The Magnificent 7 stocks haven't been moving as a pack this year. One stock has broken away decisively, while another has been left behind — and that gap is creating a striking contrast inside the Big Tech space. Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) is dominating the leaderboard. Amazon.com Inc (NASDAQ:AMZN), meanwhile, is doing something very un-Amazon-like: lagging quietly.

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Alphabet's 62% Run Redefines Mag 7 Leadership

Nvidia, Tesla and Microsoft all trail well behind Alphabet, while Amazon sits at the bottom of the table. That surge has pushed internet search giant firmly back into the center of the mega-cap narrative.

The strength isn't just about price action. Alphabet now carries a market cap of about $3.7 trillion, making it the third-largest company in the group. Its earnings yield of 3.27% sits near the top of the Magnificent 7, while its PE ratio around 30 and PEG near 1.6 suggest investors aren't paying extreme multiples for that growth. Even recent momentum supports the story, with the stock up more than 8% over the past month.

Put simply, Alphabet isn't just outperforming — it looks balanced while doing it.

• Read Also: Mag 7 Face AI Monetization Year — JPMorgan Says Google, Amazon, Meta Rise Above

Amazon Quietly Looks Like The Deal

Now flip the leaderboard. Amazon's stock is up just 1.05% year to date and down about 4.4% over the past month, making it the clear laggard in the group. But that underperformance is exactly what makes the valuation stand out.

Why It Matters

Alphabet is winning the Magnificent 7 race on performance, scale, and consistency. But in a group where valuations have stretched, Amazon now looks like the odd one out — not because it's expensive, but because it isn't.

While Alphabet wears the crown, Amazon may be the one quietly priced like a deal in an increasingly premium club.

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