Google and Tesla lost half a trillion dollars this week as their suppliers cashed in: Chart of the Day
Yahoo Finance ·
Google and Tesla lost half a trillion dollars this week as their suppliers cashed in: Chart of the Day Jared Blikre Sat, July 25, 2026 at 8:14 AM EDT 3 min read Wall Street spent months buying the AI build-out. This week, it started asking who actually pays for it. Alphabet ( GOOG , GOOGL ), Microsoft ( MSFT ), Amazon ( AMZN ), Meta ( META ), and Tesla ( TSLA ) — the five biggest spenders on artificial intelligence — fell an average of 9%. A basket of the firms they buy from — the memory makers, server builders, and data center landlords — rose an average of 11%. Even Nvidia ( NVDA ) landed on the winning side. The chipmaker rose 2% and added roughly $100 billion in market value, about what Microsoft and Apple lost combined. Start with the losers, because their problem is the whole story. Alphabet knocked it out of the park and beat on almost every line this week. Revenue grew 24%, and its cloud business grew 82%. The stock fell 8% anyway, shedding about $330 billion in market value. The reason was cash. Capital spending doubled to nearly $45 billion and outran the cash the business brought in, pushing Alphabet's free cash flow below zero for the first time as a public company. Management then raised its spending plans again and declined to say how high they would go in 2027. Tesla reached the same place from the other direction. Revenue beat, earnings missed badly, and operating margin fell to 1.4% from 4.1% a year ago. The stock lost 18% and about $250 billion, its worst week since 2022. Google spent too much. Tesla earned too little. The market handed both the same grade. The other side of that trade got paid for the exact spending Alphabet got punished for. Supermicro Computer ( SMCI ), which builds AI servers, jumped 25% after disclosing more than $60 billion in new orders in a single quarter. Digital Realty ( DLR ), a data center landlord, rose nearly 15% on a record leasing backlog — and raised its own spending plans this week without being punished at all. The difference is that its build-out is already leased. None of this moved the broader market. Roughly $880 billion left the Magnificent Seven while the rest of the S&P 500 gained about $165 billion, and because the losses were concentrated in a handful of giant names, the index finished the week close to flat. From the outside, nothing happened. Underneath, the money changed hands . The catch is that the winners are still climbing out of a hole. The memory and storage names leading this week's bounce spent the past month getting crushed, and chip stocks as a group remain nearly 20% below their June record even after clawing back to the closely watched 12,000 level on the PHLX Semiconductor Index ( ^SOX ). The rebound has been real but not yet convincing. Next week, the same test runs four more times. Microsoft and Meta report on Wednesday, Amazon and Apple on Thursday, alongside a Federal Reserve decision in between. Three of the four carry the same capital-spending line that just cost Alphabet $340 billion, and all three come in already beaten down — Microsoft sits 29% below its high, Meta 25%, Amazon 16%. Apple ( AAPL ) is the exception. It has no giant AI build-out to defend, is running its best month in four years, and closed at a record just last week. The market spent this week writing the grading rubric. The next report cards come due on Wednesday. Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com . Read the latest financial and business news from Yahoo Finance
AI 시장 분석
Mega-cap tech stocks, including Alphabet and Tesla, lost about $500 billion in market capitalization this week due to massive AI investment costs and sluggish earnings. In contrast, supply chain companies such as server manufacturers and data center lessors benefited, rising an average of 11%, showing a clear shift in market funds. This week's stock prices are interpreted as a reflection of the market's growing skepticism regarding the profitability of large-scale capital expenditures. Investors should focus on risk management while closely monitoring upcoming big tech earnings releases and Federal Reserve decisions.
상승 영향
- AI — Infrastructure suppliers such as servers and data centers benefited, rising an average of 11% driven by massive orders and record leasing backlogs.
- Semiconductors — Memory and chip manufacturers saw their stock prices rebound, supported by AI deployment demand, bolstering the Philadelphia Semiconductor Index.
하락 영향
- Electric Vehicles — Tesla suffered an 18% plunge in stock price over the week as its operating profit margin plummeted to 1.4% and it recorded an earnings miss.
AI가 생성한 분석으로 투자 자문이 아닙니다.
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