Tech Giants' $797B Wipeout Leaves Bitcoin Unfazed

The technology sector experienced its worst daily performance since April 2025 on Thursday, with the Magnificent Seven stocks plummeting 4.8% and eliminating $797 billion in market capitalization.

This downturn was largely attributed to concerns over substantial AI infrastructure investments from Alphabet and Tesla, which rattled investor confidence after quarterly results revealed significant profit shortfalls.

Tesla shares crashed nearly 15%, while Alphabet retreated 7.1%. The technology group currently trades 11% beneath its late-May high-water mark, having surrendered $2 trillion from that peak valuation.

However, the cryptocurrency market demonstrated remarkable stability, with Bitcoin maintaining its position near $65,400 and securing a 3% weekly gain.