The Mag 7 becoming the Lag 7 is the mantra many have adopted in recent weeks, including Thomas Hayes, who shares concerns around free cash flow after it turned negative for Alphabet (GOOGL) and Tesla (TSLA). His worries extend to the overall AI chip and memory space, making the case that investors should "sell the rip" in rallies. Thomas adds that you should keep an eye on defensive stocks and sectors as volatility continues.