[Citi: The Label of 'Big Tech 7' for U.S. Stocks Is Outdated] Jin10 News, July 20 – Citigroup strategists have stated that the widely-followed concept of the 'Big Tech 7' is no longer applicable for evaluating investment opportunities in the U.S. AI sector. The strategy team, led by Scott Chronert, suggested that investors should shift their focus to a broader range of stocks, which have been the primary drivers of earnings growth and stock price increases in the S&P 500 Index. They recommend paying attention to the so-called 'growth cluster,' a group that not only includes large-cap tech stocks but also encompasses most companies benefiting from AI infrastructure development. Chronert noted that this group accounts for more than half of the total market capitalization of the S&P 500 Index and contributes nearly 48% of its earnings. After driving the S&P 500 Index to record highs in recent years, the 'Big Tech 7' index underperformed the broader market in 2026, as investors increasingly favored industries expected to benefit from massive capital expenditures in AI.