Standard Chartered’s private banking arm has backed Wall Street’s new “MANGOS” tech trade, ramping up its allocation to 23% of its global tech portfolio. However, Deutsche Bank Private Bank is urging caution, warning that the acronym — which introduces unlisted heavyweights like Anthropic and OpenAI — should be treated as an analytical lens rather than a formal allocation bucket.

MANGOS stands for Meta, Anthropic, Nvidia, Google’s parent firm Alphabet, OpenAI, and SpaceX. It gained traction after Elon Musk’s SpaceX raised a record US$75 billion via an initial public offering on 11 June 2026. 

Standard Chartered has quickly honed in on the trade. In its global tech portfolio, designed for private banking clients in Asia and the Middle East, it has added a “moderate increase” in MANGOS allocation this month, which comprises roughly 23% of the portfolio, Sundeep Gantori, chief investment officer, equities, told Asian Private Banker. 

Such a rise is “consistent with the broadening rally narrative,” said Singapore-based Gantori, who manages the tech- and tech-enabled industries-focused portfolio launched at the end of March 2026. 

The British lender has also added some risk amid select tech buying opportunities emerging after the early June correction, Gantori said. Just last week, the bank introduced a new equity trade idea on US communication services, which is largely dominated by internet companies such as Google and Meta. 

And yet, others remain sceptical about MANGOS as a formal fixed basket, and whether this trade is just a repositioning of the Magnificent Seven trade that swept Wall Street’s early AI and tech bull run in 2023. 

“From a portfolio management perspective, I have seen the MANGOS theme used more as a lens than as a formal allocation bucket,” said Jacky Tang, emerging markets chief investment officer at Deutsche Bank Private Bank. 

Tang noted that, in practice, this trade idea looks “less like a wholesale replacement for the traditional Mag 7“ and “more like a re-ranking of where investors believe durable earnings power and strategic optionality now sit.” 

This came at a pivotal moment in the market as investors eye AI companies, including OpenAI and Anthropic, lining up for potential eye-popping IPOs following SpaceX’s Nasdaq debut this month. Microsoft, Apple, Tesla, and Amazon, which were part of the “Magnificent Seven,” are the firms ditched from MANGOS.

According to Tang, clients with large existing Magnificent Seven exposures are generally not abandoning those positions. “But they are increasingly asking how to avoid overconcentration in names where consensus ownership is already crowded.

“In that sense, the key question is not Mag 7 or MANGOS, but how to maintain participation in AI-led growth while managing valuation, factor, and single-name risk,” he added. 

Trimming Mag 7 laggards

Still, trimming the traditional Magnificent Seven laggards is becoming a notable voice as more AI-centric companies take the stage in the latest market cycle, industry experts say. 

“I do think the Magnificent Seven grouping of market leaders has faded a bit,” said Dan Lefkovitz, a strategist at Morningstar Indexes. “Lately, it’s all about beneficiaries of the AI buildout.” 

He pointed out that the five largest non-US companies – comprising Taiwan Semiconductor Manufacturing Company (TSMC), SK Hynix, Samsung, ASML, and Tencent – are all AI beneficiaries.

Deutsche Bank Private Bank’s Tang noted that while some profit-taking or rebalancing can be justified for a client’s portfolio that has become too dependent on the old Magnificent Seven, he would be cautious about treating MANGOS as “a clean substitute basket” because “the market leadership can change quickly and the investment case for each name remains idiosyncratic.” 

Eyeing OpenAI and Anthropic listings

Meanwhile, market participants are monitoring the potential IPOs of OpenAI and Anthropic, the two yet-to-be-publicly-traded companies on “MANGOS,” following SpaceX’s footsteps. 

SpaceX is considered a “highly speculative investment” by Morningstar’s equity research team, Lefkovitz cited. 

“Until those stocks (OpenAI and Anthropic) go public, most investors are not interested,” said Alex Au, referring to the MANGOS trade. Au is the founder and chief investment officer at Alphalex Capital Management, a Hong Kong-based hedge fund asset manager.

Au suggested that HNW investors can invest only in those private companies via “some indirect channels,” which may impose higher costs and counterparty risk. Meanwhile, a few names in MANGOS are not yet generating profit, making it hard to determine a fair value for those companies. 

“Nevertheless, those giant unicorns will inevitably suck money out of other big-cap names,” he warned. “This is something asset managers need to watch out for.” 

Tang said OpenAI and Anthropic’s potential listings raise a “more plausible effect,” which is a revaluation of the AI value chain, with investors asking ”where durable margins ultimately accrue: infrastructure, models, cloud, enterprise software, or the picks-and-shovels layer?”

Earnings quality, capital intensity, and positioning remain three aspects wealthy investors need to watch closely, according to the German private bank’s CIO.

“If the market begins to price perpetual acceleration without corresponding cash-flow confirmation, then downside risk rises sharply,” he said. “Conversely, if the AI ecosystem continues to show broad revenue traction and disciplined capital deployment, the theme can remain investable even after sharp gains.”