Magnificent Seven tech stocks decline after earnings reports

Several big tech companies lost hundreds of billions of dollars in stock value on October 20-21. The companies are part of a group called the Magnificent Seven, which includes firms like Tesla, Alphabet, and Microsoft. Tesla's stock fell 14%, losing around $200 billion in value. Alphabet dropped 6% after its earnings report. Together, the seven companies lost about $797 billion in total market value. Investors are worried because these companies spend enormous amounts of money on artificial intelligence. The key question is whether that spending will produce enough profit. Meta also reported its earnings that week, and investors watched closely to see if its heavy spending was helping the business grow. Memory chip companies, including Micron Technology and SK Hynix, gained value during the same period.