All “Magnificent 7” constituents have released their quarterly earnings, with the exception of Nvidia (NVDA), and it was a mixed bag at best. One key takeaway from their recent earnings was that markets are now getting jittery over the rising spending on artificial intelligence (AI). Big Tech companies are set to surpass $300 billion in capex this year. Overall, it would be fair to say that the AI euphoria is nearly over and investors are now more interested in monetization and immediate return on investment (ROI) rather than promises of long-term competitiveness through AI investment.
