引發此次拋售的導火線是Alphabet和特斯拉在週三盤後公佈的財報。Alphabet將今年的資本支出預測上調至最高2050億美元，第二季度450億美元的支出使其自上市以來首次出現自由現金流為負。特斯拉執行長馬斯克則表示2026年將是「大規模資本支出之年」，而該公司的利潤遠低於分析師預期。芯片股也受到波及，費城半導體指數下跌0.5%。目前七巨頭指數較五月底的歷史高點已回落11%，累計蒸發約2萬億美元市值。
在個股表現方面，特斯拉暴跌15%，創下自2025年3月以來最大單日跌幅；Alphabet下跌7.1%，微軟跌2.2%，亞馬遜跌4.6%，Meta跌3.4%。值得注意的是，蘋果公司跌幅最小，因其基本未參與AI支出競賽，反而受到投資者青睞，本月已上漲11%。分析師指出，這些公司曾擁有美國企業史上最健康的資產負債表，如今卻變得資產沉重，投資回報率成疑，加上未來債務義務缺乏透明度，投資者需要重新審視對它們的估值方式。
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.