Some investment options are reportedly outperforming the S&P 500 without relying on the top tech stocks, referred to as the "Magnificent 7" or "Mag 7". These alternatives include small cap ETFs and an equal-weight S&P fund, which have been beating the mega-caps. The performance of the S&P 500 with and without big tech stocks is being compared, with some reports suggesting that the index without big tech is quietly outperforming the full index.