The "Magnificent Seven" tech giants saw their market value evaporate by nearly $800 billions in a single day, while storage concept stocks rose against the trend.

Glonghui, July 24th — All three major US stock indexes closed lower on Thursday, with the Nasdaq falling 2.15%, the S&P 500 dropping 1.21% marking its largest decline this month, and the Dow Jones down 0.97%. Analysts believe that the escalation of Middle East conflicts has caused international oil prices to soar. At the same time, Google's and Tesla's quarterly results have heightened concerns about rising artificial intelligence spending, and these two factors together have dampened market risk appetite. The "Magnificent Seven" tech giants suffered their worst single-day performance since the tariff storm in April 2025, with a combined market value evaporating by about $800 billion. Tesla plummeted over 14%, Google fell more than 7%, and their joint market capitalization dropped below $4 trillion. Amazon fell over 4%, Meta declined more than 3%, Microsoft dropped over 2%, while Apple and NVIDIA both slid over 1%. Thanks to the positive news of Google's increased AI spending, memory-related stocks bucked the trend and rose: Micron Technology gained 3.2%, SK Hynix climbed 2.56%, SanDisk increased 0.69%, Seagate Technology rose 0.58%, and Western Digital added 0.29%. US defense and aerospace stocks strengthened, with Lockheed Martin up 10.54% and Raytheon Technologies up 7.33%. Both companies stated that future demand for restocking inventories would be very strong, and they expect robust profitability going forward.Crypto mining concept stocks surged collectively: Cipher Digital rose over 5%, Hut 8 gained more than 7%, MARA Holdings, TeraWulf, and Riot Platforms all advanced over 2%, while CleanSpark was up nearly 2%.In terms of Chinese concept stocks, the Nasdaq Golden Dragon China Index fell 0.57%. Futu Holdings dropped 6.72%, Alibaba slipped 2.14%, while Li Auto increased by 2.06%.