The new year has so far not been kind to the share price of Big Tech stocks, particularly the so-called Magnificent 7. These seven companies-Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla-are America's tech crown jewels. Combined, they have their hands in the hottest areas of tech, including artificial intelligence, mobile computing, chipmaking, and transportation. Yet all of these tech companies have seen their share prices decline since the beginning of the year.
Fortune's Shawn Tully reported Nvidia is facing small, but increasing skepticism among Wall Street analysts, with "cracks appearing" in its strategy. Shalett told Fortune in early October she was "very concerned" about what she was seeing in the AI space, with circular financing and market concentration among her concerns. "At the end of the day ... this is not going to be pretty," if and when the massive spending story in the AI space begins to break down, she said.
