According to CNBC analysis, while the Magnificent Seven continue to reach record highs, the broader AI trade is exhibiting signs of weakness. Concerns over OpenAI's revenue growth are impacting neocloud stocks, and chip stocks are selling off due to worries about Chinese competition. Additionally, the Federal Reserve's first rate hike since September 2023, with another expected, is adding pressure to the tech-heavy Nasdaq index. Despite these pressures, options traders have been pricing in larger swings than the Nasdaq has actually delivered, indicating potential opportunities for selling premium into market weakness.