MarketsJun 16, 2026
Meet the FAB 10: AI's New Frontier Beyond the Mag 7
Rhea Lobo
Vanda Research has coined a new market label called the "FAB 10." The term stands for Frontier AI & Big Tech 10, and it extends the original Mag 7 grouping by adding SpaceX, OpenAI, and Anthropic.
Apple, Alphabet, Amazon, Meta, Microsoft, Nvidia, and Tesla make up the Mag 7. The group still accounts for roughly a third of the S&P 500 index.
Their combined market cap sits at roughly $22.6T, with Nvidia alone worth more than $5T as the most valuable company in the world.
Strategists are clear that the FAB 10 is not a death sentence for the original group. Investors are broadening the definition of AI leadership, not abandoning what already works.
The three additions each bring a distinct angle to the AI story.
SpaceX contributes aerospace and satellite connectivity through its Starlink unit, while OpenAI and Anthropic are the leading developers of frontier AI models.
OpenAI and Anthropic are expected to debut publicly this fall, potentially at valuations surpassing $1T.
That creates a wrinkle. For now, only SpaceX is publicly traded, making the FAB 10 as much a conceptual framework as a tradable basket.
Vanda Research said the ten companies together represent the future of AI and tech for the coming decade.
The FAB 10 is not the only new label competing for attention.
Bank of America has floated an "AI Big 10" that instead adds chipmakers Broadcom, Advanced Micro Devices, and Micron, leaning into the semiconductor rally.
A rival "MANGOS" grouping covering Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX has also surfaced, trimming the field further.
Each label reflects the same underlying pressure: the AI investment story has grown too large for seven names to contain it.
With OpenAI and Anthropic approaching trillion-dollar listings, the question is no longer whether the Mag 7 needs updating. It is which framework investors settle on to replace it.
