引发此次抛售的导火线是Alphabet和特斯拉在周三盘后公布的财报。Alphabet将今年的资本支出预测上调至最高2050亿美元，第二季度450亿美元的支出使其自上市以来首次出现自由现金流为负。特斯拉执行长马斯克则表示2026年将是「大规模资本支出之年」，而该公司的利润远低于分析师预期。芯片股也受到波及，费城半导体指数下跌0.5%。目前七巨头指数较五月底的历史高点已回落11%，累计蒸发约2万亿美元市值。
在个股表现方面，特斯拉暴跌15%，创下自2025年3月以来最大单日跌幅；Alphabet下跌7.1%，微软跌2.2%，亚马逊跌4.6%，Meta跌3.4%。值得注意的是，苹果公司跌幅最小，因其基本未参与AI支出竞赛，反而受到投资者青睐，本月已上涨11%。分析师指出，这些公司曾拥有美国企业史上最健康的资产负债表，如今却变得资产沉重，投资回报率成疑，加上未来债务义务缺乏透明度，投资者需要重新审视对它们的估值方式。
Wall Street is increasingly alarmed by the hundreds of billions of dollars Big Tech companies are pouring into artificial intelligence infrastructure, compounded by a deteriorating macroeconomic backdrop as the war in Iran escalates and oil prices rise. The Magnificent Seven tech giants experienced their worst single-day decline since the April 2025 tariff selloff, with their combined index dropping 4.8% and erasing $797 billion in market value. The S&P 500 fell 1.2% and the Nasdaq 100 sank 1.9%.
The selloff was triggered by post-market earnings from Alphabet and Tesla on Wednesday. Alphabet raised its full-year capital expenditure forecast to as much as $205 billion, and its $45 billion in Q2 spending turned its free cash flow negative for the first time as a public company. Tesla CEO Elon Musk declared 2026 a "massive capex year" despite profits falling well short of expectations. Chip stocks also declined, with the Philadelphia Semiconductor Index dropping 0.5%. The Mag 7 index has now fallen 11% from its late-May record high, wiping out roughly $2 trillion in market value.
Among individual stocks, Tesla plunged 15% for its worst day since March 2025, while Alphabet fell 7.1%, Microsoft slid 2.2%, Amazon dropped 4.6%, and Meta declined 3.4%. Apple had the shallowest loss, as the company has largely avoided the AI spending race and has been rewarded by investors, gaining 11% this month. Analysts noted that these companies once boasted the healthiest balance sheets in corporate America but are now asset-heavy with uncertain returns on investment. The market sentiment has shifted: massive AI spending announcements that once sent stocks soaring are now being punished unless they demonstrate concrete, substantial payoffs.