華爾街對大型科技公司在人工智慧基礎設施上投入的數千億美元越來越感到擔憂。由於這些企業從原本的現金牛轉變為重資產模式，加上鉅額資本支出缺乏明確的投資回報率，投資人的態度正轉趨謹慎。
具體而言，Alphabet第二季高達450億美元的支出使其現金流首次轉負，而特斯拉股價更在預告鉅額資本支出後暴跌15%。相較之下，未參與這波AI支出狂潮的蘋果公司跌幅最小，顯示市場情緒已轉變為要求AI投資必須帶來具體回報。
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.