Mag 7 loses $2.3 trillion in value as AI spending concerns mount, but chipmaker support persists
By
Arjun Kharpal
Summary
Nearly $2.3 trillion has been wiped off the Magnificent 7's market value in June as investors grow increasingly concerned about the massive AI infrastructure spending by Microsoft, Nvidia, Alphabet, Apple, Meta, Tesla, and Amazon. The CNBC Mag 7 Index fell 10% in June. While companies like Amazon, Microsoft, Alphabet, and Meta are pouring hundreds of billions into chips and data centers for AI services, investors are questioning when these investments will yield returns. Despite the jitters, investors continue to back chipmakers like Nvidia, suggesting continued belief in the AI sector's long-term potential.
Source
bskyMag 7 loses $2.3 trillion in value as AI spending concerns mount, but chipmaker support persistscnbc.comKey quotes
· 3 pulledAround $2.3 trillion has been wiped off the value of the Magnificent 7 this month as the tech giant's huge infrastructure spending is increasingly scrutinized by investors
The CNBC Magnificent 7 Index has fallen 10% so far in June.
These companies, in particular Amazon, Microsoft, Alphabet and Meta, are collectively spending hundreds of billions of dollars buying chips and building data centers to power their artificial intelligence services.
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