U.S. tech megacaps slide as SpaceX extends slump, AI expense concerns grow

Reuters

Mon, June 22, 2026 astatine 11:53 AM CDT 2 min read

June 22 (Reuters) - Shares of U.S. exertion megacaps tumbled connected Monday arsenic SpaceX fell for the 3rd consecutive league and hyperscalers Alphabet ‌and Amazon looked acceptable to suffer billions of dollars successful marketplace value, ‌driven by AI spending concerns.

SpaceX slid implicit 10% aft past week's blistering post-IPO rally. The Elon ​Musk-led steadfast said it is launching a notes offering connected Monday.

Alphabet dropped 6%, acceptable for its biggest one-day autumn since May 2025 and connected gait to erase much than $256 cardinal successful marketplace capitalization. Google DeepMind's elder probe idiosyncratic and Nobel ‌laureate John Jumper said helium ⁠was leaving for AI startup Anthropic, the lab's latest high-profile exit.

"This is much of a broader assemblage pullback connected ongoing ⁠anxiety implicit tech companies' monolithic superior walk connected the AI infrastructure," said David Wagner, caput of equity and portfolio manager astatine Aptus Capital Advisors.

Amazon.com mislaid 4.8%, portion Meta ​Platforms ​and Microsoft eased astir 3% each. The ​three stocks unneurotic were acceptable to ‌lose much than $248 cardinal successful marketplace value.

Hyperscalers person committed billions to standard up their artificial quality infrastructures, though clearer grounds that AI products tin make returns that warrant the spends are yet to beryllium seen, raising concerns among investors.

Meanwhile, shares of astir chip-related stocks were higher, with representation chipmaker Micron Technology starring ‌the mode with a 5.8% summation to ​hit grounds highs. Micron besides announced a strategical ​agreement with Anthropic to standard ​next-generation AI infrastructure.

"There's a distinguishing facet of this marketplace betwixt ‌those who are receiving the checks, similar ​memory names and ​those who are penning the checks," Aptus Capital Advisors' Wagner said.

Micron and different information retention companies SanDisk and Western Digital are the best-performing stocks ​on the S&P 500 ‌so acold this year, emerging arsenic the biggest winners of Wall ​Street's hopes of robust AI-related demand.

(Reporting by Shashwat Chauhan and Twesha ​Dikshit successful Bengaluru; Editing by Joyjeet Das)