The Globe and Mail reports in its Monday edition that consensus estimates show the Magnificent Seven's earnings growth decelerating to about 19 per cent by 2027 from about 40 per cent in 2024. The Globe's guest columnist Laura Baker writes that the gap with the rest of the market is narrowing quickly. The S&P 500, excluding the Magnificent Seven, is projected to grow earnings by about 15 per cent in 2027. The individual numbers make the shift clearer. Earnings per share growth for the Magnificent Seven peaked in 2024, with Nvidia at 665 per cent, Amazon at 92 per cent and Meta at 62 per cent. By 2027, several growth rates look more ordinary: Alphabet at 4 per cent, Apple at 7 per cent, Meta at 8 per cent and Microsoft at 11 per cent. Even Nvidia is expected to moderate to 82 per cent in 2027 from 130 per cent in 2025. These businesses are still exceptional but no longer the robust growth engines that warranted years of multiple expansion. The Magnificent Seven's price/earnings premium over the S&P 500 has dropped to about 10 to 15 per cent, its lowest in over a decade. Ms. Baker notes that small- and mid-cap companies are exiting a multi-year earnings recession with improved balance sheets and leaner costs.