In the latest round of earnings reports, the so-called 'magnificent seven' tech companies are struggling, with most missing expectations set for explosive growth. Significant players like Tesla and Google have seen substantial declines in stock prices, while Nvidia faced a loss of nearly $600 billion in valuation due to new competition in AI. Despite some companies slightly exceeding expectations, overall performance has drastically lagged behind the broader market indexes, prompting analysts to reconsider big tech's future viability and growth potential in the current economic climate.
Tesla and Google both whiffed at earnings expectations, with Tesla's share price tumbling 15 percent over the past month and Alphabet's stock dropping 9 percent in a day.
Nvidia lost almost $600 billion in valuation as DeepSeek announced an AI language model that could reduce reliance on its chips, shaking investor confidence.
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