Name: I think Mag 7 comes back in second half of 2026, says SoFi's Liz Thomas
Uploaded: 2026-07-01T19:59:27+00:00
Duration: 268 s

Speakers

Richard Saperstein — Founding Principal and CIO of Hightower Treasury Partners

Liz Young Thomas — Head of Investment Strategy, SoFi

Summary

Richard Saperstein and Liz Thomas discuss positioning after the market's record run. Both are bullish on large-cap tech and hyperscalers, expecting a re-rating in the second half. Saperstein highlights Microsoft as a value play and likes infrastructure beneficiaries like Cisco, Dell, Arista, and Amphenol. Thomas sees the Magnificent Seven returning, favors healthcare as a chip-rotation winner midterm tailwind, and warns of near-term semiconductor downside.

Panel expects stocks to continue their winning streak.
Hyperscalers seen as undervalued given accelerating earnings and strong cash flows.
Microsoft called a great value after years of growing operating cash flow.
Cloud-infrastructure beneficiaries (Cisco, Dell, Arista, Amphenol) expected to keep outperforming.
Magnificent Seven predicted to lead again in the second half.
Healthcare (pharma/biotech) highlighted as a rotation winner with midterm election tailwinds.
Semiconductors face near-term volatility and further downside after a big run.

Ideas

Richard Saperstein Founding Principal and CIO of Hightower Treasury Partners 0:25

Hyperscalers will rerate as earnings grow

Earnings are accelerating while multiples are compressing because hyperscalers are now being valued as capital-intensive and asset-heavy, which is a mistake given their growing operating cash flows and 30-60% cloud growth. The market will rerate these names over time, reinforced by Meta's latest announcement.

Liz Young Thomas Head of Investment Strategy, SoFi 1:19

Semiconductors face more near-term downside

Semiconductors will continue to see volatility and more downside in the near term because of the big run they have already had.

Liz Young Thomas Head of Investment Strategy, SoFi 1:28

Mag 7 returns in second half

The Magnificent Seven lagged in the first half but will come back in the second half as investors flood back into those big names during any volatility.

Richard Saperstein Founding Principal and CIO of Hightower Treasury Partners 2:42

Microsoft is a great value here

Microsoft's operating cash flow has doubled over the last three years to approximately $200 billion, yet the stock has done nothing, making it probably a great value right now.

Richard Saperstein Founding Principal and CIO of Hightower Treasury Partners 2:58

Infrastructure spend beneficiaries continue to win

The beneficiaries of cloud/AI spending (networking and infrastructure) have benefited more than the spenders so far, and that trend will continue. He specifically owns Amphenol and cites Cisco, Dell, and Arista as examples.

Liz Young Thomas Head of Investment Strategy, SoFi 4:00

Healthcare benefits from chip rotation and midterms

Money rotating out of chips finds a home in healthcare because investors are looking for growth in pharma and biotech. Additionally, healthcare is historically one of the best-performing sectors in midterm election years, adding a seasonal catalyst.

This CNBC video, published July 01, 2026, features Richard Saperstein, Liz Young Thomas discussing SKYY, SMH, MAGS, MSFT, ANET, APH, CSCO, DELL, XLV. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Richard Saperstein, Liz Young Thomas · Tickers: SKYY, SMH, MAGS, MSFT, ANET, APH, CSCO, DELL, XLV

I think Mag 7 comes back in second half of 2026, says SoFi's Liz Thomas

Summary

Ideas

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