It’s a cruel season for big tech stocks

The shine is coming off tech stocks but Tesla shares are still seen as pricey. (Image: Dean Purcell)

Tue, 30 Jul 2024

By Hardika SinghBig tech stocks are having a rough month.The Magnificent Seven tech titans have shed US$1.52 trillion (NZ$2.6t) in market value in the past three weeks, the biggest drop over such a stretch on record. That reflects an 8.1% slide in Tesla shares and a 6% decline for Alphabet last week after their earnings reports sparked a huge stock-market selloff and doubts about the artificial intelligence (AI) frenzy that has powered stocks to new heights.Already, traders had been skittish about their bets on big tech.“It’s s...

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