The Roundhill Magnificent Seven ETF (CBOE: MAGS) ended last week at $72.60, just 1.2% below its record high of $73.47, as its largest holdings rallied. The exchange-traded fund has received more than $1.1 billion in inflows over the past 30 days and $1.58 billion over 12 months, lifting assets under management above $5.5 billion. Nvidia reached a record high after announcing a $150 billion share repurchase program, while Microsoft climbed to $518 and Meta Platforms reached $780. Amazon and Alphabet also advanced, while Tesla lagged. The next major test comes with earnings season beginning next week, led by Alphabet on October 20. Analysts expect artificial intelligence to remain central to growth, with third-quarter S&P 500 earnings estimated to rise 29%. Investors will seek evidence that AI spending is translating into stronger results at Microsoft and Amazon, while continued spending by those companies could support Nvidia because they are among its largest customers.