Two Magnificent 7 stocks slumped in Monday trades. Google stock dipped below its 50-day line, while Meta stock fell back to below the its buy point.
Google shed 1.3% to close at 133.29, giving up the gains following the introduction of Gemini, the tech giant's latest artificial intelligence model.
Google billed Gemini as the company's "largest and most capable" AI model. The company is looking to challenge Microsoft's emerging position as an AI powerhouse based in part on a formidable alliance OpenAI, the startup that introduced ChatGPT.
Meanwhile, Meta sank 2.2% to close at 325.28. Meta stock had recently climbed above its buy point of 326.20, according to Investor's Business Daily's MarketSmith.
Meta is also looking to boost its position in AI. The tech giant recently joined IBM in launching an alliance of more than 50 AI companies and research institutions.
Google shares have thus far posted a gain of around 50% this year. Meta is up more than 165%.
