The Magnificent Seven stocks have lost $2.7 trillion in market capitalization this month amid a brutal tech selloff. The Nasdaq Composite fell 2.2% yesterday, while the Global X Artificial Intelligence & Technology ETF dropped 5.5% and the iShares Semiconductor ETF plunged 7.8%. Several leading chip names suffered double-digit declines, and Cerebras Systems slid as much as 14% after forecasting weak second-quarter gross margins. Despite the rout, SK Hynix plans to sell up to $29.4 billion in ADRs for a US listing to boost production capacity, and SpaceX sold $25 billion in bonds for AI spending following its record $75 billion IPO. Alphabet will join the Dow Jones Industrial Average on June 29, replacing Verizon.
Cerebras Systems Inc. Class A Common Stock
Alphabet Inc Class C
SK Hynix Inc
Verizon Communications Inc