Market value of giants drops by 797 billion
The technology markets experienced sharp declines following the announcement of earnings results from Alphabet and Tesla, leading to a loss of approximately $797 billion in market value for the seven largest U.S. tech companies. This marked the biggest daily decline for these companies since April 2025. The drops were driven by concerns over the continued weak returns on massive investments in artificial intelligence, especially after new warnings and losses from leading firms such as Alphabet, which increased its capital expenditure forecasts to $205 billion, and Tesla, which confirmed that 2026 will be a "huge year for spending." As a result, the "Big Seven" index fell by 4.8%, and the ongoing large-scale spending and rising economic risks threaten a market recession and significant declines in the stocks of many tech companies, amid investor doubts about the high returns from AI investments.
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