The "Magnificent 7" suffered their biggest single-day slump overnight (23rd) since tariff threats in April 2025, wiping out USD797 billion in market capitalization, as major Wall Street firms grew concern over massive spending by major technology companies in the AI sector.

Meanwhile, the renewed Iran conflict also cast a shadow over the global macroeconomic outlook. The Roundhill Magnificent Seven ETF (MAGS.US), which tracks the "Magnificent 7", plunged 4.6% overnight (23rd).

Earnings released by Alphabet Inc. (GOOGL.US) and Tesla, Inc. (TSLA.US) after the close on Wednesday (22nd) triggered panic among traders and raised doubts over whether the AI-driven trade that propelled equities higher over the past three years can continue. Alphabet Inc. raised its capital expenditure forecast for this year to as much as USD205 billion. Meanwhile, Tesla CEO Elon Musk also said this year would be a year of massive capital expenditure.

Tesla, Inc. (TSLA.US) plunged 14.5%, marking its worst single-day performance since March last year, while Alphabet Inc. dived 7.1%, its largest decline since May 2025. Microsoft Corporation (MSFT.US) dropped 2.2%, Amazon.com, Inc. (AMZN.US) slumped 4.6%, and Meta Platforms, Inc. (META.US) also slid 3.4%. All three companies are scheduled to release earnings next week.
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AASTOCKS Financial News
Website: www.aastocks.com

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