The 10 most-traded ex-Mag 7 US stocks by Aussie investors (that have returned 277%)

Like the Big Four and mining giants on the ASX, discussions around the US stock market has been dominated by the Mag 7 for years.

After months of divergent performance in which some of the seven have come off the boil, and with the AI supercycle moving beyond the hyperscalers, the conversation is changing.

So where else on the S&P 500 are investors looking for opportunities outside the extreme top end of town? 

According to trading data from investing platform Stake, these were the 10 most-traded ex-Mag 7 US stocks across January and February. This includes both buys and sells, but all stocks have seen majority buys over this time period.

The most-traded US stocks, ex-Mag 7

1. Palantir Technologies Inc (NYSE: PLTR)
2. Advanced Micro Devices (NYSE: AMD)
3. Rocket Lab Corp (NASDAQ: RKLB)
4. Micron Technology (NASDAQ: MU)
5. Iren Ltd (NYSE: IREN)
6. Strategy Inc. (NYSE: MSTR)
7. Netflix (NASDAQ: NFLX)
8. SanDisk Corp (NASDAQ: SNDK)
9. Bitmine Immersion Technologies Inc (NYSEAMERICAN: BMNR)
10. SoFi Technologies Inc (NYSE: SOFI)

As you can see, it's an extremely tech-heavy list, which is understandable given the way the sector has dominated market conversations in recent years. All 10 stocks fit neatly under the tech umbrella, even if there's a decent amount of diversity underneath. 

Four of the stocks on the list are involved in the production or rollout of semiconductors or other hardware integral to AI, and two are cryptocurrency-related companies. One is a space company, one is a data integration company, one is a financial services and technology company and one is the world's most popular streaming service. 

It shows investors on Stake's platform are prioritising playing the today's big tech narratives  and finding the emerging growth stocks that could benefit - to good success, as we'll get to shortly. 

But there is also the obvious caveat here that this data predates the ongoing conflict in the Middle East. But how this list changes in the months ahead should tell us something about how investors are thinking about the conflict and where they're potentially seeing opportunities going forward.

By the numbers

• Average return over 12 months: 277% (vs 16.4% for the S&P 500)
• Best performer over 12 months: Sandisk Corporation (1266.87%)
• Worst performer over 12 months: Strategy Inc (-50.37%)
• Best performer so far in 2026: Sandisk Corporation (208.45%)
• Worst performer so far in 2026: SoFi Technologies (-35.56%)

As a collective, these 10 stocks have averaged an astonishing 277% over the last 12 months, thanks to incredible returns from SanDisk, Iren, Micron and Rocket Lab. Collectively, they'e far outpaced not only the S&P 500, but key recent performers like gold, silver, commodities stocks and emerging markets.

While many tech stocks grapple with an uncertain future, especially those facing the SaaSpocalypse, it's clear there's still opportunities in the sector that has become synonymous with growth. 

But recent performance paints a slightly different picture. Four of the stocks (Bitmine, Palantir, SoFI and Strategy) have recorded double digit losses in 2026 so far. The burning question now is whether this is a portent of what will happen in the months to come, especially as the world grapples with an escalating energy crisis.

But the fact remains, for investors willing to seek out great growth opportunities in the tech sector, the well has not run dry yet.