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00:02The Magnificent Seven lost about $2.3 trillion in market value this month,
00:07as investors scrutinized the group's AI infrastructure spending, according to CNBC.
00:12The CNBC Magnificent Seven Index fell 10% in June, as Amazon, Microsoft, Alphabet,
00:19and Meta spent heavily on chips and data centers. Microsoft fell 20%,
00:24NVIDIA dropped about 13%, and Apple and Amazon each fell about 8%.
00:30Wedbush's Dan Ives said in a note on Sunday that tech investors face a gut check in the coming weeks
00:35as they look to July earnings to confirm whether massive AI spending is paying off.
00:41Semiconductor stocks held up better, with the Philadelphia Semiconductor Index up about 6%
00:46this month and more than 90% this year. The Roundhill Memory ETF rose 166% this year,
00:54as memory shortages drove prices higher. UBS said AI-related stocks should remain a key driver
01:00of broader market performance, while diversification remains essential.
01:04For all things money, visit Benzinga.com.
