvidia and Apple each post double-digit returns.

Outsized strength from the 493 means the index can finally rise without its heaviest weightings, which offers a healthier setup than the narrow trading that defined 2023 and 2024.

Still, a market that climbs without its largest stocks can also fall when breadth reverses, which is what happened with last week's tech sell off.

At any rate, the takeaway here is both simple and bullish.

The most crowded trade on Wall Street has spent six months losing to the stocks everyone ignored.

Quantify Funds is building actively managed funds that seek to pay weekly dividends from the performance of bitcoin, gold, and US stocks. 

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Governments print. We stack bitcoin & gold.

🤖 Apple announced a new AI-powered Siri. The tool can now act on behalf of users, like finding specific photos and adding them to an album. Apple stock dipped on the news. (Yahoo Finance)

📈 Corning stock jumped 6% after inking a deal with Amazon. In a multi-billion dollar deal, the companies will collaborate to boost fiber optics manufacturing in the US and build out products for data centers. (Reuters)

🏦 JPMorgan ended a decade-long bearish stance on Tesla with a $475 price target. New analyst Rajat Gupta upgraded the stock to Neutral and called Tesla "at the forefront of physical AI." (Bloomberg)

🗓 June 9, 2008: Lehman Brothers announced an expected $2.8 billion second-quarter loss, its first quarterly loss since going public in 1994.

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