Oracle rises 12% as Apple and Amazon slump in choppy tech week

Tech stocks had a choppy week, with the sector’s biggest names diverging sharply as debates over AI spending escalated and bear market territory claimed two members of the “Magnificent Seven.”

Incredible, every single one Magnificent 7 shares have been in the red since the beginning of the year NVIDIA (NASDAQ:NVDA) shares fell 2.23% on Friday. Let’s dive into the biggest storylines in tech this week. While many stocks sold off, we also saw a bounce in Oracle shares that could mark a turning point in the brutal sentiment surrounding the stock.

Weekly performance snapshot

Bear Market Territory claims two Mag 7 names

Both Microsoft and Amazon entered a bear market this week, down 27% and 23% from their recent highs, respectively. Microsoft’s decline came despite beating earnings expectations. While the company posted solid gains, Wall Street quickly gave the stock its worst one-day decline since Covid. Microsoft currently has two…