$890 Billion Wiped Off Tech Stocks as AI Spending Faces Skepticism

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