Tech Stocks Plummet Amid $200 Billion AI Spending Bill

The Mag 7 stocks, including Apple, Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, and Tesla, have largely struggled this year due to concerns about billions spent on data labs that may not be profitable for years. Among the seven, five have lost 10% or more from their recent 52-week highs. Amazon reported a $200 billion AI investment plan, leading to a 9.6% share drop. The Nasdaq Composite Index is down 3% for the year, while the S&P 500 is down 2.9% from its 52-week high. Big tech companies face tension between investing for AI goals and meeting shareholder expectations.