The “Magnificent Seven” — Microsoft , Apple , Amazon , Nvidia , Tesla , Meta Platforms and Alphabet — has led the stock market to unthinkable heights the past few years. Now, one long-time bull on the group is saying it’s time to get out. Ed Yardeni, president of Yardeni Research, said investors should underweight the Magnificent Seven and instead overweight the “Impressive-493”, referring to the remaining 493 S & P 500 stocks. “We’ve got to a point where information technology and communication services now account for 45% of the S & P 500. It’s very concentrated,” Yardeni said in a CNBC ” Squawk Box ” interview. “I think they are somewhat overvalued, especially now that we’re seeing that competition is coming in … It’s turning into a Game of Thrones.” “At the beginning of Game of Thrones, these things go up and down,” he added. “I think that’s what’s happening with the Magnificent Seven.” The Roundhill Magnificent Seven ETF (MAGS ) has jumped 24% in 2025, outpacing the S & P 500’s 22.3% advance. But the rest of the market hasn’t fared as well. The Invesco S & P 500 Equal Weight ETF (RSP) — which treats each stock equally, so that the smallest company has the same impact as the largest — is up just 9.6% year to date, signaling that the market cap-weighted version of the S & P 500 has been mostly driven by gains in a handful of stocks — mainly the Mag-7. Mag-7 valuations are also above the rest of the market. The S & P 500 trades at 22.6 times forward earnings. The Nasdaq-100 index , dominated by the Mag-7 and other Big Tech names, has a multiple of 27. All of the Mag-7 members trade at a premium to the S & P 500. Mag-7 forward price-to-earnings ratios: Tesla : 212.4 Nvidia : 25.6 Apple : 33.2 Amazon : 29.3 Alphabet : 28.8 Microsoft : 27.9 Meta : 22.9 Going forward, Yardeni recommends investors buy financial, industrial and health care stocks. “If the Magnificent Seven are going to continue to succeed, then they’re going to have to find sales among the S & P 493 … in order to be used for increasing productivity,” he said.