[GRTV] Tiger FinTech’s Greg Boland on market shifts and NZX struggles

Greg Boland of Tiger FinTech discusses the fading dominance of the Magnificent Seven stocks, a shift to energy and AI-app companies, and the NZX’s struggles.

Greg Boland, chief strategy officer at Tiger FinTech, told Philip Macalister that the Magnificent Seven stocks—Apple, Nvidia, Microsoft, Amazon, Alphabet, Meta, and Tesla—are losing steam after a 67% surge last year, far outpacing the S&P 500’s 23%.

“Combined, they were up around 67% last year,” he said, while the rest averaged 8.9%. This year, Meta’s up 23%, but Nvidia and Tesla are down 17-18%,” he says. Boland sees a shift to cyclical sectors, “It definitely is happening,” he said, noting energy’s 7% rise in the S&P 500. “The data centres will use 10 times more power than for one chip this year than it will for last year.” AI-app firms like Palantir, up from $80 to $125 in 17 days, are also gaining. Clients still favour Nvidia and Tesla, though.

The NZX, meanwhile, lags at $187 billion and a 9% 10-year return, versus Nasdaq’s 17%. “Tech companies tend to be sold offshore, rather than list,” Boland said.

Tiger FinTech’s client base has grown from 4,000 to 50,000 in three years, with trading up 108% and deposits up 168% last year.