Why Big Tech Stocks Alphabet, Amazon, and Meta Dropped on Monday
The big tech companies have led the market for most of 2023, but that wasn't the case on Monday with most of the industry falling more than the market overall. In fact, the S 500 is up about 0.1%, meaning the non-mega-cap stocks are leading the way.
Shares of (NASDAQ: GOOG) (NASDAQ: GOOGL) fell as much as 2.7% in early trading, Amazon (NASDAQ: AMZN) was down 2.6%, and Meta Platforms (NASDAQ: META) was off 3.8%. At 1:10 p.m. ET shares of the companies were down 1.9%, 2%, and 2.8% respectively. These aren't big moves for smaller stocks, but together the drop in market cap is over $60 billion.
Alphabet is in hot water with investors who thought it was catching up to OpenAI and Microsoft in artificial intelligence (AI). Last week's demo of the Gemini model turned out to be optimistic, at best, as the company admits the prompts used were longer than indicated in a widely released video and the AI reacts much more slowly than the video.
Source Fool.com
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