This might be the single most important story in markets right now.

For the last three years, seven big tech companies, known as the “Mag-7” — Alphabet, Amazon, Nvidia, etc — have dominated equity growth and become the richest firms in American history.

But in 2026, every single one of these companies has lost value.

Today’s interview is about what happened to the biggest tech companies—and what this reversal tells us about the future of AI.