AI Capex Shock Wipes $797 Billion from Big Tech as Magnificent 7 Selloff Spreads

테크주 | Fri Jul 24 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 7 sources

Following Alphabet and Tesla earnings, fears over surging AI capex triggered massive market cap losses across Big Tech.

Analysis

[Alphabet] guided 2026 capex to $200 billion, shares plunged 7% ^[10]^[6]^[4]

Raised capex guidance to $195B-$205B
Warned of higher 2027 figures
Q2 capex doubled to $45 billion
First-ever negative free cash flow
About $300 billion in market cap wiped out

[Tesla] tumbled 14.5% on capex surge and margin deterioration ^[10]

Worst day since March 2025
Q2 capex up 142% to $5.79 billion
Expects more than $25 billion in capex this year
About $200 billion in market cap wiped out
Installing first-generation Optimus lines

[Magnificent 7] lost $797 billion in market value as AI skepticism spread ^[1]

S&P 500 posted worst day in a month
PHLX Semiconductor Index entered bear market territory
Uncertainty over AI investment returns
Iran war escalation added macro pressure

[Amazon] lost $120 billion in market cap amid Big Tech decline ^[10]^[6]

Shares fell 4.6%
Capex guidance above $200 billion
Reports earnings next week
Reports Thursday alongside Apple

[Google Cloud & Gemini] delivered bright spot with Cloud revenue surging 82% ^[10]^[7]

Google Cloud revenue jumped 82% to $24.8 billion
Cloud margins expanded
Gemini reached 950 million monthly active users
Token throughput per minute increased from 16B to 22B
Gemini 3.5 Pro launch delays raise concerns

[ServiceNow] gave back gains as OpenAI Presence threat resurfaced

Shares up 2% in early trading
Renewed confidence in AI strategy
OpenAI Presence launch reignited enterprise software disruption fears
Relative strength amid 2.4% Nasdaq plunge []

Sources