Tech giants faced major market cap drop in July on earnings worries

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Tech giants faced major market cap drop in July on earnings worries - Channel News Asia

Quick Summary:

Global mega tech companies' market capitalisation dropped sharply in July, in response to disappointing quarterly results and concerns over high valuations, prompting investors to shift their focus away from the AI sector.

Additionally, Google's parent company, Alphabet, experienced a slowdown in advertising sales at YouTube, raising concerns about Alphabet's ability to expand its margins.

Microsoft reported revenue that fell short of analysts' expectations, while Tesla reported its lowest profit margin in more than five years.