European banks have outperformed the Magnificent Seven (Mag 7) tech stocks over the past two years, according to multiple sources including Goldman Sachs. This trend has been noted despite the recent tech bear market. The performance of European banks is highlighted alongside the broader context of international equities, which have also shown gains. In particular, over the last two months, European markets, represented by the $IEV index, and developed international equities, indicated by the $EFA index, have outperformed large U.S. stocks, as represented by the $SPY index. Analysts are questioning whether this trend of international equities outperforming U.S. stocks will be sustainable moving forward.