Magnificent Seven pullback
The seven biggest tech names have lost more than $2 trillion from their 2026 peaks and all seven are down year‑to‑date — analysts now split three Buys, three Holds and one Sell. That scale of re‑rating is compressing headline tech valuations and reshaping how compensation tied to those stocks behaves in offers and refreshers. (techi.com)
Microsoft is the weakest performer inside the cohort so far in 2026, trading roughly 23.4% lower year‑to‑date and about 31.7% below its all‑time high. (techi.com) NVIDIA remains the analyst consensus standout: 41 of 42 covering analysts rate it a Buy and the average price target cited was $273 versus a recent trade around $167, implying roughly 63% upside. (techi.com) Alphabet’s shares are trading near a multiyear trough on valuation metrics, around 17x forward earnings — the lowest relative multiple among the group per recent coverage. (techi.com) Industry compensation datasets show RSUs now represent roughly 35–50% of total pay at many large tech firms in 2026, and annual equity “refresh” grants have become a routine component of total rewards. (talenttech.pro) Compensation programs are being reworked: a Sequoia survey and proxy‑season commentary note boards and comp teams are redesigning long‑term incentives this year, and reporting indicates refresher grants have been cut materially for some leadership cohorts. (sequoia.com) Employee‑reported data show company‑level variability for 2026 refreshers — examples include peer posts that describe NVIDIA refresher awards falling from about 90% of base pay in previous cycles to roughly 55% this year and Meta reporting refresher reductions of around 10% in some employee groups. (teamblind.com) Benchmarks for negotiation are shifting: compensation vendors and surveys now cite top performer annual refresher ranges of roughly $100,000–$300,000 at large tech firms and report that roughly 57% of companies are planning or contemplating equity‑plan changes this year. (talenttech.pro)
