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BUD FOX RESEARCH · MAGNIFICENT SEVEN

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Mag7 desk

Mag7 Desk Note #61

DAILY DESK NOTEDESK NOTE 061 · 01 SEPT 2026 · 17:22 ET

Published 5:22 PM ET · Market data through 10:20 PM ET

Leadership

AAPL strongest trend · META cleanest relative

Positioning

5/7 ABOVE EMA20 · 11% AVG CONV

Risk

2/7 BELOW EMA20 · GOOGL WEAKEST RELATIVE

Watch

NVDA +0.5% vs EMA20

Deltas

Since last note

  • CHANGED Breadth 7/7 → 5/7 above EMA20; GOOGL and AMZN lost trend, MSFT's RSI cooled 73.1 → 63.7.
  • CHANGED Rates and oil moved against the group (10Y 4.67% → 4.75%, WTI $86.33 → $90.68); the deepening global bond sell-off is the day's dominant Mag7 input.
  • CHANGED New single-name negatives: FTC suit on AMZN and TSLA's robotaxi lag versus Waymo, even as TSLA moved to +3.2pp over GM/F.

Desk Synthesis

Executive Takeaway

This is a rates event, not an AI event. Breadth broke from 7/7 to 5/7 above EMA20, six of seven names gapped down 1–2.5%, and the damage tracks a 10Y at 4.75% (from 4.67%), 2Y at 4.34% and WTI +5.7% on the day — duration compression, uniformly applied. The hardware structure is unchanged: $947.7B tracked CapEx, $319.5B AI-attributed, TSMC July +44.7% YoY, so the semi-cap flush (AMAT -12.9% 21d, KLAC -6.4%) is positioning, not demand. Every name still prints NEUTRAL with a 31% conviction ceiling: hold structure, press nothing.

Positioning

  • AAPL is the only name where tape, comps and flow agree — +2.61% against a down-tape, +3.3pp over MSFT/GOOGL, 84th percentile, short interest -17.9%. That percentile plus a 10/28 print (EPS est 2.02) argues hold, not add.
  • NVDA: hedge, don't cut. Still +3.6pp over AMD/AVGO and only +0.5% above EMA20, but foundry output and locked-in CapEx outrank a bond-driven chip selloff.
  • GOOGL is the cleanest dislocation and the cleanest warning: RSI 41.2, -2.8% vs EMA20 on 1.37x RVOL, lagging META/MSFT by 4.7pp while carrying the largest CapEx book at $185B.
  • AMZN's relative edge is gone — trend lost, now in-line with WMT/COST (from +5.0pp) into an FTC ad-practices suit. MSFT retains the cloud comp lead (+5.6pp) with RSI cooled to 63.7.

Key Risks

  • Desk read still flags 5/5 hyperscalers trimming QoQ CapEx inside a rising aggregate — timing risk, not a thesis break, but no license to add hardware beta.
  • IV30 exceeds RV20 in five of seven; long premium is expensive except NVDA (-4.1 pts) and TSLA (-0.1). VIX 14.92 and HY OAS 2.63% are false comfort in a bond-selloff tape.
  • Cached NVDA/META/TSLA option rows are unchanged from the prior session and stale versus cash (NVDA 223.96 vs 217.44; TSLA 328.58 vs 356.09) — unusable for pricing. Note: Maestri is Apple's former CFO winding down, not a sitting-CFO exit.

Watch

NVDA · EMA20 +0.5% vs CapexIndex $947.7B combined / TSMC +44.7% YoY — a decisive break with SMH still falling turns an unwind into a de-rating; watch GOOGL's low as the channel where capex becomes cost.

What Changed

  • Breadth 7/7 → 5/7 above EMA20; GOOGL and AMZN lost trend, MSFT's RSI cooled 73.1 → 63.7.
  • Rates and oil moved against the group (10Y 4.67%4.75%, WTI $86.33 → $90.68); the deepening global bond sell-off is the day's dominant Mag7 input.
  • New single-name negatives: FTC suit on AMZN and TSLA's robotaxi lag versus Waymo, even as TSLA moved to +3.2pp over GM/F.

Universe

Magnificent Seven · 7 names

SOURCE Yahoo Finance · AS OF 01 SEPT 2026 17:22 ET

Price = daily close · vs SPY = 24h relative · equity as of Sep 1, 5:22 PM ET · options as of Sep 1, 10:20 PM ET

SymbolPriceTrendRSIRVOLRV20IV30IV−RVSkewvs SPYConv
AAPL325.13+3.4%61.10.96x18.924.6+5.7+3.30%7%
MSFT501.02+3.1%63.70.95x22.127.4+5.3-0.55%18%
GOOGL335.02-2.8%41.21.37x24.327.6+3.2-0.59%10%
AMZN254.92-2.1%46.31.21x26.431.1+4.7-1.18%0%
NVDA217.44+0.5%51.90.98x45.241.1-4.1-0.83%31%
META578.54+0.6%49.90.84x29.936.7+6.8+1.77%9%
TSLA356.09+2.3%53.11.86x42.842.7-0.1-2.54%0%

Community

TradingView strategies · Mag7 · 8

SOURCE TradingView · PineTS · AS OF 01 SEPT 2026 18:00 ET

1y daily · TV community Pine · PineTS Mag7 backtest

StrategySharpeReturnBeat B&HMax DDMag7Now
SuperTrend Strategy with Rsi filter for BTCUSD 4H1.02+15.0%4/727.5%
AAPL+11.7%MSFT+13.6%GOOGL+19.9%AMZN+13.2%NVDAMETA+20.1%TSLA+11.3%
LONG
Trendline Breaks with Multi Fibonacci Supertrend Strategy0.60+11.6%3/735.4%
AAPL+34.0%MSFT+10.1%GOOGL+39.6%AMZN+14.5%NVDA-4.2%META+2.4%TSLA-15.5%
LONG
Supertrend advance0.31+4.1%3/725.9%
AAPL+21.0%MSFT-0.5%GOOGL+29.8%AMZN+14.5%NVDA-14.5%META-14.9%TSLA-6.5%
LONG
[D] SuperTrend + SSL Hybrid + QQE MOD0.16+2.0%2/735.7%
AAPL+16.3%MSFT+21.2%GOOGL+34.5%AMZN-16.2%NVDA-2.6%META-14.5%TSLA-24.4%
LONG
Machine Learning: SuperTrend Strategy - Trailing Take Profit and Stop Loss [YinYangAlgorithms]0.04-1.2%2/732.9%
AAPL+5.9%MSFT+25.4%GOOGL+19.7%AMZN-15.1%NVDA-16.8%META-19.9%TSLA-7.6%
LONG
SuperTrend Trapping Candle Strategy-0.00-2.3%2/739.8%
AAPL+16.3%MSFT+23.8%GOOGL+29.2%AMZN-12.5%NVDA-26.1%META-18.3%TSLA-28.7%
LONG
SuperTrend Enhanced Pivot Reversal - Strategy [PresentTrading]-0.09-3.7%2/732.8%
AAPL+12.7%MSFT+31.7%GOOGL+13.9%AMZN-25.7%NVDA-21.8%META-20.2%TSLA-16.4%
LONG
Strategy: HMA 50 + Supertrend Sniper-0.12-2.8%2/726.1%
AAPL+4.1%MSFT+16.4%GOOGL+15.2%AMZN-14.2%NVDA-9.2%META-7.8%TSLA-23.9%
LONG

Quantitative approximations derived from community-authored TradingView scripts across the Mag7 universe. Execution results are simulated and may not reflect live platform fills. Not investment advice.

Macro

US macro + FX · 13 series

SOURCE FRED · AS OF 01 SEPT 2026 17:20 ET

SeriesLabelLatestChangeAs of
DFFFed funds effective3.63%+0.002026-08-31 LAGGED
DGS22Y Treasury4.34%+0.002026-08-31 LAGGED
DGS1010Y Treasury4.75%+0.022026-08-31 LAGGED
T10Y2Y10Y–2Y spread0.40%-0.012026-09-01
T10YIE10Y breakeven inflation2.35%+0.042026-09-01
BAMLH0A0HYM2HY OAS2.63%+0.032026-08-31 LAGGED
UNRATEUnemployment rate4.10%-0.102026-07-01 LAGGED
CPIAUCSLCPI (all urban, SA)332.8+3.54% YoY2026-07-01 LAGGED
DTWEXBGSBroad USD index118.7+0.392026-08-28 LAGGED
DEXUSEUEURUSD1.1598-0.00562026-08-28 LAGGED
DEXJPUSUSDJPY159.97+0.712026-08-28 LAGGED
DEXCHUSUSDCNY (CNH proxy)6.7260+0.00622026-08-28 LAGGED
VIXCLSVIX14.92+0.492026-08-31 LAGGED

Metals

Precious & auto metals · 5

SOURCE Yahoo Finance · Futures · AS OF 01 SEPT 2026 17:20 ET

Pt / Pd / Ag / Au + Cu

IDMetalPrice1d5d21dAuto relevance
PLPlatinum$1,748.9-2.21%-5.60%+8.09%Catalytic converters (ICE); cost input for auto OEMs / suppliers
PAPalladium$1,320-3.15%-0.89%+5.52%Gasoline catalytic converters; sharp moves hit auto input costs
SISilver$64.66-2.36%-5.79%+12.13%Electronics / EV contacts; industrial demand proxy
GCGold$4,375.7-1.25%-5.66%+8.48%Macro risk / real-rate proxy; can affect auto valuation multiples
HGCopper$6.5340-0.90%-2.62%+0.31%EV wiring / motors; not precious but core auto cost input

Power

Power & energy · 9

SOURCE Yahoo Finance · AS OF 01 SEPT 2026 17:20 ET

Oil / gas / utilities / uranium for AI & industrial power costs

IDNamePrice1d5d21dRelevance
CLWTI crude$90.68+5.74%+10.10%+12.87%Oil complex; logistics & broader industrial cost pressure
BZBrent crude$95.22+5.23%+7.50%+13.67%Global oil benchmark; energy inflation proxy
NGNatural gas$2.946+0.37%+6.35%+5.93%US power-gen feedstock; data-center / utility cost sensitivity
XLUUtilities ETF42.56+0.78%-1.53%-4.04%Grid / power-utility equity basket; AI power demand narrative
URAUranium ETF43.94-3.45%-3.83%+12.46%Nuclear fuel chain; long-duration AI power buildout proxy
XLEEnergy Select ETF64.77+1.27%+4.37%+10.17%Integrated energy equity beta
EQIXEquinix$1,027.6-1.83%-2.62%+1.30%Datacenter REIT — colo capacity / interconnection demand proxy
DLRDigital Realty$183.27-1.25%-2.80%-2.78%Hyperscale datacenter real-estate / power shell deployment
VRTVertiv$255.97-1.06%+0.39%+5.96%Datacenter power & thermal infrastructure orders

Semis

Semiconductor supply chain · 6

SOURCE Yahoo Finance · AS OF 01 SEPT 2026 17:20 ET

Foundry + equipment bottleneck tape

IDNamePrice1d5d21dRelevance
SMHSemi ETF (SMH)545.22-2.05%-0.29%+0.87%Broad semiconductor supply-chain beta
TSMTSMC$414.00-0.32%-0.82%+1.94%Leading-edge foundry capacity for NVDA / Apple / AMD
ASMLASML$1,665.1-1.82%-4.31%+2.22%EUV lithography bottleneck for advanced nodes
AMATApplied Materials$441.85-3.61%-8.74%-12.87%Wafer fab equipment — deposition / etch / CMP
LRCXLam Research$290.20-3.74%-6.44%-0.96%Etch / deposition equipment for logic & memory
KLACKLA$170.89-2.60%-6.79%-6.38%Process control / inspection — yield bottleneck

Gases

Specialty gases · 3

SOURCE Yahoo Finance · AS OF 01 SEPT 2026 17:20 ET

Industrial-gas proxies for fab specialty gases

IDNamePrice1d5d21dRelevance
LINLinde$486.76-0.58%-0.67%+1.75%Largest industrial gas franchise; fab specialty-gas exposure
APDAir Products$305.32-1.34%-0.30%+3.54%Hydrogen / electronic gases for semiconductors & refining
AIQUYAir Liquide ADR$40.01+1.81%+1.91%+1.65%Electronics / specialty gases for chip manufacturing

News

Mag7 headlines · 7

SOURCE News wire · AS OF 01 SEPT 2026 17:20 ET

SymbolNameHeadlines
AAPLApple
Why Is Apple Stock Up Today? NEW Yahoo Finance · 3 hours ago
MSFTMicrosoft
GOOGLAlphabet
AMZNAmazon
Amazon Stock Extends Losses After FTC Lawsuit Over Ad Practices NEW Investor's Business Daily · 5 hours ago
NVDANVIDIA
METAMeta
Great News for Meta Stock Investors NEW The Motley Fool · 5 hours ago
TSLATesla

News

Front-page semantics · 3

SOURCE Front-page wire · AS OF 01 SEPT 2026 17:20 ET

CNBC · FT · TipRanks · TheStreet · Fool · CNN · Fox Business

Today's news highlights the continued focus on AI, with big banks seeking to leverage it for cost savings, indicating broader industry adoption. Tesla's potential gains from US power grid initiatives are also notable. The overall market sentiment is mixed with global bond sell-offs amid inflation fears, which could impact broader tech valuations.

UrgencyThemeStoryMag7Source
HIGHAutos/Energy
Tesla stock investors stand to gain from U.S. power grid
An executive order aimed at securing the US power grid could create significant opportunities for Tesla, particularly in its energy storage and infrastructure divisions.
TSLATheStreet
HIGHFed/macro
Global bond sell-off deepens amid inflation fears
Concerns about inflation are leading to a significant sell-off in global bond markets, which could signal rising interest rates and impact the broader market, including growth stocks.
ALLFinancial Times
MEDIUMAI
Big banks want a cut of lawyers’ AI savings
Major banks are looking to benefit from the efficiency gains that AI brings to legal services, suggesting a growing trend of AI adoption across various industries for cost reduction.
ALLFinancial Times

Influencers

Donald J. Trump · Truth Social · 7

SOURCE Trump's Truth · AS OF 01 SEPT 2026 17:20 ET

SymbolNameDateLatest Truth
AAPLAppleAugust 26, 2026, 12:21 PM
MSFTMicrosoftAugust 10, 2024, 11:01 PM
GOOGLAlphabetAugust 30, 2026, 5:36 PM
AMZNAmazonDecember 30, 2025, 4:18 PM
NVDANVIDIASeptember 1, 2026, 3:39 PM
METAMetaFebruary 9, 2023, 1:46 PM
TSLATeslaMarch 11, 2025, 4:12 PM

Options

Mag7 options · 7

SOURCE Options · Massive · AS OF 01 SEPT 2026 22:20 ET

Front expiry ATM IV · put/call

SymbolSpotExpiryATM IVP/C volP/C OISkew
AAPL325.132026-10-0224.8%1.14
MSFT501.022026-10-0224.6%1.34
GOOGL335.022026-10-0226.3%0.76
AMZN254.922026-10-0227.7%0.00
NVDA223.962026-09-0441.1%0.12
META592.102026-09-0436.7%1.07
TSLA328.582026-09-0442.7%0.13

Alt data

Congress trades · Mag7 · 20

SOURCE Capitol Trades · AS OF 01 SEPT 2026 17:21 ET

STOCK Act disclosures

SymbolSideRangeMemberParty / chamberDate
GOOGLsell100K–250KChris CoonsDemocrat · Senate2026-08-06
AMZNbuy1K–15KJared MoskowitzDemocrat · House2026-07-12
NVDAsell1K–15KJared MoskowitzDemocrat · House2026-07-12
METAsell1K–15KJared MoskowitzDemocrat · House2026-07-12
AAPLbuy50K–100KDave McCormickRepublican · Senate2026-08-18
AAPLbuy250K–500KDave McCormickRepublican · Senate2026-08-17
AAPLbuy100K–250KDave McCormickRepublican · Senate2026-08-16
AAPLbuy100K–250KDave McCormickRepublican · Senate2026-08-11
AAPLbuy250K–500KDave McCormickRepublican · Senate2026-08-09
AAPLsell100K–250KShri ThanedarDemocrat · House2026-01-08
AAPLbuy1K–15KTracey MannRepublican · House2024-08-19
GOOGLbuy1K–15KTracey MannRepublican · House2024-08-19
GOOGLbuy1K–15KDavid TaylorRepublican · House2026-08-21
MSFTsell15K–50KDavid TaylorRepublican · House2026-08-21
GOOGLbuy1K–15KDavid TaylorRepublican · House2026-07-16
MSFTbuy1K–15KDavid TaylorRepublican · House2026-07-23
AAPLsell1K–15KDavid TaylorRepublican · House2026-07-23
AAPLbuy15K–50KDon BeyerDemocrat · House2026-08-04
AAPLexchange15K–50KDon BeyerDemocrat · House2026-08-02
MSFTbuy50K–100KScott PetersDemocrat · House2026-07-29

Alt data

Insider trades · Mag7 · 20

SOURCE SEC EDGAR · AS OF 01 SEPT 2026 17:20 ET

Open-market purchases / sales

SymbolSideSharesPriceFilerTitleDate
GOOGLSale82337.71ARNOLD FRANCESDirector2026-08-28
AAPLSale1,439310.95Newstead JenniferSVP, GC and Secretary2026-08-25
AMZNSale3,197257.63Jassy Andrew RPresident and CEO2026-08-21
AMZNSale7,478258.67Jassy Andrew RPresident and CEO2026-08-21
AMZNSale7,514259.61Jassy Andrew RPresident and CEO2026-08-21
AMZNSale1,811260.39Jassy Andrew RPresident and CEO2026-08-21
AAPLSale1,439307.49Newstead JenniferSVP, GC and Secretary2026-08-18
METASale1,559558.00Mahoney Curtis J.Chief Legal Officer2026-08-18
METASale1,845547.51LI SUSAN JChief Financial Officer2026-08-18
METASale1,864548.20LI SUSAN JChief Financial Officer2026-08-18
METASale1,219549.25LI SUSAN JChief Financial Officer2026-08-18
METASale708550.20LI SUSAN JChief Financial Officer2026-08-18
METASale1,031551.25LI SUSAN JChief Financial Officer2026-08-18
METASale561552.47LI SUSAN JChief Financial Officer2026-08-18
METASale768553.42LI SUSAN JChief Financial Officer2026-08-18
METASale160554.39LI SUSAN JChief Financial Officer2026-08-18
METASale40555.83LI SUSAN JChief Financial Officer2026-08-18
METASale720557.57LI SUSAN JChief Financial Officer2026-08-18
METASale120558.12LI SUSAN JChief Financial Officer2026-08-18
METASale40559.59LI SUSAN JChief Financial Officer2026-08-18

Alt data

Short interest · Mag7 · 7

SOURCE Short interest · AS OF 01 SEPT 2026 17:21 ET

Days to cover = SI ÷ ADV

SymbolShort interestADVDays to coverΔ SISettlement
AAPL116.33M46.07M2.53-17.9%2026-08-14
MSFT68.54M33.44M2.05-15.7%2026-08-14
GOOGL72.71M27.23M2.67+3.1%2026-08-14
AMZN95.30M42.07M2.27-3.2%2026-08-14
NVDA285.96M113.58M2.52-2.3%2026-08-14
META28.05M14.46M1.94-10.8%2026-08-14
TSLA69.20M32.13M2.15+1.0%2026-08-14

Calendar

Earnings · Mag7 · 6

SOURCE Finnhub · AS OF 01 SEPT 2026 17:20 ET

Window 2026-08-18 → 2026-10-31 · EPS actual / estimate

SymbolDateTimingSessionPeriodEPS A/E
TSLA2026-10-20In 49dAMCQ3 2026— / 0.45
MSFT2026-10-27In 56dQ1 2027— / 4.82
GOOGL2026-10-27In 56dAMCQ3 2026— / 3.11
META2026-10-27In 56dAMCQ3 2026— / 6.66
AAPL2026-10-28In 57dAMCQ4 2026— / 2.02
AMZN2026-10-28In 57dAMCQ3 2026— / 1.99
NVDANo print in window

Comps

Competitive peers · Mag7 · 7

SOURCE Competitive peers · AS OF 01 SEPT 2026 17:20 ET

PrimaryPriceTrendPeer 1PriceTrendRVOLPeer 2PriceTrendRVOLNote
AAPL325.13+3.4%MSFT501.02+3.1%0.95xGOOGL335.02-2.8%1.37xPlatform + consumer software peers
MSFT501.02+3.1%GOOGL335.02-2.8%1.37xAMZN254.92-2.1%1.21xCloud / enterprise software peers
GOOGL335.02-2.8%META578.54+0.6%0.84xMSFT501.02+3.1%0.95xAd platforms + cloud peers
AMZN254.92-2.1%WMT105.92-2.1%1.25xCOST939.96-1.0%1.36xCommerce / retail scale peers
NVDA217.44+0.5%AMD459.61-4.0%0.56xAVGO369.68-2.2%1.13xAI / semiconductor peers
META578.54+0.6%GOOGL335.02-2.8%1.37xSNAP5.35+0.7%0.95xSocial / digital ads peers
TSLA356.09+2.3%GM85.63-0.3%1.66xF13.84-1.5%1.01xAuto / EV peers

Patents

USPTO · Mag7 · 21 grants

SOURCE USPTO · AS OF 01 SEPT 2026 17:21 ET

SymbolGrantedAgePatentTitleAssignee
GOOGL2026-05-194mo agoUS12632461B2Application prediction based on a visual search determinationGoogle LLC
AAPL2026-05-124mo agoUSD1126244S1Display screen or portion thereof with animated graphical user interfaceApple Inc
GOOGL2026-05-124mo agoUS12625895B2Generating a personal database entry for a user based on natural language user inputGoogle LLC
GOOGL2026-05-124mo agoUS12625918B2Automatic navigation of interactive web documentsGoogle Llc
AMZN2026-05-124mo agoUSD1125979S1Wall mountAmazon Technologies, Inc
MSFT2026-05-124mo agoUS12627818B2Constraints on locations of reference blocks for intra block copy predictionMicrosoft Technology Licensing, Llc
AAPL2026-05-054mo agoUSD1125246S1Display screen or portion thereof with iconApple Inc
NVDA2026-05-054mo agoUS12619596B2Automatical generation and maintenance of data cards for datasetsNvidia Corporation
GOOGL2026-04-284mo agoUS12613915B2Structured video documentsGoogle LLC
AMZN2026-04-284mo agoUSD1123902S1Electronic deviceAmazon Technologies, Inc
AMZN2026-04-284mo agoUSJPCAUSD1123902S1Electronic deviceAmazon Technologies, Inc.
GOOGL2026-04-215mo agoUS12608369B2Methods, systems, and computer readable media related to generating a combined search query based on search parametersGoogle LLC
META2026-04-215mo agoUS12608435B2Accessing content via a logged-out experienceMeta Platforms, Inc.
AMZN2026-04-145mo agoUSD1122257S1Electronic deviceAmazon Technologies, Inc
NVDA2026-04-145mo agoUS12602332B1Distributed page table, memory map and routing table for multiple nodeNVIDIA Corporation
AMZN2026-04-075mo agoUSD1121603S1Wireless connectivity deviceAmazon Technologies, Inc
META2026-04-075mo agoUS12597444B2Systems and methods for automated digital editingMeta Platforms, Inc.
AAPL2026-04-075mo agoUSD1121665S1Display screen or portion thereof with a group of graphical user interfacesApple Inc
AMZN2026-04-075mo agoUSD1121705S1Camera mountAmazon Technologies, Inc
NVDA2026-04-075mo agoUS12596148B1Jitter injection generator for measuring phase noise and jitter transferNVIDIA Corporation
TSLA2026-03-246mo agoUS12583274B2Compliant mechanism for suspension height sensorTesla, Inc

Bud Fox Research · Mag7 Desk Note #61 · DESK NOTE 061 · 01 SEPT 2026 · 17:22 ET

Published 5:22 PM ET · Market data through 10:20 PM ET

For informational purposes only. Not investment advice. Data from third-party sources; Bud Fox does not guarantee completeness or timeliness. Past performance is not indicative of future results.

Mag7 Desk Note #61 · Tuesday, September 1, 2026 at 5:22 PM EDT