华尔街对大型科技公司在人工智慧基础设施上投入的数千亿美元越来越感到担忧。由于这些企业从原本的现金牛转变为重资产模式，加上巨额资本支出缺乏明确的投资回报率，投资人的态度正转趋谨慎。
具体而言，Alphabet第二季高达450亿美元的支出使其现金流首次转负，而特斯拉股价更在预告巨额资本支出后暴跌15%。相较之下，未参与这波AI支出狂潮的苹果公司跌幅最小，显示市场情绪已转变为要求AI投资必须带来具体回报。
The "Magnificent Seven" technology stocks suffered their biggest one-day drop since April 2025, wiping out nearly $800 billion in market value. This selloff was primarily triggered by concerning earnings reports from Alphabet and Tesla, while macroeconomic factors such as rising oil prices driven by the escalating war in Iran also exacerbated market panic.
Wall Street is growing increasingly concerned about the hundreds of billions of dollars Big Tech companies are spending on artificial intelligence infrastructure. Investors are adopting a more cautious stance as these firms transition from cash-generating machines to asset-heavy entities, and as massive capital expenditures continue without clear returns on investment.
Specifically, Alphabet's massive $45 billion spending in the second quarter turned its cash flow negative for the first time, while Tesla's stock plunged 15% after warning of a massive capex year. In contrast, Apple, which has largely sat out this AI spending spree, saw the shallowest decline, indicating a shift in market sentiment where investors now demand concrete payoffs for AI investments.