Mom-and-pop investors have been net sellers of most of the Magnificent 7 stocks, selling off shares of Tesla, Apple, Alphabet, and Microsoft, according to a new note from JPMorgan.

Meanwhile, pharmaceutical companies appear to have gained what the market’s tech darlings lost, writes Business Insider’s Yuheng Zhan. Eli Lilly, Pfizer, and Novo Nordisk have grabbed the attention of retail investors, according to JPMorgan.

That shift was evident Thursday. Shares of Novo Nordisk, the drug maker behind Wegovy, surged to a record high following an update on a new obesity drug, pushing its market cap ranking past Magnificent 7 laggard Tesla.

Expectations are high for fellow weight-loss drugmaker Eli Lilly. Bank of America assigned it a $1,000 price target, the highest on Wall Street, off the potential its weight-loss drug tops $60 billion in sales by 2030. And some have speculated it could become the first trillion-dollar drug company.

Market experts expected investors to exit some of their Magnificent 7 positions to realize some of the massive gains they accumulated last year. And retail investors remain buyers of Nvidia, the crown jewel of the Mag 7, JPMorgan said.

But the growth these pharma companies have already shown is impressive. And it comes despite only 1% of US adults taking weight-loss drugs, according to Bank of America, which predicts that number could rise to 15% by 2035.