Bank of America strategists have noted a potential shift in the perception of major U.S. tech stocks, referring to them as the 'Lagnificent 7.' This term suggests that these stocks, which include the so-called 'Magnificent 7,' may not deliver the same exceptional performance as previously expected. The 'Magnificent 7' stocks represent 11% of Bank of America's Global Wealth and Investment Management (GWIM) assets under management and account for 36% of their stock holdings. Additionally, these stocks are responsible for half of the S&P 500's growth investment spending. Institutional investors remain bullish on the 'Magnificent 7,' with a recent survey indicating that 53% of fund managers consider 'Long Magnificent 7' to be the most crowded trade in January, based on responses from 182 fund managers managing a total of $513 billion.