Big Tech stocks were a mixed bag on Monday, after a bruising week that saw more than $1 trillion wiped from their market caps.
Oracle climbed 9% and Microsoft had edged about 2% higher. Nvidia gained about 3%. Meta was largely flat while Alphabet lost about 1%. Amazon shares sank about 2%.
The market grew jittery after expenditure outlooks continued to shoot through the roof in Big Tech earnings last week, as companies doubled down on AI bets.
Amazon, Alphabet, Microsoft and Meta reported a combined capital expenditure of about $120 billion in the fourth quarter alone. The figure could approach $700 billion in 2026, higher than the gross domestic product of countries like the United Arab Emirates, Singapore and Israel.
Jim Reid, head of global macro research at Deutsche Bank, wrote in a Monday note that last week was the worst for the "Magnificent 7" stocks since April, when U.S. tariffs plunged markets into crisis and the stocks fell 4.66%.