Magnificent Seven lost $2.3 trillion in market value
The Magnificent Seven group experienced a significant loss in market value, shedding roughly $2.3 trillion in June.
This decline is attributed to the hyperscalers, which have taken a hit despite the outperformance of memory chip makers and networking vendors supplying the AI buildout.
The selloff is seen as a misread of the actual situation, with potential for a rally if one of the companies announces a raised forecast due to its AI products.