Magnificent 7 lose $2.3 trillion in June market value as AI spending fears mount

The Magnificent 7 group of technology stocks erased more than $2.3 trillion in combined market value through June, the coinalertnews.com website reported, citing Invezz and CoinCentral articles from June 30, 2026. Investor anxiety over massive artificial intelligence infrastructure spending drove the selloff. Nvidia dropped nearly 20% from its 2026 high. Microsoft plunged 33%, on pace for an 18% monthly loss in June, its worst month since December 2000. Meta Platforms fell 30%, Amazon 14%, Tesla 16%, and Apple eased from $317 to $280, the report said. Microsoft's AI capital expenditure is projected to reach $190 billion by year-end, while its Azure cloud business is expected to deliver only "modest" growth. Google raised over $80 billion in a mix of debt and equity, Nvidia raised more than $25 billion in debt, and Tesla warned it will not generate positive cash flow this year due to its Terafab project, according to the report. Microsoft remains the worst performer among the group this year, shedding about $857 billion in market value. Jack Ablin of Cresset Wealth Advisors was quoted noting that whether AI makes products like Word or Excel obsolete is an open question, but the spending is already a worry.