The Magnificent Seven, the seven US tech giants (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla), lost $800 billion in market capitalization on July 23, bringing their total decline to $2 trillion since their late-May record. Tesla recorded the worst performance with a drop of over 16%. This major correction, amplified by the postponement of OpenAI’s IPO and the rise of Chinese open-source AI models, triggered an aggressive redeployment of capital away from AI-linked stocks. Amid this turbulence, Bitcoin is holding remarkably well with a decline of less than 0.3% at around $65,000, while other top-10 cryptocurrencies such as Ethereum, Solana and XRP are down 1.7% on average and Dogecoin loses over 3%.
Source: Read the original article
