Don't Just Focus on the Tech Magnificent Seven! Wall Street's New Darling 'MANGOS' Emerges — These Two Companies Are the True Winners of the AI Era

From FAANG and the Magnificent Seven to the latest 'Mango stocks,' Wall Street has always loved using acronyms to name tech leaders. Now, with SpaceX going public and OpenAI and Anthropic swiftly following toward IPOs, there's one truth no one is telling you: in the U.S. stock market, only two companies have truly weathered the tides of change.

By Zhou Jiarong

Global capital markets are undergoing a deep structural shift. For the past decade, the core drivers of Wall Street and global investment portfolios have been the 'Tech Seven Giants,' built on internet, software services, and consumer electronics. However, with the rise of generative AI, market attention is gradually shifting from software applications and end-user consumption to vertical integration of foundational computing power, energy infrastructure, and low Earth orbit satellite communications.

In June, SpaceX went public, and a new acronym began circulating among Wall Street and financial media: 'MANGOS,' composed of Meta, Anthropic, NVIDIA, Alphabet (Google's parent), OpenAI, and SpaceX. This group is now seen as the successor to the 'Mag 7.' While terms like FAANG and Mag 7 once enjoyed immense popularity, they were never officially recognized industry classifications, nor acknowledged by exchanges or regulators. Their deeper meaning lies in how markets, institutions, and media describe the current concentration of capital—what story the market believes in, and where hot money is flowing.

More critically, OpenAI and Anthropic remain private but are already pushing toward 'trillion-dollar' valuations in the private market. OpenAI, after closing its latest funding round in March, now has a market valuation of approximately $852 billion. Anthropic, after completing its Series H round in May, reached a valuation of $965 billion, becoming the world's most valuable private company. OpenAI holds the record for the fastest platform to reach 10 million and 100 million users in history. Today, ChatGPT boasts over 900 million weekly active users and more than 50 million paid subscribers, delivering strong performance in the consumer AI market. In contrast, Anthropic focuses on B2B, leveraging enterprise versions of Claude and developer tools like Claude Code to grow its annual recurring revenue (ARR) from $1 billion to $47 billion in just two years. Its revenue model centers on enterprise clients and high-value subscriptions, carving out a distinct path. Both companies are expected to push for IPOs in the second half of the year, poised to trigger a new wave in capital markets.

From FAANG and Mag 7 to MANGOS: Wall Street’s New AI Elite Takes Shape

Since the last century, Wall Street has never lacked star stock nicknames. The 1970s had the 'Nifty Fifty,' and the late 1990s saw the '.com' bubble, where any company with a dot-com suffix commanded sky-high valuations. In the 2010s, CNBC’s famed host Jim Cramer coined the term 'FANG,' referring to Facebook, Amazon, Netflix, and Google. As smartphones became ubiquitous, Apple joined, forming 'FAANG.' In 2023, as generative AI exploded, Bank of America’s Chief Investment Strategist Michael Hartnett labeled seven stocks—NVIDIA, Apple, Amazon, Alphabet, Meta, Tesla, and Microsoft—as the 'Magnificent Seven' (Mag 7), symbolizing their dominance over index gains and market sentiment.

Notably, among these rotating lists, only Alphabet and Meta have consistently remained across FAANG, Mag 7, and now the emerging MANGOS lineup. These platform companies, once heavily reliant on advertising and user attention, successfully rode the AI wave by incorporating cloud, chip, and large model technologies into their business portfolios, enabling them to withstand the tides of change and remain at the forefront of capital markets. With SpaceX’s IPO formally bringing space, computing power, and satellite communications into the capital markets, the focus may no longer be on who remains on the list, but rather on the profit models and capital strategies of these six companies.

SpaceX Integrates xAI and Cursor to Build a New AI-Space Commercial Empire

In February this year, Musk announced the integration of xAI into SpaceX. Now, SpaceX controls rocket operations—charging NASA, the Department of Defense, and commercial clients for launches—while also collecting broadband and mobile communication subscription fees from global users via Starlink. It has also brought in xAI’s AI infrastructure and Grok large language model. However, xAI remains unprofitable. Shortly after going public, SpaceX decided to acquire Cursor, an AI code-agent tool startup, via stock swap. Cursor specializes in software engineering agent models and collaboration features, helping developers generate, edit, and review code. Already, 60% of its clients are Fortune 500 companies, naturally bringing SpaceX more B2B orders and know-how. Cursor’s newly launched Composer 2.5 model is expected to be key in turning xAI profitable, with the acquisition set to complete in Q3.

Article authorized by 'Sinotrade Investment Weekly, Issue 2412'