All seven Magnificent Seven stocks fell today. Here's where that money actually went (July 23, 2026)

All seven Magnificent Seven stocks were red by late morning Thursday, and two of them were red by a lot. Tesla (TSLA) fell more than 14% on an earnings miss. Alphabet (GOOGL) fell close to 7%, but not for the same reason. It beat estimates and dropped anyway, after raising its AI spending guidance for the third time this year. Amazon (AMZN) fell close to 5% and Meta (META) fell more than 4%, and neither has reported yet. Microsoft (MSFT), Nvidia (NVDA) and Apple (AAPL) fell 1.5% to 3% on no company-specific news at all, just pulled down with the rest of the group. It's a sharp reversal from where this group sat on July 15, when money was rotating into the Mag Seven out of semiconductors. Today it went the other way, and not just out of the Mag Seven.

Tesla's earnings miss and Alphabet's capex raise did the most damage

We covered the full breakdown of both reports this morning, so here's the short version. Tesla's revenue beat estimates, up 26% year over year to $28.24 billion, but adjusted earnings of $0.33 a share missed the $0.51 Wall Street expected, and operating margin narrowed to 1.4% as spending on AI and robotics climbed. Alphabet's Google Cloud revenue grew 82%, an acceleration nobody was expecting, but the company raised its 2026 capital spending guidance to $195 billion to $205 billion, the third increase this year, and free cash flow came in negative $5.9 billion for the quarter. Both stocks fell anyway, and both fell harder through the morning than they did in premarket trading.

Amazon and Meta are selling off before they've even reported

Neither Amazon nor Meta has actually reported yet. Meta reports after the close on July 29, and Amazon follows on July 30. What's moving both stocks now is the same worry that hit Tesla and Alphabet: AI spending. Meta already raised its 2026 capital expenditure guidance to a range of $125 billion to $145 billion, mostly chips, data centers and networking gear, and options markets are pricing in a swing of close to 8% once the actual numbers land next Wednesday. Amazon's slide has more to do with its retail business, on worries that softer consumer spending and still-high interest rates are squeezing margins in the run-up to its own report. Both moves are nerves ahead of a number, not a reaction to one.

The rest of the group got pulled down with no news of its own

Microsoft, Nvidia and Apple don't report for a few more weeks, and nothing specific to any of them happened today. They fell anyway, Microsoft close to 3%, Nvidia and Apple both close to 2%, dragged down by the same broad tech selloff that hit Tesla and Alphabet's earnings reactions and Amazon and Meta's pre-earnings jitters. That's the clearest sign this wasn't four separate stories. It was one mood across the whole group, even the three names nobody had a specific complaint about today.

Defense earnings passed the real test

While the Mag Seven fell, defense had the opposite day. We flagged Lockheed Martin's setup heading into today's report yesterday: a stock stuck near its 2026 lows for three months, with earnings as the actual test of whether Wednesday's defense-bill bounce would stick. It passed. Lockheed Martin beat on both earnings and revenue and raised full-year guidance, and the stock climbed more than 10% by late morning.

The rest of the sector followed, and some of it followed harder than Lockheed itself. Unusual Machines (UMAC) added close to 7%, Leonardo DRS (DRS) gained more than 6%, and AeroVironment (AVAV) and Kratos Defense (KTOS) both climbed more than 5%. Leidos (LDOS) added close to 2%. Red Cat Holdings (RCAT) had the biggest swing of the group: it fell close to 9% on Wednesday, and by midday today it wasn't just recovering, it had turned into a 2% gain.

Quantum, SaaS and space stocks fell too, though several pared their losses by midday

Nothing new happened to any individual quantum name today. We've written before about how far off the real commercial payoff still is for this group, and today's move was a reminder of what that means for the stocks in the meantime: they trade like high-beta growth, the same bucket the Mag Seven fell into today. Rigetti Computing (RGTI) and IonQ (IONQ) were both down close to 2%, and GlobalFoundries (GFS), the chipmaker several of these companies depend on, fell about 2.5%. D-Wave Quantum (QBTS) and Quantum Computing Inc (QUBT) had both pared their losses to under 1% by midday. Arqit Quantum (ARQQ) did better than the rest of the group. It had actually turned positive, up about 1%.

We looked at whether SaaS is AI roadkill or an AI winner last month, and today's tape sided with the roadkill read. Salesforce (CRM) led the group lower, down more than 4%. AppLovin (APP) fell more than 3%, and Palo Alto Networks (PANW) and CrowdStrike (CRWD) both fell close to 3%. Workday (WDAY), Adobe (ADBE) and Cloudflare (NET) each fell more than 2%, and Datadog (DDOG) fell about 1%, the smallest drop in the group. The one earnings beat in the SaaS group didn't hold up either. ServiceNow (NOW) beat its own estimates and was up close to 2% earlier this morning, but gave that back and was down close to 1.5% by midday.

AST SpaceMobile (ASTS) led space-sector decliners, down close to 5%. Intuitive Machines (LUNR) fell close to 2%, and Rocket Lab (RKLB) and BlackSky (BKSY) were both down about 1%. The established satellite-communications names held up better still: Globalstar (GSAT) and Iridium (IRDM) were both down under 1%. It's a rougher day than the group's rally back in June, and a reminder that space names carry the same high-beta character as quantum and the Mag Seven when the broader tape turns red.

Photonics and neoclouds cooled off, then came back

Both of these groups opened the day strong. Photonics names like Applied Optoelectronics (AAOI), Lumentum (LITE) and Coherent (COHR) were each up 3% to 4% earlier this morning, part of the case that the broader AI infrastructure trade wasn't following Tesla and Alphabet down. That gain faded through the late morning, then partly came back. By midday AAOI was up close to 3%, COHR was up close to 1%, and LITE held a small gain. POET Technologies (POET), which had dipped negative in between, was back to close to flat.

Neoclouds had the choppiest day of any group here. Nebius (NBIS) gave back its early gain, then took it right back, and was up more than 1.5% by midday. CoreWeave (CRWV) was down about half a percent. IREN went the other way entirely, from a small loss earlier to a gain of more than 1% by midday. The names that held up most consistently all day were the bitcoin miners that lease out spare capacity for AI compute: Cipher Mining (CIFR) gained more than 4%, and TeraWulf (WULF) and CleanSpark (CLSK) both stayed positive too, up more than 2% and 3%. Hive Digital (HIVE) was the one miner still in the red, down close to 1%. For anyone still getting the neocloud trade straight, we broke down what these companies actually do a few weeks back.

Healthcare's "up" day is really two different stories

The broad healthcare sector, tracked through the Health Care Select Sector SPDR Fund (XLV), was up more than 1% today, the kind of defensive move you'd expect when growth stocks are selling off. But the health-AI and surgical-robotics names the site usually tracks moved the opposite direction, right alongside the Mag Seven and everything else in growth. Intuitive Surgical (ISRG) fell close to 3%, Absci (ABSI) fell more than 2%, and Inpixon (INDI) fell more than 3%. PROCEPT BioRobotics (PRCT) was down close to 2%. Only GE HealthCare (GEHC), the biggest and steadiest name in the group, stayed slightly positive.

What it means

Line these up and one pattern shows up everywhere: money left anything high-beta and unproven today, the Mag Seven included, and moved into names with actual earnings behind them or a defensive label attached, defense and broad healthcare. The middle of the market, quantum, SaaS, space, photonics and neoclouds, spent the morning bouncing around inside that same rotation rather than moving in one clean direction, and even a real earnings beat like ServiceNow's couldn't hold a gain by midday. The Cboe Volatility Index (VIX) sat near 19.8 through the morning, elevated but nowhere near panic levels, so a day where all seven Mag Seven stocks fall reads as a heavy, earnings-driven reshuffling, not a broad flight from stocks altogether. Prices here are a late-morning snapshot on a choppy day, several names had already reversed once by the time this published, so treat any single number as a moment, not a verdict.

Sources

• Real-time TSLA, GOOGL, AMZN, META, MSFT, NVDA, AAPL, LMT, DRS, AVAV, KTOS, UMAC, LDOS, RCAT, RGTI, IONQ, QBTS, QUBT, GFS, ARQQ, CRM, APP, PANW, CRWD, WDAY, ADBE, NET, DDOG, NOW, ASTS, RKLB, LUNR, BKSY, GSAT, IRDM, AAOI, LITE, COHR, POET, NBIS, CRWV, IREN, CIFR, WULF, CLSK, HIVE, XLV, ISRG, ABSI, INDI, PRCT, GEHC, SPY, QQQ and VIX quotes via Robinhood market data, July 23, 2026, late morning
• Meta's capital expenditure guidance and earnings date via company reporting; Amazon earnings date via company reporting
• Related coverage: Tesla and Alphabet fall while the rest of the AI trade holds
• Related coverage: Why Lockheed Martin looked due for a bounce
• Related coverage: July 15: money rotating into the Mag Seven out of semiconductors
• Related coverage: The government's quantum computing bet, and why the payoff is still years away
• Related coverage: Are SaaS stocks AI roadkill or AI winners?

This is general market commentary and opinion, not investment advice. Prices can move significantly, or reverse again, as the trading day continues. Markets can go down as well as up, and you can lose money. Always do your own research and consider speaking with a licensed financial professional before making any investment decision.