Shares of U.S. technology megacaps tumbled on Monday, June 22, 2026, as investors raised concerns about the massive capital spending on AI infrastructure and the lack of clear evidence that AI products can generate returns justifying these investments. This led to a broader sector pullback, according to David Wagner, head of equity and portfolio manager at Aptus Capital Advisors.
SpaceX, an Elon Musk-led firm, extended its slump with a drop of over 10% after last week's post-IPO rally. The company announced a notes offering on Monday. Alphabet dropped 6%, marking its biggest one-day fall since May 2025, and was set to lose more than $256 billion in market capitalization. This was exacerbated by Google DeepMind's senior research scientist, Nobel laureate John Jumper, leaving for AI startup Anthropic. Amazon.com lost 4.8%, while Meta Platforms and Microsoft each eased around 3%. Together, Amazon, Meta, and Microsoft were projected to lose over $248 billion in market value.
In contrast to the tech megacaps, chip-related stocks mostly saw gains. Memory chipmaker Micron Technology led the way with a 5.8% gain, hitting record highs, and announced a strategic agreement with Anthropic to scale next-generation AI infrastructure. Wagner noted a distinction in the market between companies receiving checks, such as memory names, and those writing them. Micron, along with other data storage companies like SanDisk and Western Digital, have been the best-performing stocks on the S&P 500 this year, benefiting from robust AI-related demand.
