The core logic driving tech stocks is showing an anomaly: the stronger their fundamentals, the heavier the selling pressure, as the market reassesses AI capital expenditures.

2026.07.17 07:49:43

According to market data from BIT (bit.com), TSMC’s strong Q2 results ahead of yesterday’s US stock market opening failed to lift the chip sector. Instead, its higher capital expenditure guidance prompted a market re-examination of AI investment return timelines, revealing an anomalous phenomenon in tech stocks: the stronger the fundamentals, the heavier the selling pressure. TSMC posted a 67.7% gross margin and raised its capital expenditure guidance to $60–64 billion. This should have been strong evidence for the AI capital expenditure narrative, but the market interpreted it as "spending bloat". Most US tech stocks closed lower this morning, with declines including: Tesla down 0.86%, Amazon down 1.99%, NVIDIA down 2.40%, Meta down 2.46%, and Alphabet Class A down 4.44%.

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