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Story summary
- The Bloomberg Magnificent 7 Index dropped 4.8%, wiping out $767 billion in value.
- The index is now 11% below its late-May peak, erasing $2 trillion in market value.
- Tesla shares plunged 13% on Thursday after Elon Musk, CEO, called 2026 a “massive capex year.”
- Alphabet fell 7.3% to its lowest since April after raising its spending outlook to $205 billion.
- Alphabet posted a $45 billion spend that made cash flow negative.
