The core logic behind tech stocks is showing an abnormal pattern: the stronger the fundamentals, the heavier the selling pressure, as the market re-evaluates AI capital expenditures.

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BlockBeats news, July 17. According to market data from BIT (bit.com), yesterday’s pre-market strength in U.S. stocks from TSMC’s Q2 results failed to boost the chip sector. Instead, higher capital expenditure guidance sparked the market to re-examine AI investment return timelines, presenting an anomalous pattern in the core logic for tech stocks: the stronger the fundamentals, the heavier the selling pressure. TSMC reported a 67.7% gross margin and raised its capital expenditure guidance to $60 billion to $64 billion—something that should have been strong supporting evidence for the AI capex narrative, but was interpreted by the market as “capex inflation.”

Most U.S. tech stocks fell this morning. Among them: Tesla fell 0.86%, Amazon fell 1.99%, Nvidia fell 2.40%, Meta fell 2.46%, and Google A fell 4.44%.

TSM-2.97%
TSLA-2.64%
AMZN-1.07%
NVDA-2.32%
META-2.78%
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