New York, February 15, 2026, 12:52 (EST) — The market has closed.
- Big Tech stumbled late last week, with investors scrutinizing whether the recent surge in AI outlays will actually deliver returns.
- Apple and Nvidia dragged down the “Magnificent Seven” on Friday, leading the day’s losses.
- U.S. markets return to action Tuesday, with Fed minutes and Nvidia results lined up next.
The Roundhill Magnificent Seven ETF slipped 1.1% Friday, capping a tough week for Big Tech names. Apple closed off 2.3% at $255.78, with Nvidia not far behind, down 2.2% to $182.81. Meta gave up 1.5% and Alphabet lost 1.1%.
This comes as the market’s heavyweight names are getting shaky ahead of the three-day U.S. holiday stretch. The Nasdaq slipped 0.22% by Friday’s close, shrugging off a surprisingly mild January inflation report. All the major indexes just saw their biggest weekly declines since November. “Large cap tech stocks continue to be an anchor on the market,” said Michael James, managing director at Rosenblatt Securities, as traders pulled back before the long weekend. Reuters
The real fight? It’s about artificial intelligence, and how much it’s actually worth. Investors are still trying to digest just how much cash the biggest tech names are throwing at AI. Amazon, Google, Meta, and Microsoft together are on track to pour around $650 billion into the push for AI supremacy, according to Reuters. Jack Herr, primary investment analyst at GuideStone Funds, described 2026 as a “prove it” year for AI—markets want payback on all that spending. Reuters
Late in the week, selling picked up speed. Cisco spooked the market with warnings about margin pressure from skyrocketing memory-chip costs, according to Reuters’ Morning Bid column. Apple dropped 5% in a single session, erasing roughly $200 billion in market cap in the process—a jolt for anyone betting size alone keeps stocks steady when the AI story sours.
Turns out, the jitters have seeped beyond tech’s borders. Reuters flagged an “AI scare trade” breaking out after Anthropic launched its legal AI plug-in, with the first hit landing on software—then the selloff rippling outward into sectors considered at risk from automation. Barclays equity strategist Emmanuel Cau saw investors spooked into what he called “sell first think later” territory. Reuters
A few corporate stories pulled in the opposite direction. Microsoft and Ericsson rolled out a “Trusted Tech Alliance” on Friday, aiming to set ground rules for safe tech use, wherever the code originates. Amazon Web Services and Alphabet’s Google are also on board. Microsoft President Brad Smith told Reuters that governments are increasingly pushed toward “stronger technology borders” and prioritizing digital sovereignty. Reuters
Regulators aren’t sitting this one out. The U.S. Federal Trade Commission has ramped up its probe into Microsoft, reaching out to competitors about licensing terms and other business moves, Bloomberg News reported via Reuters. In addition, the agency wants details on how Microsoft bundles AI tools, security, and identity products, the report noted.
Investors are looking ahead to Wednesday, when the Federal Reserve will publish minutes from its Jan. 27-28 meeting. Interest-rate chatter often rattles tech stocks, whose valuations hinge on expectations for future earnings.
Nvidia’s on deck: the chipmaker plans a conference call this Wednesday, Feb. 25, at 2 p.m. PT (5 p.m. ET), according to its news release. It’ll go over fourth-quarter numbers, but investors are expected to zero in on guidance—and whether demand for AI infrastructure is still powering actual orders.
Still, the downside risk hasn’t left the market. Fresh supplier cost alerts, more aggressive regulatory headlines, or even a change in tone from the Fed minutes—all of that could send bond yields higher and keep the squeeze on high-priced Big Tech stocks.
Tuesday’s open puts the focus on the Magnificent Seven: Will dip buyers step back in after the long weekend, or does the next leg down hold out for the Feb. 18 Fed minutes and Nvidia’s report on Feb. 25?
