Mag 7: The Most Expensive Stocks in History

The top stocks in 2025 make the dot-com bubble leaders look cheap.

Back in 2000, the leaders were Microsoft, GE, Cisco, Walmart, Exxon, Intel, and NTT.

Today, it’s the “Magnificent 7” — Nvidia, Microsoft, Apple, Alphabet, Amazon, Meta, and Tesla.

Here’s the shocker:

• The Mag 7 is worth 8× more than the top 7 of 2000.
• Yet they generate only 3× the sales.
• Average market cap today: $2.9 trillion per company.

 

Source: Macrotrends, S&P Global

 

Nvidia alone is valued at $4.3 trillion. Microsoft, the giant of 2000, topped out at “just” $602 billion.

The problem? Valuations have run far ahead of sales. The Mag 7 trade at 9.4× sales, compared with a long-term S&P 500 average of 1.8×. The S&P 500 trades at 3.35x today. In the last crash (2008), the ratio fell to under 1.0.

 

Source: Macrotrends, S&P Global

 

If today’s leaders simply revert to the S&P 500 average, share prices would fall 80 percent. If they overshoot to 2008 crisis levels, the wipeout would be more than 90 percent.

Sounds impossible? Amazon fell 95 percent after 1999. It has happened before.

Investors are betting AI will deliver endless sales growth. History suggests otherwise.

This market is priced for perfection — and perfection never lasts.

 

Hilliard MacBeth

 

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