The Roundhill Magnificent Seven ETF (MAGS) is firing on all cylinders, as top constituents gains, including Meta Platforms (META) and Apple (AAPL) surge. MAGS ETF jumped to a record high of $73.47, up by over 32% from its lowest level this year.
The MAGS ETF is doing well, held by the ongoing Meta Platforms stock soared. Data shows that the fund added over $43 million in inflows on September 18, bringing the 30-day inflows to over $182 million. The fund holds over $357 million this year, bringing its assets under management (AUM) to over $4.7 billion.
Roundhill Magnificent Seven ETF are soaring
The ETF is doing well, helped by Meta Platforms, whose stock has continued soaring because of its Muse product. Meta, which also owns Facebook and Instagram, rose to $756, up by 45% from its lowest level this year. It is slowly nearing a record high of $794, with Mark Zuckerberg’s net worth soaring to over $262 billion.
Meta’s resurgence is fueled by Muse, its AI agent platform whose growth is soaring. Sensor Tower data shows that it has become one of the most downloaded apps in iOS and Android in the past few days. The agent acts as a personal digital assistant that can help automate tasks like booking appointments, replying to emails, and make online purchases.
READ MORE: US search interest in Meta’s Muse AI hits 90-day high as app tops charts
Muse has had over 738,000 downloads in the last five days since its launch. Also, its cumulative downloads topped Claude and Grok during the same 13-day post-launch window. As a result, there is a likelihood that Meta Platforms will become a major player in the AI industry after its recent investments. Meta AI, its initial product, continues lagging behind other similar apps.
The most recent results showed that Meta Platforms’ revenue growth continued in the second quarter. Its revenue jumped to $60 billion in the second quarter from $47.5 billion in the same period last year. Its profit, however, dropped to $15.2 billion from $18.3 billion, driven by the soaring data center costs.
Apple stock surge continues after key launches
Meanwhile, Apple stock has jumped in the last six consecutive weeks and is hovering near its all-time high of $345. This rally accelerated after the company launched its latest devices, including a foldable iPhone that costs about $2,000.
Analysts believe that Apple Duo will do well as its other smartphone sales surge. Its most recent results showed that its net sales jumped to $109 billion in the June quarter from $94 billion in the same period last year. Its profits jumped to over $29 billion during the quarter.
Other top Magnificent 7 companies have done well in the past few months. Nvidia has jumped to $229 and is nearing its all-time high of $236. It has become a big beneficiary of the ongoing artificial intelligence boom.
Not all companies in the Magnificent 7 are thriving. Alphabet, the creator of Google and YouTube, has retreated to $347 from the year-to-date high of $402. Elon Musk’s Tesla trades at $378, lower than the year-to-date high of $500, while Microsoft trades at $496 from a high of $550.
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