The Magnificent Seven are underperforming as investors question whether massive AI spending will generate adequate returns. With $2.3 trillion erased in June, markets are shifting focus from AI hype to profitability, free cash flow and monetisation ahead of earnings.

The Magnificent Seven lost $2.3 trillion in market cap in two weeks as investors rotated out of AI mega-caps. Microsoft and Amazon each shed over $350

It's a significant change in market leadership