Big tech stocks lose billions as AI spending fears hit valuations

The world's most valuable technology stocks have suffered sharp declines in market value this year after years of outsized gains, as investors question whether heavy spending on AI will generate sufficient returns to justify the lofty valuations.

Microsoft shares have fallen about 17% year-to-date on concerns over risks to its AI business and growing competition from Google's latest Gemini model and Anthropic's Claude Cowork AI agent, wiping roughly $613 billion off its market value to about $2.98 trillion as of Friday.

Amazon has shed around 13.85% so far this year, erasing about $343 billion in market value and leaving the company valued at roughly $2.13 trillion.

Nvidia, Apple and Alphabet have also seen their market values decline by $89.67 billion, $256.44 billion and $87.96 billion, respectively, since the start of 2026, to $4.44 trillion, $3.76 trillion and $3.7 trillion.

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