$890 Billion Erased as AI Spending Doubts Hammer Tech Stocks

Tech stocks shed $890 billion in market value in late July 2026 as investors questioned whether massive AI infrastructure spending will pay off, the Wall Street Journal reported. The Roundhill Magnificent Seven ETF was "struggling" to hold its 200-day moving average, CNBC noted — a line widely seen as the bull-bear dividing line. The Nasdaq fell 0.64% on July 24.