Tech Stocks Selloff Wipes $800 Billion Amid AI Spending Worries

Bitcoin held steady near $65,400 on Friday during Asian trading hours, despite a chaotic day in tech stocks. The cryptocurrency lost less than 1% of its value, but major U.S. technology companies wiped out nearly $800 billion in market value.

The Magnificent Seven, a group of megacap tech companies that have driven U.S. markets for three years, fell 4.8% on Thursday. This erased $797 billion in a single day, their worst performance since the tariff selloff of April 2025.

Earnings reports from Alphabet and Tesla sparked concern among investors. Alphabet raised its capital expenditure forecast to as much as $205 billion for 2026, while Tesla reported profits well below expectations.