For much of the past three years, the U.S. stock market has felt like a one-team sport.

A small group of mega-cap technology companies, the so-called Magnificent Seven, have dominated returns, headlines, and earnings growth.

The common assumption has been that, without this elite tech group, the broader market rally would collapse.

Since its launch in October 2023, the Roundhill Magnificent Seven ETF (NYSE:MAGS) has surged 119%, nearly three times the return of the Invesco Equal Weight S&P 500 ETF (NYSE:RSP), underscoring just how far performance at the very top of the market has pulled away from the median S&P 500 stock.

Yet Goldman's latest report points to a subtle shift: mega-caps still matter a great deal, but the next leg of market growth may no longer be driven by them alone.

Chart: Magnificent Seven Have Crushed The Median S&P 500 Stock

Mag 7 Will Drive Nearly Half of S&P 500’s Earnings Growth, But The Rest Is Accelerating

Goldman Sachs forecasts S&P 500 earnings per share of $305 in 2026, representing 12% year-over-year growth, followed by another 10% increase in 2027.

Of that 12% growth next year, Goldman estimates the seven largest stocks, NVIDIA Corp.