Regal Partners founder and star stockpicker Phil King is shorting iPhone maker Apple and US electric vehicle manufacturer Tesla, saying the latter’s 30 per cent sell-off this year has further to go.

The so-called Magnificent Seven – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla – drove much of the S&P 500’s 24 per cent return in 2023. However, Mr King said Tesla and Apple had lagged the other mega caps in recent months, acting as a drag on the overall cohort.