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To make the “Magnificent Seven” trade great again, its historical top dog will have to spring back to life.

“I don’t think the Mag 7 is going to work without Nvidia working,” EMJ Capital founder and Nvidia bull Eric Jackson told me on Yahoo Finance’s Opening Bid podcast (video above; listen in below).

As Jackson pointed out, the Mag 7 has “sucked wind” in 2025 as fears deepen on the complex’s valuation and potential of peak AI spending.

Apple (AAPL) is off by 14% year to date, Microsoft (MSFT) 9%, Amazon (AMZN) 12%, Google (GOOG) 14%, and Tesla (TSLA) a stunning 49%. Meta (META) has outperformed the group with a modest drop, in part as cofounder Mark Zuckerberg has cozied up to the Trump administration.

As for Nvidia, its stock is down 12%, mostly on peak AI build-out fears.

But Nvidia is seen as the straw that stirs the drink for the cohort, given how its AI chips are laying the foundation for the Mag 7 to build out their AI infrastructure.

Read more: How does Nvidia make money?

If the bears aren’t going to buy into the Nvidia growth narrative, warming up to the other six names, even on their relative lows, will be a tough sell, Jackson said.

Nvidia did its part to jump-start its stock at its annual GTC spectacle on Tuesday.

There were lots of details on powerful new AI chips, such as Blackwell Ultra and Vera Rubin, which could help take civilization to a whole other level of productivity.

Co-founder and CEO Jensen Huang dropped a host of big numbers around artificial intelligence’s potential. None were bigger than his prediction that Nvidia’s data center infrastructure revenue will hit $1 trillion by 2028.

The company even took some wraps off a future AI chip called Feynman, set to drop in 2028.

By the end of the presentation, Huang had displayed Nvidia’s full product roadmap through 2028 — impressive given how much innovation the company has done on AI chips in the past two years alone.

Nvidia’s stock still fell 3.4% by the close of trading on Tuesday, which pressured the broader Mag 7. Shares of Nvidia and the Mag 7 rebounded only slightly on Wednesday as the Street voiced its letdown with the event.

Jackson added on the markets: “Hope springs eternal that this is just like a recent pullback that is healthy and the market can catch its breath and move forward, including the Mag 7 names.”

Three times each week, I field insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service.

Brian Sozzi is Yahoo Finance’s Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.