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strategists entering the year was for the AI trade to expand further from seven key popular players into a slew of other areas of the market.Since the April 8 market bottom, it's been happening. AI chip and data center trades not named Nvidia (NVDA) have been among the S&P 500's (^GSPC) best performers, with Broadcom (AVGO), AMD (AMD), and Dell (DELL) up roughly 70% or more in that timeframe.The AI energy trade has taken off too, with Vistra Corp (VST) and NRG Energy (NRG) up more than 80%. The AI cloud trade has emerged as well, with Oracle (ORCL) up more than 70% and trading at an all-time high.By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy To be fair, some of the "Magnificent Seven" have also risen off the bottom. Nvidia has led the pack, rising over 60% to recently notch a new all-time high. But as our Chart of the Week shows, none of the Magnificent Seven have outperformed the other AI stocks that are among the top 20 best-performing stocks in the S&P 500 since the market bottom.After two years of there only being a few large-cap tech names in town, investors looking to outperform the market during the massive run higher of the past two months have had more success looking beyond the most popular stocks of the current bull market.This reveals a common truth about bull markets. They're about themes, not individual stocks. In the 1920s, the bull market was defined by surging demand for radio communications and automobiles. The dot-com bubble that ran in the late 1990s was, of course, focused on the initial hype of the internet.But after rising more than 270% from 1995 to the end of 1996, Cisco (CSCO), the poster child of the era, wasn't among the market's top 10 performers come 1997 to 1999.The theme stayed, but the best-performing stocks in the market oscillated. If you listen closely, that's what many on Wall Street have been saying for a while now. It's an AI and tech bull market, not the "Magnificent Seven" bull market.Whatever it's called, it's certainly ongoing and has "further to run, as Julian Emanuel, who leads the equity, derivatives, and quantitative strategy team at Evercore ISI, wrote this week in a note to clients."Despite the near-term uncertainty," he wrote, "the four elements that end bull markets [a recession, Fed hikes, spiking bond yields, and extreme stock valuations] are all absent."Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,173.07 +32.05 (+0.52%)Dow 3043,819.27 +432.43 (+1.00%)Nasdaq20,273.46 +105.54 (+0.52%)Russell 20002,172.53 +0.42 (+0.02%)VIX16.32 -0.27 (-1.63%)Gold3,286.10 -61.90 (-1.85%)PortfolioSign in to access your portfolioSign inTop gainersNKE NIKE, Inc. 72.04 +9.50 (+15.19%)SATS EchoStar Corporation 28.81 +3.35 (+13.16%)KTOS Kratos Defense & Security Solutions, Inc. 45.84 +4.51 (+10.91%)SNAP Snap Inc. 8.72 +0.58 (+7.13%)JHX James Hardie Industries plc 27.59 +1.82 (+7.06%)Top losersQS QuantumScape Corporation 6.62 -1.03 (-13.46%)NKTR Nektar Therapeutics 25.76 -3.92 (-13.21%)NEGG Newegg Commerce, Inc. 12.08 -1.49 (-10.98%)PLTR Palantir Technologies Inc. 130.74 -15.57 (-10.64%)MP MP Materials Corp. 32.90 -3.09 (-8.59%)Most activeNVDA NVIDIA Corporation 157.75 +2.66 (+1.72%)LCID Lucid Group, Inc. 2.1200 -0.0800 (-3.64%)PLTR Palantir Technologies Inc. 130.74 -15.57 (-10.64%)F Ford Motor Company 10.80 +0.17 (+1.60%)QS QuantumScape Corporation 6.62 -1.03 (-13.46%)Earnings eventsTrending tickersBTC-USD Bitcoin USD 108,177.77 +854.59 (+0.80%)RDDT Reddit, Inc. 143.01 -0.94 (-0.65%)FB ProShares Trust - S&P 500 Dynamic Daily Buffer ETF 40.25 +0.34 (+0.85%)ETH-USD Ethereum USD 2,457.85 +29.74 (+1.22%)CELH Celsius Holdings, Inc. 45.89 +0.47 (+1.03%)Top economic events