The Magnificent Seven stocks — which have underperformed in 2025 after a two-year monster run — are starting to attract interest again now that they’re trading at or below valuations from before the unveiling of ChatGPT, which accelerated the AI boom. On a trailing 12-month basis, Amazon is trading at a 32 price-to-earnings ratio — well below the 86 it was at Nov. 30, 2022, when the release of OpenAI’s chatbot sparked a stock market rally. Nvidia, poster child for the ensuing AI rally, is now trading at a roughly 36 P/E, far below the 56 handle it was at previously. Other mega-caps are close to their prior valuations. Apple is now trading at a 29 price-to-earnings ratio on a trailing 12-month basis, close to the roughly 25 P/E level it was at. Google-parent Alphabet is at an 18 LTM P/E, about in line where it was. Microsoft is at 29 LTM P/E, just above 26, where it was two years ago. Only two are still trading well above their pre-ChatGPT valuations. Tesla is at 119, far above the 70 handle it was in 2022. Meta Platforms is trading at a 23 trailing P/E, above the roughly 10 P/E it was at previously. Even so, investors aren’t rushing to buy the whole batch. While the synchronized rise in the market’s biggest tech names over the last two years earned the Magnificent Seven its moniker, the split in performance — following the release of DeepSeek, as well as growing macroeconomic and fiscal headwinds — has investors picking their positions carefully. “I would say it’s more like the Mag Five for us,” said Mark Malek, investment chief at Siebert Financial. He said all of the Magnificent Seven stocks, excluding Apple and Tesla, could present interesting opportunities over the coming earnings season. “They’re cheap here.” Of course, just about all the stocks remain in a bear market, though some are deeper into one than others. Tesla has lost nearly half, or 48%, of its value from its recent peak. Nvidia is nearly 28% off its high. Apple, Alphabet, Amazon have each slid more than 23% from their peak, while Meta Platforms has lost more than one-quarter of its market cap. Microsoft, off roughly 17% off its high, is the only megacap not technically in a bear market. To be sure, investors this week have taken full advantage of the market’s wild swings to buy the stocks. Apple snapped a three-week losing streak. Nvidia surged more than 17%, as of Friday’s close. Amazon advanced more than 8%, while Microsoft, Meta Platforms, and Alphabet each gained more than 7%. Tesla rose 5%. “As a stock picker, I would actually go one by one,” said Nelson Yu, head of equities at AllianceBernstein, though he declined to discuss individual securities. He clarified: “There are opportunities.” Case by case The long-term bull case for many of the Magnificent Seven companies remains intact. After all, the megacaps, with their robust cash reserves, ironclad balance sheets, profitability and competitive moats, have an edge in a turbulent market. Regardless, investors are wading through carefully given the growing macroeconomic risks that have dinged some of the names especially hard over the last week. Apple , the largest stock in the S & P 500 by market weight, is worrying investors who fear President Donald Trump’s escalation of tariffs on China will hit the iPhone maker, for which the country remains a significant manufacturing hub . Many fear the company is going to have raise prices on its devices, potentially hurting sales, though others expect that a fast ramp-up of operations in India could mitigate those risks. “I think we’re going to have to watch Apple very, very closely before we become constructive on that again,” Malek said. The company got some good news this past weekend when Trump exempted smartphones from the so-called reciprocal tariffs. AAPL 5D mountain Apple Nvidia could also be hurt by the macroeconomic risks. However, some analysts, such as Morgan Stanley’s Joseph Moore, recently reiterated the stock as a top semiconductor pick. He said the macroeconomic impact is “fairly minimal” given the strong near-term demand. Malek said that he will have to see how earnings plays out before picking any positions and is carefully watching valuations until then. “I think there are opportunities,” he said. — CNBC’s Fred Imbert contributed to this report. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange!| Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. 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