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BUD FOX RESEARCH · MAGNIFICENT SEVEN

Bud

Mag7 desk

Mag7 Desk Note #63

OPEN PREVIEWDESK NOTE 063 · 02 SEPT 2026 · 06:30 ET

Published 6:30 AM ET · Market data through 6:36 AM 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 Participation normalized: GOOGL RVOL 1.37x→0.96x, TSLA 1.86x→1.05x, AMZN 1.21x→0.88x; AAPL 0.96x→1.28x. Selling pressure thinned without reversing.
  • CHANGED Energy eased at the margin — WTI $91.20→$90.15 — but the 21-day advance still stands.
  • CHANGED [NEW] headlines: Apple CEO pay, Microsoft capex-vs-yields framing, GOOGL's 3.8 Flash coding model, and META flagged as on track for the ad crown versus GOOGL.

Desk Synthesis

Executive Takeaway

Nothing structural changed overnight — 5/7 above EMA20, RSI 41.2–63.7, all seven NEUTRAL with a 31% conviction ceiling. The only real delta is participation: the heavy selling volume in GOOGL and TSLA thinned out while AAPL's turnover picked up on a +2.61% day. Macro (10Y 4.75%, breakevens 2.35%, WTI still +19% over 21 sessions) remains the compressor, not AI demand — $947.7B tracked CapEx, $319.5B AI-attributed, TSMC July +44.7% YoY. Own the existing relative strength; press nothing.

Positioning

  • AAPL is the cleanest expression: +3.4% vs EMA20, 84th percentile, +3.3pp over MSFT/GOOGL, RVOL up to 1.28x, short interest -17.9%, with repeated Senate-disclosed buying. MSFT stays the cloud pick at +5.6pp over GOOGL/AMZN despite capex-vs-yields headlines.
  • NVDA: hold and hedge, don't cut. It leads AMD/AVGO by 3.6pp and is the only name where IV sits below RV (-4.1 pts), so protection is cheap versus delivered movement — side with foundry output over the WFE bleed (AMAT -12.9% 21d, KLAC -6.4%).
  • GOOGL remains the dislocation, not the buy: RSI 41.2, -2.8% vs EMA20, lagging META/MSFT by 4.7pp while funding the largest tracked book at $185B. Require an EMA20 reclaim. TSLA's +3.2pp edge over GM/F is cosmetic after -3.22%.

Key Risks

  • VIX 14.92 and HY OAS 2.63% are false comfort: IV exceeds RV in five of seven names, so single-name hedges are richly priced even as index vol looks cheap.
  • AMZN's FTC advertising suit targets its highest-margin segment, layered on continued CEO open-market selling and only in-line comps vs WMT/COST.
  • Cached option rows are stale versus cash (NVDA 223.96 vs 217.44; TSLA 328.58 vs 356.09; META 592.10 vs 578.54) and GOOGL's put quote is missing — unusable for live pricing. The $500B AI-financing and $41B capex figures are headlines, not FACTS.

Watch

NVDA · EMA20 cushion only +0.5% against CapexIndex $947.7B combined CapEx and TSMC July +44.7% YoY — a decisive break with SMH still falling converts a positioning unwind into a de-rating.

What Changed

  • Participation normalized: GOOGL RVOL 1.37x→0.96x, TSLA 1.86x→1.05x, AMZN 1.21x→0.88x; AAPL 0.96x→1.28x. Selling pressure thinned without reversing.
  • Energy eased at the margin — WTI $91.20→$90.15 — but the 21-day advance still stands.
  • [NEW] headlines: Apple CEO pay, Microsoft capex-vs-yields framing, GOOGL's 3.8 Flash coding model, and META flagged as on track for the ad crown versus GOOGL.

Universe

Magnificent Seven · 7 names

SOURCE Yahoo Finance · AS OF 02 SEPT 2026 06:30 ET

Price = daily close · vs SPY = 24h relative · equity as of Sep 2, 6:30 AM ET · options as of Sep 2, 6:29 AM ET

SymbolPriceTrendRSIRVOLRV20IV30IV−RVSkewvs SPYConv
AAPL325.13+3.4%61.11.28x18.925.3+6.4+3.30%7%
MSFT501.02+3.1%63.70.79x22.125.0+2.9-0.55%18%
GOOGL335.02-2.8%41.20.96x24.326.8+2.4-0.59%10%
AMZN254.92-2.1%46.30.88x26.428.2+1.8-1.18%0%
NVDA217.44+0.5%51.90.86x45.241.1-4.1-0.83%31%
META578.54+0.6%49.91.02x29.936.7+6.8+1.77%9%
TSLA356.09+2.3%53.11.05x42.842.7-0.1-2.54%0%

Community

TradingView strategies · Mag7 · 7

SOURCE TradingView · PineTS · AS OF 01 SEPT 2026 22:55 ET

1y daily · TV community Pine · PineTS Mag7 backtest

StrategySharpeReturnBeat B&HMax DDMag7Now
Vegas SuperTrend Enhanced - strategy [presentTrading]-0.12-3.0%2/724.1%
AAPL-2.6%MSFT-16.4%GOOGL+27.5%AMZN-7.4%NVDA+10.7%META-21.0%TSLA-12.0%
MIXED
SuperTrend Strategy with Rsi filter for BTCUSD 4H-0.16-5.5%2/731.8%
AAPL+6.5%MSFT+16.2%GOOGL+4.8%AMZN-30.7%NVDA-26.7%META-2.9%TSLA
SHORT
Strategy: HMA 50 + Supertrend Sniper-0.18-15.7%1/739.0%
AAPL+0.0%MSFT-5.9%GOOGL-14.5%AMZN-22.9%NVDA-23.5%META-33.2%TSLA-10.0%
MIXED
SuperTrended Moving Averages Strategy-0.23-4.3%2/723.3%
AAPL+10.7%MSFT-8.8%GOOGL-23.0%AMZN-4.9%NVDA-2.1%META+8.0%TSLA-9.7%
SHORT
Strategic Multi-Step Supertrend Trader - Strategy [presentTrading]-0.44-0.8%3/76.0%
AAPL-1.0%MSFT+0.1%GOOGL+1.8%AMZN-4.6%NVDA-2.9%META-1.7%TSLA+2.8%
MIXED
Elliott Wave with Supertrend Exit - Strategy [presentTrading]-0.83-0.9%1/72.0%
AAPL-0.4%MSFT-1.1%GOOGL-2.0%AMZN-0.1%NVDAMETA-1.0%TSLA
SHORT
AI Volume Supertrend - Strategy [presentTrading]-1.24-11.7%1/714.2%
AAPL-13.8%MSFT-10.3%GOOGL-12.7%AMZN-11.9%NVDA-13.0%META-8.4%TSLA-11.6%
SHORT

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 02 SEPT 2026 06:28 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 02 SEPT 2026 06:28 ET

Pt / Pd / Ag / Au + Cu

IDMetalPrice1d5d21dAuto relevance
PLPlatinum$1,722.7-2.20%-6.16%-1.41%Catalytic converters (ICE); cost input for auto OEMs / suppliers
PAPalladium$1,316-0.09%-0.69%-2.90%Gasoline catalytic converters; sharp moves hit auto input costs
SISilver$64.36-0.39%-5.33%+7.17%Electronics / EV contacts; industrial demand proxy
GCGold$4,356.3+0.19%-5.26%+6.37%Macro risk / real-rate proxy; can affect auto valuation multiples
HGCopper$6.5435+0.57%-0.77%-1.13%EV wiring / motors; not precious but core auto cost input

Power

Power & energy · 9

SOURCE Yahoo Finance · AS OF 02 SEPT 2026 06:28 ET

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

IDNamePrice1d5d21dRelevance
CLWTI crude$90.15-0.08%+9.63%+18.98%Oil complex; logistics & broader industrial cost pressure
BZBrent crude$94.81+0.17%+7.93%+19.47%Global oil benchmark; energy inflation proxy
NGNatural gas$2.949+1.55%+3.76%+9.96%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 02 SEPT 2026 06:28 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 02 SEPT 2026 06:28 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$40.02+1.83%+1.94%+1.68%Electronics / specialty gases for chip manufacturing

News

Mag7 headlines · 7

SOURCE News wire · AS OF 02 SEPT 2026 06:28 ET

SymbolNameHeadlines
AAPLApple
MSFTMicrosoft
GOOGLAlphabet
AMZNAmazon
NVDANVIDIA
METAMeta
TSLATesla

News

Front-page semantics · 4

SOURCE Front-page wire · AS OF 02 SEPT 2026 06:28 ET

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

Today's Mag7 news highlights Apple's executive compensation, ongoing discussions around AI regulation, and general market movements. The focus remains on tech leadership and the evolving regulatory landscape for AI, which could impact multiple Mag7 companies.

UrgencyThemeStoryMag7Source
MEDIUMExecutive Compensation
Tim Cook handed $47mn pay deal as Apple’s executive chair
Apple's CEO Tim Cook received a significant $47 million pay package, reflecting his role as executive chair. This compensation structure could draw attention to executive pay practices within large tech companies.
AAPLFinancial Times
MEDIUMAI/chips
How will AI be regulated?
The question of AI regulation is a popular search on the Financial Times, indicating growing investor and public interest in how governments will oversee artificial intelligence. This could lead to new policies impacting AI developers and users.
GOOGL, MSFT, NVDA, AMZN, METAFinancial Times
LOWAI/chips
AI Stocks
TipRanks highlights 'AI Stocks' as a key category, reflecting continued investor interest and the significant role AI plays in market performance. This broad theme impacts several Mag7 companies heavily invested in AI development and deployment.
NVDA, GOOGL, MSFT, AMZN, METATipRanks
LOWAI/chips
Artificial Intelligence
Fox Business lists 'Artificial Intelligence' as a hot topic, underscoring its continued relevance in business news and market discussions. This indicates ongoing attention to AI's impact across various sectors.
ALLFox Business

Influencers

Donald J. Trump · Truth Social · 7

SOURCE Trump's Truth · AS OF 02 SEPT 2026 06:28 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 02 SEPT 2026 06:29 ET

Front expiry ATM IV · put/call

SymbolSpotExpiryATM IVP/C volP/C OISkew
AAPL325.132026-10-0225.3%1.13
MSFT501.022026-10-0225.0%1.34
GOOGL335.022026-10-0226.8%0.00
AMZN254.922026-10-0228.2%0.11
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 03 SEPT 2026 06:36 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
NVDAsell15K–50KSheldon WhitehouseDemocrat · Senate2026-08-12
GOOGLbuy1K–15KDavid TaylorRepublican · House2026-08-21
MSFTsell15K–50KDavid TaylorRepublican · House2026-08-21
AAPLbuy1K–15KRichard BlumenthalDemocrat · Senate2026-08-10
AAPLbuy1K–15KRichard BlumenthalDemocrat · Senate2026-08-09
GOOGLbuy1K–15KDavid TaylorRepublican · House2026-07-16
MSFTbuy1K–15KDavid TaylorRepublican · House2026-07-23
AAPLsell1K–15KDavid TaylorRepublican · House2026-07-23

Alt data

Insider trades · Mag7 · 20

SOURCE SEC EDGAR · AS OF 02 SEPT 2026 06:28 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
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
METASale120560.63LI SUSAN JChief Financial Officer2026-08-18

Alt data

Short interest · Mag7 · 7

SOURCE Short interest · AS OF 02 SEPT 2026 06:28 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 02 SEPT 2026 06:28 ET

Window 2026-08-19 → 2026-11-01 · EPS actual / estimate

SymbolDateTimingSessionPeriodEPS A/E
TSLA2026-10-20In 48dAMCQ3 2026— / 0.45
MSFT2026-10-27In 55dQ1 2027— / 4.82
GOOGL2026-10-27In 55dAMCQ3 2026— / 3.11
META2026-10-27In 55dAMCQ3 2026— / 6.66
AAPL2026-10-28In 56dAMCQ4 2026— / 2.02
AMZN2026-10-28In 56dAMCQ3 2026— / 1.99
NVDANo print in window

Comps

Competitive peers · Mag7 · 7

SOURCE Competitive peers · AS OF 02 SEPT 2026 06:28 ET

PrimaryPriceTrendPeer 1PriceTrendRVOLPeer 2PriceTrendRVOLNote
AAPL325.13+3.4%MSFT501.02+3.1%0.79xGOOGL335.02-2.8%0.96xPlatform + consumer software peers
MSFT501.02+3.1%GOOGL335.02-2.8%0.96xAMZN254.92-2.1%0.88xCloud / enterprise software peers
GOOGL335.02-2.8%META578.54+0.6%1.02xMSFT501.02+3.1%0.79xAd platforms + cloud peers
AMZN254.92-2.1%WMT105.92-2.1%0.79xCOST939.96-1.0%0.84xCommerce / retail scale peers
NVDA217.44+0.5%AMD459.61-4.0%0.74xAVGO369.68-2.2%0.98xAI / semiconductor peers
META578.54+0.6%GOOGL335.02-2.8%0.96xSNAP5.35+0.7%0.73xSocial / digital ads peers
TSLA356.09+2.3%GM85.63-0.3%1.06xF13.84-1.5%1.24xAuto / EV peers

Patents

USPTO · Mag7 · 21 grants

SOURCE USPTO · AS OF 03 SEPT 2026 06:36 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 queryGoogle 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 #63 · DESK NOTE 063 · 02 SEPT 2026 · 06:30 ET

Published 6:30 AM ET · Market data through 6:36 AM 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 #63 · Wednesday, September 2, 2026 at 6:30 AM EDT