* Markets love nifty labels, lately focusing on the

Magnificent 7 tech stocks

* The rise of SpaceX and a pair of upcoming AI IPOs could

prompt a change

* Investors and analysts say shorthand is valuable as a

gauge of market leadership

(Updates to add graphics, no changes to text)

By Shashwat Chauhan

June 15 (Reuters) - SpaceX roared into markets this

past week with a valuation of more than $2 trillion, surpassing

two members of Wall Street's "Magnificent Seven" and raising a

key question: Does the Mag 7 name still fit? And if not, what

should replace it?

The IPO, the biggest in U.S. history, vaulted SpaceX's value

above two Mag 7 members: CEO Elon Musk's other company, Tesla

, and Meta Platforms ( META ). With trillion-dollar

contenders such as OpenAI and Anthropic waiting in the IPO

wings, the club may soon need a name change, analysts said.

With SpaceX's arrival, "it becomes very hard to keep using

Mag 7 as the clean shorthand for market leadership because one

of the most important companies in the world would immediately

be outside the label," said Shay Boloor, chief market strategist

at Futurum Equities.

These groupings are not formal market categories, but

shorthand labels coined by strategists, investors and the media

to capture the hottest big stocks at a given moment. Such

monikers have a long history, ranging from the "Nifty 50" of the

1960s and 1970s to the "Four Horsemen" of the late 1990s dot-com

boom.

The SpaceX IPO has set off a race to devise the next cool

acronym.

One sobriquet gaining traction on X is "MANGOS", which

stands for Meta, Anthropic, Nvidia ( NVDA ), Alphabet,

OpenAI and SpaceX. That grouping is far from standardized, with

some interpreting the "A" as Apple ( AAPL ), currently the third

most-valuable U.S.-listed firm.

"We are already referring to it internally and the industry

is picking up on it as well," said Aga Kuplinska, SVP of product

development at Tidal Financial Group, which helps asset managers

roll out ETFs.

Dan Boardman-Weston, CEO at BRI Wealth Management, is going

another way, suggesting "Magna Atoms" - the Magnificent Seven

plus SpaceX, OpenAI and Anthropic.

THE MAGNIFICENT SEVEN RIDE

The "Magnificent Seven" term was coined by BofA Global Research

Chief Investment Strategist Michael Hartnett in late 2023 to

describe seven heavyweight technology-related stocks: Nvidia ( NVDA ),

Apple ( AAPL ), Amazon ( AMZN ), Alphabet, Meta, Tesla and Microsoft ( MSFT )

.

With an AI boom driving stock markets to record highs and

the sudden appearance of new trillion-dollar companies, the

leaderboard is often in a state of flux.

In a May 22 note, BofA wrote about the "AI Big 10," adding

Broadcom ( AVGO ), Micron Technology ( MU ) and Advanced Micro

Devices ( AMD ) to the original seven, reflecting the

semiconductor rally of the past year. That group accounts for

more than 40% of the S&P 500's weight, according to LSEG data.

The labels have evolved before - from FANG to FAANG to the

Magnificent Seven - each tracking shifts in companies that led

the market.

FANG covered Facebook, Amazon ( AMZN ), Netflix ( NFLX ) and Google.

FAANG added Apple ( AAPL ), and Magnificent Seven dropped Netflix ( NFLX ) while

adding Microsoft ( MSFT ), Nvidia ( NVDA ) and Tesla, each shift reflecting

changes at the top of the market.

"It's been Mag 7 for several years now. Maybe the markets

are excited for something new," said Dustin Thackeray, chief

investment officer at Crewe Advisors.

To be sure, not everyone expects the old label to ride off

into the sunset.

"The Magnificent Seven label is not going away," said Dave

Mazza, CEO of Roundhill Investments. "It is too embedded in how

investors and the media view large-cap tech leadership. What you

will likely see is additive terminology rather than

replacement."