The dominance of the Magnificent Seven technology stocks (Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Nvidia and Tesla) is facing its biggest test since the artificial intelligence rally began. After leading global markets for nearly three years, the world's largest technology companies are now underperforming as investors question whether the enormous amounts they are spending on AI will generate enough returns.
The shift has become visible in recent weeks. According to deVere Group, nearly $2.3 trillion has been wiped off the combined market value of the Magnificent Seven during June.
